More organizations are now looking at tapping into existing employees to fill job openings and are investing more effort in their key people. One proven investment opportunity is within an organisation’s career development program.
The extent a company offers career opportunities is considered by employees and managers as a critical component in the employee value proposition. A fascinating finding uncovered from a survey carried out by Aon Hewitt in 2010, is the perceived connection between career development and employee engagement. No less than 89% of the organisations surveyed responded that career development is one of the leading parameters for increasing engagement and retaining talent. Furthermore, when asked to rank the effectiveness of other value offerings, 55% claimed that career opportunities is as important as salary.
A more recent survey, conducted by BambooHR in 2014, agreed and placed urgency from an employee’s first day.
One third of new hires quit their jobs after about six months, and one third of employees knew whether they would stay with their company long-term after their first week, based on the career development offered by their employer. Career development is definitely a catalyst to employee retention.
Developing reserves of talented employees with internal promotability, allows the organization to quickly fill positions and tasks when required. With the shortage of external talent, a well-stocked “bench” is exactly what is required by an organization that wants to respond quickly and effectively to various developments.
Want more details?
In Career Development: A Leading Solution for Coping with Talent Shortage white paper, AKT presents the latest field data, and we describe the required steps to build a truly successful career development program.
Download AKT’s White Paper on: