Strategic HR Technology Investment: A Comprehensive Checklist for Global HR Teams
A LinkedIn report suggests that 94% of employees surveyed feel that providing learning and career development opportunities encourages them to stay longer with the organization.
With the advent of the great resignation, it can be deduced that the current workforce isn’t the same as it was three years ago. People are quitting their jobs in search of more fulfilling career opportunities, and thus, the way talent management used to work has to evolve.
Businesses must realize that prioritizing retention and attracting top talent is paramount to organizational success. From offering opportunities to work remotely to providing pathways for career progression, businesses should shift their focus on adopting employee-centric initiatives to improve the appeal of their work environment to current and future employees.
Old-school talent management practices boast of training employees as one of the best practices for talent management. However, the contribution a robust career development provides to the company’s success is invaluable. This blog aims to understand the significance of employee career advancement opportunities, its benefits, and best practices.
Career development is an intra-organizational mechanism that shapes employees’ career paths. The process aims at planning, preparing for, and advancing an employee’s career over time. It involves coaching, mentoring, skills development, networking, and setting and achieving career growth goals.
The process of career development is crucial for both employees and employers. It includes the continuous upgradation of the skills and competencies of employees to meet the job’s current demands. Additionally, it provides organizations with a workforce ready to handle challenges head-on, thereby successfully navigating the complexities of the evolving work landscape.
A survey by Gallup found that 87% of millennials feel professional growth plays a pivotal role in creating a robust employee experience. Employees who lack opportunities for career growth and guidance in setting their career goals often experience burnout, leading them to seek opportunities elsewhere.
Employees need to feel valued, that their goals and development are essential, and that their employer cares about them achieving those goals. Here are four ways career development benefits an employee and the organization.
When employees are assigned definite goals and given access to resources that help in achieving those goals, they learn new skills and, in turn, improve their productivity. Employee engagement also increases when employees are given a practical training ground to exercise what they have learned. Consequently, what employees learn can be passed on to their team members, contributing to the team culture.
Talent retention is one of the biggest challenges that labor marketing is facing today. Providing employees with career development opportunities is a great way to invest in talent because it communicates to them that they are important. A survey by Better Buys reveals that professional development can improve retention rates by up to 34%.
A LinkedIn report regarding hiring trends highlights that employees consider organizational culture as one of the core factors while looking for a job. They feel that career development is one of the major factors in determining an organization’s culture. To attract and retain the best talent, an organization must offer incentives that its counterparts don’t.
One of the most important benefits of an employee development program is the potential to increase an organization’s profitability. Employee career development boosts engagement, thereby creating a collaborative and productive workforce.
Engaged employees align their personal goals with the organization’s vision and values. This alignment not only encourages retention but also drives up profits and productivity. When team members prioritize their roles and find fulfillment in working towards a shared goal or vision, the organization’s profitability can significantly increase.
Following are the seven strategies employers can use to promote the development of employees:
Make sure you communicate frequently with your team members. To assist employees in seeing their future with the firm, managers must describe a possible career path for them within the organization. This involves determining the precise benchmarks for success and the supplementary resources workers may need to use along the way. Open, direct communication between managers and employees regarding career trajectories is crucial. Showing a personal interest in an employee’s career goals becomes even more important when managing a remote team.
Regular on-the-job training and education programs should support employee learning and development. Employers should encourage team members to enroll in appropriate business courses and online learning portals to boost their professional development.
A survey by Zippia reveals that 92% of employees feel well-planned learning and development plans can positively impact employee engagement. Apart from nurturing individual needs and honing specific talents, it’s crucial to keep employees updated on broader industry advancements.
Hosting lunch-and-learn events via video with either external or internal guest speakers is a convenient and affordable strategy. Moreover, give your staff the time and freedom to attend professional events.
Job shadowing is a training program wherein new hires learn tasks by following and observing an experienced employee who has been performing the role for some time. Encouraging a formal mentoring program or job shadowing can help workers grow personally and professionally.
Senior employees can share their well-earned knowledge and advice with less experienced peers. In turn, they can gain from emerging personnel’s new ideas and technical know-how.
Job rotation promotes employee growth and reduces employee turnover and stress. The practice creates an atmosphere that fosters fresh thoughts and perspectives on the work being done by the organization and further helps improve employee satisfaction and engagement.
Encourage your staff to work efficiently, be as productive as possible, and take time out for extracurricular activities. Being proactive about the health of your team members can help reduce their stress.
Organizations can boost employee morale by implementing flexible work policies that improve work-life balance. Assist employees in prioritizing work, managing personal responsibilities, and even partaking in professional development events that can enhance their careers.
Employees’ roles become more meaningful when their contributions to the company’s mission are recognized. Additionally, it increases their desire to take on more responsibility and move up the organizational ladder. Hence, give regular feedback on employees’ performance and let them know how their work impacts the organization daily. Highlight the company’s progress towards important goals and appreciate employees for their contributions to the company’s success.
Succession planning aids in retaining top talent by providing career development opportunities and a clear path for advancement. Have a succession plan in place for all the key positions in the company. It helps motivate employees to learn new skills and work on new projects needed for career advancement.
Organizations implement several career development programs to accelerate employee development. Below are some of the real-life examples of career development programs undertaken by organizations to support employee growth:
Workday employs a skill-based HR strategy to help staff members identify and develop certain skills. Using exclusive technologies like Career Hub, they link people with opportunities to work in various teams and departments.
Randstad has successfully implemented a global mentoring program for its employees. It has established a university for its internal learning management. The in-house LMS (Learning Management System) provides employees with an extensive catalog of courses related to workplace compliance, business development, etc.
Heineken adopted the reverse mentoring program to help senior leaders connect with junior employees and gain new skills and experiences. Additionally, Heineken’s diversity and inclusion program (DE&I) gave its employees the tools they needed to embrace the culture of the various countries it does business in.
Embarking on a career growth journey involves cultivating a deep sense of purpose while being vigilant in seizing opportunities as they present themselves. Here are some proven strategies for fostering career advancement:
As workplace dynamics continue to evolve, businesses seeking to retain talent and improve their bottom line will need to pivot. One of the most powerful strategies to adapt to an evolving marketplace and retain talent is to build a strong and resilient career development program.
A good performance management system is one method companies can use to help employees understand their goals and contributions to the business’s overall growth. Engagedly offers a great performance management solution for a more accessible user experience. The all-in-one platform ensures employees have a robust career development plan that they can create in collaboration with their managers.
An effective career development program incorporates tailored training, mentorship, and opportunities for skill enhancement, aligning individual goals with organizational needs to foster professional growth and advancement.
Career development encompasses career planning and management. Career planning is part of career development. It includes identifying and implementing actions to achieve certain career goals.
Building an employee’s career path needs to start from the onboarding process itself. Learn about each employee’s career goals, including their skills, education, experience, and other qualifications. Define professional development levels and assess the skill gap that needs to be addressed to help employees advance to each level.
