It’s no secret that engaged employees are more productive. In fact studies have shown companies with higher rates of workforce engagement experience lower turnover, produce better products and service, and enjoy greater profits. And one of the most effective ways to raise engagement is to help people develop and advance within their organization.
Many companies are incentivizing their employees to stay and grow with the organization by giving them new skills and redeploying them into roles better suited to their abilities and interests. It’s a mandate that has become more pressing as rapidly evolving technology and digitalization are driving the need for more specialized skills. Facilitating internal movement is an effective way to address talent scarcity while enhancing retention.
Randstad research conducted at the end of last year revealed that human capital leaders recognize the importance of talent mobility: 1 in 3 expected career mobility and redeployment of talent to play a more important role in their workforce strategies this year, and 56% planned to increase spending on enabling platforms. Along with helping employees find more opportunities in the workplace, 76% of executives said they were placing more emphasis on skilling and career engagement. More importantly, career advancement plays an important role in retention of talent.
That’s because workers themselves want to grow with their current employers. According to LinkedIn’s 2023 Workplace Learning Report, more than one-third of professionals under 35 cite opportunities for growth as the leading factor when evaluating a new job. In addition, Gen Z is 47% more likely than Gen X to prioritize internal opportunities and 45% more likely to prioritize opportunities to gain new skills. At the same time, just 1 in 5 workers say their employers offer the right conditions for enabling their professional growth. Our research also revealed that 53% of working adults want to develop in their current role and 40% want to speak to a coach about advancing their career with their existing employer.
Supporting employees to stay with their organization through skilling and coaching is a sustainable and agile way to build an effective human capital pipeline. There are many reasons why this is a robust strategy advantageous to organizations and people, especially when today’s uncertain economy hinders workforce planning. Internal candidates are a dependable and predictable source of proven talent. Redeploying them to where their skills can best be leveraged is both cost effective and productive.
Doing so also helps workers because they continuously advance in their careers without having to leave an employer. Staying allows talent to receive valuable company-provided training while preparing to take on a new role. Helping people grow with their organization is a shared journey that benefits all.
Create movement in three ways
Companies that want to retain great talent, build a more flexible pipeline of candidates and optimize labor costs should and can create more mobility for their workforce. Investments of time, budgets and technologies are needed, but the payback on energies spent is well worth the effort. Consider these measures to get people into the right roles now and in the future.
Help talent find the role they can excel in. Regular skills assessments of the workforce will make it easier to move people to the right roles. For instance, with their strong understanding of clients, customer service agents may be ideal candidates to move into sales. For each internal candidate, assess what additional skills will be needed and provide the appropriate curriculum.
At the same time, employers should also empower their workers to explore internal opportunities outside of their core skill sets. Allowing people to embrace non-linear career paths raises engagement and satisfaction, reveals hidden talents and skills and creates more workforce agility. Technology such as internal marketplace tools and AI can expedite such efforts by identifying the potential of each employee.
Complement mobility programs with thoughtful skilling. Whether talent remain in roles best suited to their core skills or opt for a complete career change, ensure their success with an effective re- and upskilling strategy. Whether it’s on-the-job training or dedicated time at an academy, the right program will reduce turnover and boost time to productivity for any new role.
Create excitement for workers with clear career pathing and job rewards. Showing employees their potential within the organization and rewarding them for pursuing such a path may be the most effective way to promote mobility. By helping individuals hone in on a vision of the future, companies generate excitement and anticipation that will have a deeply positive impact on the workforce.
More than ever, helping people grow and succeed within their organizations is viewed as a powerful mechanism to alleviate chronic talent scarcity, boost workforce engagement and retain the best people. By helping workers realize their full potential without having to change employers, companies ultimately help themselves to be the best they can be.
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