Companies want to hire and keep talented people equipped with the skills for a rapidly changing business environment, and people want to work for companies where they can learn and grow. With technology’s constant advancements, building a culture of ongoing learning is essential for employee and company success. Organizations can help build and retain their desired workforce by investing in their employees’ skill growth and supporting their career advancement through continuous learning and development (L&D).
According to the Pearson Skills Outlook, more than 75% of employed workers expect ongoing training opportunities throughout their careers, and L&D is one of the top considerations in a job search. In fact, 76% of people are more likely to stay with a company offering opportunities for ongoing learning, skills development and career growth. Employees who receive training feel valued, engaged and empowered to achieve goals, contributing to a positive work environment and a prospering business.
Model N, a life sciences and high-tech revenue optimization and compliance company, uses a variety of integrated L&D practices that grow employee skills and career opportunities to drive personal fulfillment and business success. The company was recently named one of Fortune’s 2023 Best Workplaces in the Bay Area and a Best Place to Work for Millennial Employees. Let’s explore the processes Model N uses to help its employees grow and thrive in their careers.
Core Values
Core values form the foundation of a company’s culture. Value statements help leaders and employees align views on the way everyone will work together to accomplish business objectives and drive customer success.
Model N’s “DARE” core values help guide its L&D programs and connect employees and leaders to the company’s mission. The values include:
- Dream: We empower each other to reach for new possibilities.
- Align: Working collaboratively, we achieve great things together.
- Respect: We cultivate an inclusive workplace committed to supporting the uniqueness of every individual.
- Excel: We deliver exceptional value for our customers and succeed together as a team.
With these values in mind, Model N’s L&D team built a robust initiative designed to help employees take charge of their career growth.
DARE to Grow
Career development is not a straight line — moving up the ladder isn’t the only way to advance one’s profession. Employees’ career development plans can focus on growing within their roles, exploring career options through stretch assignments, moving laterally to gain new work experiences or even changing course to pursue new goals. The right choice depends on an employee’s long-term goals. For example, not everyone wants to manage people. Growing in place to become a more senior expert in their domain may be the best choice for these employees. Or someone may decide their current path isn’t what they hoped and pivot. You don’t want to lose these talented people, so you must find ways to support them and demonstrate your commitment to their success.
To that end, Model N created its “DARE to Grow” career development series. Employees learn how to discover their career interests and options, formulate their career development approach and act on their plans. This annual interactive program consists of live training courses, discussion panels and employee resource group (ERG) events covering topics like:
- Taking charge of your career.
- Internal mobility.
- Using feedback to develop and grow.
- Writing your development plan.
- Understanding your professional brand.
- Holding career conversations.
One panel discussion featured employees who changed roles within Model N. These employees shared how they made their transitions and how the moves helped grow their careers. The session empowered employees to explore, identify and prepare for internal mobility opportunities and emphasized Model N’s commitment to employee development and long-term career paths.
Employees aren’t solely responsible for their career growth. Long-term career development requires a partnership between individuals, their managers and the company. The “DARE to Grow” series concludes with a session on how to hold career conversations so employees can talk with their managers about their development plans and aspirations, and managers know how to help employees achieve their career goals.
To Model N, “DARE to Grow” is more than a concerted educational effort — the program normalizes the importance of growth and development at the company. More than 50% of employees participated in at least one DARE to Grow 2023 session, and more than 20% participated in multiple sessions throughout the series.
Career development is not a straight line — moving up
the ladder isn’t the only way to advance one’s profession.
Performance Check-ins
In addition to effective L&D, career development requires regular check-ins and ongoing feedback.
Model N managers meet regularly with employees to talk about goal progress and identify ways to offer assistance. The company recently introduced a 360-degree feedback process to support managers in getting insight into employees’ performance from direct reports, colleagues, peers and senior leaders. Managers then synthesize this feedback into the semi-annual performance review process to further support employees’ growth and determine additional development opportunities. When the 360-degree feedback process was first introduced, over 80% of Model N employees participated, more than doubling company expectations.
Gathering Input
Training and development do not look the same for everyone. Companies need dynamic, customizable programs to satisfy employees’ unique needs. How do you determine their preferences? Solicit their input.
Model N conducts quarterly surveys and hosts annual listening tours inviting employees to share their thoughts and experiences at the company. This invaluable input informs Model N policies and programs, including L&D, and employees have expressed their support for this outreach.
Internship and “Returnship” Programs
While L&D is necessary for full-time employees, it’s also important for those just starting their careers, like interns, or those who are re-entering the workforce after some time off. Developing talent at varying levels of seniority builds a pipeline and fosters loyalty.
Model N runs a summer internship program giving college students real-world experience, as well as technical and leadership training. Model N’s “Returnship” program facilitates workforce reentry for women who have taken a career break by providing current job experience. In addition to imparting valuable knowledge, these programs also offer opportunities to underrepresented groups, contributing to a diverse workforce.
The Value of L&D
Model N embraces a culture of continuous learning to support a positive and fulfilling employee experience, a growth mindset and ongoing engagement. By prioritizing L&D, companies demonstrate their commitment to current and potential employees’ professional growth and advancement, positioning them to attract and retain the people who will sustain a strong employee culture and drive business success.
Sharon Stolt is Model N’s vice president of global learning and people experience and joined Model N in 2019. In her role, Sharon is responsible for designing, delivering and evaluating L&D programs, leadership development, employee experience and diversity initiatives for the company’s global workforce. Sharon has nearly 20 years of experience in L&D. Before joining Model N, she worked at Visa, Inc., where she launched the company’s first corporate university.
