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In today’s competitive job market, ensuring employees feel supported in their career progression is imperative to retaining top talent.
According to recent findings from our latest Page Pulse survey , a staggering 48% of respondents felt they would need to change jobs to secure a promotion, with 27% citing the lack of visibility into progression opportunities as a significant barrier to their development. Moreover, almost half (46%) of individuals expressed concern over limited career progression in the past year.
These statistics shed light on the pressing need for organisations to invest in their employees' growth and development. If your company aims to retain skilled professionals and foster a culture of internal growth, consider the following three strategies to empower your workforce and nurture their career aspirations.
With 25% of employees indicating the need for clearer guidance from employers and a further 27% emphasising the importance of transparent communication on progression opportunities, it’s clear that encouraging internal promotions and progression not only motivates employees but also improves employee loyalty.
An effective way to help your employees create their own career pathways is by enabling them to formulate Personal Development Plans (PDPs) in collaboration with their line managers. Within a PDP, an employee and manager should work together to foster a shared understanding of career goals and aspirations, establishing a transparent promotion criterion.
Once in place, it’s imperative to carry out regular performance reviews, provide constructive feedback and ensure employees have a concrete understanding of what they need to do achieve the goals and opportunities outlined.
Head over to our management advice hub for more expert insights into developing a successful team.
Out of the respondents we surveyed, 33% of employees expressed their eagerness to acquire new skills, and a further 40% of respondents emphasised the importance of having accessible training programmes.
By incorporating regular skill-building workshops, mentoring sessions, and cross-functional training initiatives you will not only enhance employees' capabilities but also cultivate a culture of continuous learning within the organisation. Training doesn’t have to be tedious days in a classroom, but instead on-the-job initiatives that can enhance the skills employees already have and encourage them to do more.
Designing tailored upskilling initiatives not only enhances employee competencies but also equips them with the tools needed for future roles within the organisation, enabling them to stay with your company for longer.
Salary is often cited as the highest factor when looking to leave a job, with our data revealing a staggering 50% of workers were looking for a new job in the New Year based on salary alone. And, with only 18% of respondents having received a pay raise in the last three months, it's evident that addressing compensation and salary concerns is imperative.
Regularly reviewing salary structures in line with industry standards and acknowledging employees' contributions through bonuses and incentives. Organisations often look to do this in line with the financial quarters, or year end, and even a small incentive can enhance job satisfaction and bolster loyalty among your workforces tenfold.
For more in-depth analysis of the salary benchmarks in your industry, and to make sure you remain competitive in today’s market, check out our Salary Guides.
Prioritising employee career development is not just a means of retaining talent but also a testament to an organisation's commitment to creating a thriving and dynamic work environment. By implementing these strategies, organisations can demonstrate that they value employee growth and development, ultimately paving the way for long-term success and employee retention.
For more insights into creating a better workforce, download our Talent Trends 2023 report, where we uncover the new world of work where employees demand a competitive salary, flexibility, career progression, and good company culture.
Download your copy now
Alternatively, if you want to speak to an expert recruitment consultant on your unique business needs, request a call back today.
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