This article comes from Entrepreneur.
Here are three strategies for figuring that out:
It’s crucial to manage promotions correctly because companies whose stock returns exceed the market average typically see lower turnover and consistently outperform competitors when it comes to innovation, productivity, and growth, according to research from Great Place to Work executives published in the Harvard Business Review. But not everyone believes promotions are managed correctly, even at top companies.
To manage your promotions successfully, start by choosing people who volunteer.
Rather than trying to identify interested employees yourself, give your company’s leaders a chance to volunteer for new projects or promotions. You can’t force participation or improvement on employees who aren’t dedicated to it.
The lesson learned is that when an employee doesn’t volunteer for more educational or professional opportunities, that should tell you how well suited he or she is for a management role.
Ask your employees to cover 20 to 25 percent of their education. Match every dollar they invest for this purpose with $3 to $4 more. In other words, let them know that you’ll happily give them a promotion and a higher salary if they’re personally willing to cover some of their educational opportunities.
People invest their own money into getting MBAs all the time because they know they’ll have more opportunities as a result. The Harvard Business Review recently reported that one-third of the most successful CEOs in the world have MBAs.
The lesson here is that the time and financial commitment for an MBA is much higher than the investment for continuous education when that education is being matched by company funds.
Seek employees who are already leading on their own or taking advantage of education opportunities when they aren’t in the office. To do this, set the expectation that you can’t invest in everyone. Inform your team that you can provide opportunities for only the top 10 or 20 percent of team members who have differentiated themselves.
For example, Satya Nadella’s first few years at Microsoft were spent commuting from Redmond, Wash., to the University of Chicago’s Booth School of Business to finish his MBA. Nadella set himself apart from his co-workers by making it a point to learn as much as he could, which eventually led him to his current role as Microsoft CEO.
The lesson here is that not everyone can commute 2,000 miles to get an education, of course, but you should pay close attention to those employees who do go the extra mile to learn something beneficial for their jobs.
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