Today’s workers have more transparency and choice of jobs than any generation before, which means retention is a critical component for employers across the globe. A variety of mechanisms have been deployed to keep people engaged at work, but research shows that one of the most valuable options of all is career management.
A variety of studies show that employee turnover can cost large employers millions of dollars annually in hiring and training costs, but what if these expenses were avoidable?
Put simply, helping employees to understand their skills and the skills of a future career opportunity creates a powerful conversation. Employees get real insights into how they can accomplish career goals, employers see where skills gaps occur and how to fill them with existing talent, and businesses reap the rewards of increased retention.
In this research paper, you’ll learn not only about the importance of taking a competency-based approach to career development–you’ll also hear case studies from employers that have made career pathing a differentiator in the ongoing struggle to find and keep the best talent.
Ben Eubanks is the Chief Research Officer at Lighthouse Research & Advisory. He is an author, speaker, and researcher with a passion for telling stories and making complex topics easy to understand.