Moving the dial with career development

January 16, 2017 Sarah Beckett

While building an effective career development program can be challenging, it’s also highly rewarding. In this post, an excerpt HRSG’s ebook, Engaging and Developing Talent with Competencies, we will review how career development can move the dial on a wide range of high-priority business areas.

Impact on: BUSINESS EXCELLENCE

Learning and development are shedding their reputation as cost centers within the organization and being re-envisioned as vital, strategic activities.

  • A recent Brandon Hall report revealed that the C-Suite is more likely to claim ownership of the learning budget than HR or business unit leaders.
  • The Great Places to Work Guide to Greatness, an annual report that analyzes the FORTUNE 100 Best Companies to Work For, pointed out that the companies on the list, all of which had made employee development a top strategic priority, were also organizations that had experienced intense growth, with reported revenue rising an average of 22.2 percent over the past 24 months.
  • In a study of more than 500 US corporations, The American Society for Training and Development found that companies offering comprehensive employee training enjoyed a 24percent higher profit margin than those who focused less on training.

Impact on: LEADERSHIP

Leadership capacity is a top concern for virtually every organization, and development plays an essential part in helping those organizations address the talent gaps and create a strong leadership cadre. Companies that are struggling to find leadership talent are recognizing that the solution lies in taking a more active role in developing that talent from within.

Impact on: RETENTION

Retaining talent is an ongoing issue. When a high number of employees need to look outside the organization to fulfill their career goals, it’s likely that the way the organization is promoting internal opportunities and supporting employees to take advantage of them is falling short. A commitment to training and development signals to employees that the company values their talent and is investing in their future.

  • According to a recent Gallup poll, fewer than one in 10 US employees who change jobs stay at the same company.
  • A 2007 review of the research, which found that effective employee training increased employee commitment levels and reduced organizational turnover.

Impact on: MILLENNIALS

Company demographics are undergoing a seismic shift as the Millennial ranks swell from a tiny fraction of the workforce to a clear majority. Prestige, perks, and pay won’t entice them to stay longer, but new challenges and opportunities to learn and progress in their careers will. Career progression doesn’t need to be strictly upward, either: it can involve lateral moves into other company areas. The most important considerations for Millennials is to feel their talents are being developed and plugged into a meaningful endeavor.

Download HRSG’s ebook “Engaging and Developing Talent with Competencies” to learn more about how to support organizational and individual success through competency-based career development. ‘

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About the Author

Sarah Beckett

Sarah is an experienced marketer with over 12 years experience. She drives HRSG brand marketing strategy and the implementation of all related programs.

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