The Symptoms of an Employee Without Career Opportunities
Are your employees happy with their career opportunities?
Would you recognize the signs of a workforce who cannot see a future with your organization?
A number of behavioral symptoms present themselves when your employees feel there is no career progression or long-term career path open to them. A fall in productivity is one of the most obvious but others include inattention to detail, and printing of past performance reviews to use as reference for their next job.
Alternatively, a member of your team who is in the process of securing a job elsewhere may refuse to accept new assignments where they were once enthusiastic, or begin to use their vacation time, possibly to attend interviews.
Facts about employee retention
If your company has a problem with staff retention, you’re not alone.
The level of US workers quitting their jobs remains at an all-time high. The Bureau of Labor Statistics reported that from July through September 2018, 2.4% of the workforce quit their jobs – the highest rate since 2001. What’s more, the Job Openings and Labor Turnover Survey (JOLTS) reported that over 3.5 million Americans leave their jobs every single month. The number of ‘quits’ has now been rising for nine consecutive years.
While there are multiple issues contributing to these high levels, not the least of which is the skills shortage, there is one key area that organizations can focus on to address poor staff retention levels and differentiate themselves in the labor market; that is internal career mobility.
Employee attrition is directly linked to the absence of career development opportunities
Most employers focus on hiring the right talent to help them to achieve their business objectives, without having effective engagement or retention strategies in place. The majority don’t have a full understanding of the true costs of high attrition levels or its causes.
While the financial cost of a new hire and the loss in productivity can be calculated to some degree, the long-term effect on team morale, employee engagement and the loss of knowledge from your organization is difficult to quantify.
Furthermore, employee attrition resulting directly from the lack of career development opportunities costs the average organization $49 million per year according to Gartner.
To add further perspective to this issue, a Randstad survey revealed that workers aren’t happy in their jobs unless they feel they are reaching their fullest career potential. In addition:
- 58% agree that their employers don’t offer enough growth opportunities for them to stay in the long term.
- 69% would be happier if their skills and abilities were utilized.
- 57% believe they need to leave their current job to progress their career and fulfill their ambitions.
Simply put, employees who see no long-term prospects with your company are more likely to leave.
The solution is career pathing
A 2015 study suggests that 78% of employees would remain longer with their employer if they saw a clear career path with their current role.
Today’s workforce is seeking an employee experience, which requires a more flexible career journey. Career pathing helps to facilitate that by encouraging your teams to map multiple career path scenarios.
It also enables managers and their teams to collaborate closely to create a structured plan for individual career progression and skills development. Employees are happier as they are given the space to vocalize their career aspirations and identify how those ambitions fit within the overall goals of your organization. As a rule, employee retention improves within an organization that offers movement across the career lattice where the opportunity to learn new skills is available.
Employers who offer career pathing and training demonstrate their commitment to the long-term development and growth of their people. Implementing a career pathing strategy can help to reduce attrition at a time when quit levels are at a record high.
Learn more about the benefits of career pathing.
Empower your talent with award winning software from TalentGuard. Our dedicated career pathing software supports your employees to map multiple career path scenarios, review job competencies and evaluate skills gaps in order to achieve their career goals.