Economic Mobility is Challenging but Rewarding

Economic Mobility, the ability for an individual to improve their financial standing, is a key factor in an individual’s financial health. Financial wellbeing plays many roles in a person’s mental and even physical health. And while there are many components that come into play, economic mobility in terms of “movement between income quintiles” may be one of the most challenging to change.

Why would helping your staffs’ economic mobility benefit your organization though? And how can you help them if it is worth your while?

The Benefits of Economic Mobility

The first thing to consider is all the ways someone can move between income quintiles. One obvious approach is through position changes, lateral or vertical. There are other opportunities to growth too, such as taking a current position and growing one skill set required for that position beyond what was originally anticipated or expected.

Look at your staff and think of the skills the individuals on your team possess. Many may have similar strong traits, such as organization, project management, ideation, etc.; and many have complementary skills to one another – maybe one person is an excellent public speaker, but the other team member can copy edit far more effectively. Knowing where your team members are most likely to excel, you can mentor them and foster that skill set further to help them grow within your organization – even if their immediate next position will take them away from your company.

How to Promote Economic Mobility

One obvious way to encourage your staff to improve their chances of growth within your organization starts with employee training opportunities. Expanding on skills they already possess can easily grow their potential. But also offering opportunities to learn new skills can be crucial to their ability to navigate to new positions within your company.

Developing a mentor-mentee relationship model is another excellent option for growing your teams’ skill sets. This not only allows individuals to learn from each other, but it also opens the door to networking within your company. And for larger organizations, this can be crucial to employee growth.

While these are excellent services to offer to your staff, promoting them and encouraging employee engagement may be another challenge you endure altogether. For a lot of employees, their days are already maxed out just meeting their mandatory deliverables. For others, there could be location restraints, anxiety at exploring new opportunities or participating in group events. While some of the setbacks are challenges the employee must overcome, they are all valid and deserve some support and assistance from their leaders.

Talking with your Staples representative or visiting are great ways to begin exploring ways to promote and encourage employee engagement in growth opportunities within your organization.