Reduce Retention and Boost Business Growth with Career Management

career leadership Aug 08, 2023
Business people working

In an era where talent retention and development are paramount, businesses increasingly recognize the significance of robust career management plans. Recent data reveals that 74% of companies grapple with talent shortages, emphasizing the necessity for strategic internal development. Furthermore, studies have indicated that organizations with structured career development strategies see a 34% higher retention rate than those without.

By harnessing the power of career management, businesses can facilitate employee growth and align this growth with organizational objectives. This synergy reduces recruitment costs - which can amount to 50-60% of an employee's annual salary - and also harnesses and develops internal talent pools, fostering innovation and continuity.

Investing in employee growth fosters loyalty and ensures the cultivation of skills aligned with their strategic goals.

In my monthly AM Northwest Morning Show segment, I shared four ways to implement a robust career management plan for growth and retention.

1. Use a Simple and Proven Framework - Many middle managers are being asked to serve as career coaches while trying to lead their teams and deliver on demanding initiatives. A convoluted strategy can deter adoption, while a straightforward framework ensures uniformity and can be immediately adopted. Our Career Innovation Framework has been adopted in both small and mid-sized organizations because it covers four easy-to-follow and implement areas and a toolkit for each implementation.

In this four-part framework, employees will Discover their genius and use it to guide them to determine the next step in their career. Then, they'll elevate their presence and visibility through a compelling Brand, enabling you to Build an advisory board of supporters to multiply your career efforts. From there, you'll be ready to Engage in intentional massive action to navigate directly into your desired career opportunity. The core of the framework is to Motivate you to manage your mind and the limiting beliefs that could potentially derail your success.

2. Create Opportunities for Internal Mobility and Movement - Stretch assignments (tasks or projects beyond your current skills or knowledge) allow employees to step out of their comfort zones and acquire new skills, making them more versatile. This mitigates feelings of stagnation and can act as a litmus test to identify potential for more prominent roles and new opportunities. Employees feel more valued when they know the organization is invested in their growth.

3. Equip Overburdened HR Leaders - Like managers, HR leaders are expected to serve as experts in career development when that's not their focus or what they were trained to do. Bringing in certified career coaches to directly train HR leaders, who lack the expertise, could help transfer specialized knowledge and best practices that the HR team can apply to the company's unique context. By partnering with HR to train them on a streamlined process, they'll not only be equipped to support employees but will be able to train managers and other leaders using the latest coaching methodologies. 

4. Focus on the Benefits Instead of the Fear of Employees Leaving - Since a robust career management plan contributes to higher employment engagement and retention, implementing a program will diminish fears of employees leaving and foster loyalty among your staff. Internal career management ensures that employee skills are continuously refined and aligned with the evolving needs of the organization, particularly when you're tailoring development opportunities that align with individual aspirations. Opening up career paths that may have previously been unexplored leads to employees being placed in roles where they can maximize their potential. You'll also drastically reduce the cost of recruiting and hiring new staff by retaining your talent and promoting from within. And when employees see clear pathways within the organization, they're more likely to stay. So encourage open conversations about career aspirations and present opportunities that resonate with and drive your employees' interest and expertise.  

In the contemporary business landscape, talent retention and development stand as cornerstones for organizational success. The undeniable link between robust career management programs and tangible business growth has been underscored by these compelling benefits. Such a culture not only optimizes current talent but also becomes an attractive proposition for future recruits. 

Isn't it time your organization fortified its talent management strategy? Invest in a future where your employees see clear growth paths and are equipped to drive your business forward. Reach out to us today, and let us help you lay the foundation for a sustainable, growth-oriented future. 


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