Employees, especially millennials, value career development. A well-executed career pathing program offers substantial opportunities for growth — and dramatically reduces turnover — but employees aren’t always aware of this development resource. Here are five ways to encourage employees to create and pursue career paths:
Create a Development Culture
Companies with a development culture give employees what they want. These companies value learning, progress, and individual success. They encourage employees to share their career aspirations with management and provide the tools necessary to achieve those goals, including training resources; networking opportunities; and software designed to create dynamic, customizable career paths that offer a variety of lateral and vertical moves. This flexibility and commitment to development encourage employees to chart career paths that align with their personal interests and prioritizes, thereby increasing employee satisfaction at work, maintaining employee engagement, and retaining top talent — creating a win-win for every party involved.
Implement a Mentoring Program
Mentoring empowers employees with identified skill gaps to gain the competencies necessary to move along their career paths quickly and efficiently. Employees can reach out to their mentors for guidance, support, and training, which improves engagement, productivity, and retention (by about 70 percent), thus saving organizations tens of thousands of dollars in training and recruiting costs.
Encourage Bottom/Up Communication
Employees who feel heard, feel valued and are more engaged at work. High levels of engagement make employees more productive (by up to 22 percent) and encourage them to continue working toward their career path goals. Hold regular one-on-one meetings to check in with employees and find out what’s working for them, what isn’t, and how they feel they’re progressing in their careers. Review their career paths and encourage them to identify places where they need more help or would like to make adjustments.
Align Path Options with Organizational Goals
Well-defined career paths enable employees to visualize next moves while also enabling admins and management to uncover new talent and promote from within. For optimum success, align potential career paths with organization goals. Want IT personnel who know sales or accounting managers with customer service experience? Create potential paths that encourage employees to move through the company, and gather competencies, in specific ways that support these organizational goals. Not only does the novelty of new challenges challenge employees and maintain their interest in day-to-day operations, it also promotes a whole-picture vision by introducing employees to numerous departments.
Monitor and Reward Progress
Monitoring and assessing employee progress along their career paths enables managers to provide motivation, encouragement, and targeted resources if progress stalls. It also makes it easy to promote or transition top talent into new roles and maintain succession plans by evaluating internal moves and skill sets. A dynamic, competency-based software solution streamlines this process and ensures admins can keep their focus where it belongs — on managing and rewarding employees instead of analyzing metrics. Learn how a technological solution can boost performance, reduce turnover, and maintain a steady pipeline of high performers by requesting a demo of TalentGuard’s career pathing software.
6 Ways to Unwind This Holiday Season
It’s Never Too Soon to Start Estate Planning
Fiduciary and Best Interest Are Not Synonyms
7 Ways to Avoid Arguments During the Holiday Season
The Biggest Risk for Business Owners
A New Wrinkle in the U.S. — China Trade Dispute
Want To Make An Impact? Lead With Humble Pie
How to Go One Step Further with Your 2019 Strategic Plan
Can Verizon Overcome the Acquisition of Aol and Yahoo – That Never Made Sense
What Makes a Great Whitepaper?
Development15 hours ago
Building an RIA Firm for Maximum Value from an Investment Banker’s Perspective
Development15 hours ago
Good? Fast? or Cheap? What Sort of Advice Is It Going to Be?
Financial Podcasts15 hours ago
MarketCounsel Summit Series: The Most Important Data Questions Advisors Are Not Asking—with George Svagera
Financial Podcasts2 days ago
MarketCounsel Summit Series: Turn Fearful Clients into Fearless Investors with Aaron Klein
Research2 days ago
What Brexit and the Ongoing Problems in the European Union Mean For Investors
Building Smarter Portfolios2 days ago
Merger Arbitration Strategies and Protection
Advisor2 days ago
How to Budget for the Holidays
Social Selling3 days ago
As a Salesman I Taught Myself to Market … and You Should Too!