Career Development Benefits

Why Career Development for Your Employees?

• Raise Retention Rates - Best-in-class organizations understand that failing to retain employees is costly on many different levels. The cost of turnover adds hundreds of thousands of dollars to company expenses. Additional costs associated with employee turnover include loss of company knowledge, disruption of customer service, and loss of morale and engagement in remaining employees. Providing career development opportunities ensures that valuable individuals are more likely to look within the organization when they desire a job shift, not outside.
• Boost Engagement and Productivity - Today’s employees expect to find meaning and direction in their day-to-day work, and expect not just jobs and tasks but meaningful careers and career goals. Employees who have access to a career development process, resources and tools feel much more engaged and “taken care of” by the organization. In addition, employees who drive their own development are far more likely to be motivated and optimally productive on a consistent basis.
• Strengthen the Succession Pipeline - The backbone of any effective succession planning process is a well-prepared talent pipeline that can be drawn upon at any moment in time. With an employee-driven career development initiative in place, top talent gains the opportunity apply for critical roles that may be vacant. Making such opportunities visible and available for all eligible employees, rather than handpicking based on qualitative judgment – ensures that the most qualified individuals enter those critical roles.
• Generate Knowledge Transfer and Retention - With current and impending retirement of millions of Baby Boomers and an aging workforce, it is crucial for organizations to retain the wealth of knowledge and experience of more seasoned employees. Career development initiatives aimed at retaining experienced talent provide direct opportunities for knowledge sharing - enhancing and tapping into knowledge capital within an organization, and ensuring that such valuable knowledge is not suddenly lost.
• Fill Internal Skill and Role Gaps - Skill and competency gaps, particularly within critical high-level roles, are becoming more and more common as roles become more demanding and the demands of leadership grow ever more complex. Creating a culture and process that facilitates internal mobility is one of the best ways to fill these gaps from within the organization. An internal mobility framework enables qualified employees to find roles most suited to them, and enables the organization to fill such roles without the extensive costs associated with hiring, training and onboarding external individuals.
• Create Positive Employer Branding - Organizations that achieve the most sustainable success are those that attract the best people to develop their strategies and achieve their goals. An effective career development initiatives brands your organization as one that truly cares about its employees, helping your organization continuously attract the best people for the roles you need.
Read our case study to learn more about the benefits of implementing best-practice career development initiative.