In today’s tight labour market, people matter.
According to the latest employment survey from Instructure and The Harris Poll, lack of career growth is one of the biggest reasons workers leave their jobs, second only to low pay. Amongst respondents, 77% of employees said that they feel they’re ‘on their own’ to develop their careers at their company.
As great employees are more prepared than ever to ‘shop’ around to ensure that their professional development goals are met, losing staff could cause challenges for employers that don’t give workers the development that they want and need.
Conversely, helping to plan for and develop the careers of your employees has the following benefits:
- Opportunities for promotion and/or lateral moves contribute to the employee’s career satisfaction
- A greater sense of responsibility for managing one’s own career contributes to self-confidence
- Career planning and development clarifies the match between organizational and individual employee goals
- It’s cost-effective to use your own staff talent to provide career development opportunities
- Career development increases employee motivation and productivity
- Attention to career development helps you attract top staff and retain valued employees
(Source: UC Berkely University)
What does this mean?
From a bottom line perspective it means saving money as you don’t lose, and than have to retrain staff, and it means making money as your employees are more likely to go above and beyond for you. From a quadruple bottom line perspective it means an investment in your people, a happier and more productive workplace and an investment in families and community.
Should you do it?
The answer is Yes. Career development puts capacity and succession planning at the front of mind, which is good for your business. It also clearly demonstrates to your people that they matter, which in general, is a big win for everyone.
Not sure where to start?
Feel free to email us! Let’s start a conversation and see if TīMī Consulting can help.