Why Career Development for Your Employees?

[Reyed Mia (Apprentice, DIU)]

Why Career Development for Your Employees?

There are multiple advantages of career development. Providing constructive career development opportunities to employees is one of the most cost-effective ways to achieve the following benefits for your organization's workforce program:
Retain Top Talent
Best-in-class organizations understand the need to retain their top talent. But the cost of retaining top talent can run in the hundreds of thousands of dollars to company expenses. Additional costs associated with retaining talent include the loss of company knowledge, disruption of customer service, and loss of morale and engagement in remaining employees. Providing career development opportunities ensures that valuable individuals are more likely to look within the organization, rather than elsewhere, when they desire a job shift. (Learn more)
Boost Engagement and Productivity
Today's employees expect to find meaning and direction in their day-to-day work - not just jobs and tasks, but meaningful careers and career goals. Employees who have access to career development processes, resources, and tools feel much more engaged and supported by the organization. In addition, employees who drive their own development are far more likely to be motivated and optimally productive on a consistent basis. (Learn more)
Strengthen the Succession Pipeline
The backbone of any effective succession planning process is a well-prepared talent pipeline that can be drawn from at any time. With an employee-driven career development initiative in place, your top talent gains the opportunity to apply for critical roles that may be vacant. Making such opportunities visible and available for all eligible employees ensures that the most qualified individuals enter those critical roles. (Learn more)
Generate Knowledge Transfer and Retention
With the current and impending retirement of millions of Baby Boomers and an aging workforce, it is crucial for organizations to retain the wealth of knowledge and experience of seasoned employees. Career development initiatives aimed at retaining experienced talent provide direct opportunities for knowledge sharing - enhancing and tapping into knowledge capital within an organization, and ensuring that such valuable knowledge is not lost. (Learn more)
Fill Internal Skill and Role Gaps
Skill and competency gaps, particularly within critical high-level roles, are becoming more and more common as roles become more demanding and the demands of leadership grow increasingly complex. Creating a culture and process that facilitates internal mobility is one of the best ways to fill these gaps from within the organization. An internal mobility framework enables qualified employees to find roles most suited to them, and enables the organization to fill such roles without the extensive costs associated with hiring, training, and onboarding outside hires. (Learn more)
Create Positive Employer Branding
Organizations that achieve the most sustainable success are those that attract the best people to develop their strategies and achieve their goals. An effective career development initiative brands your organization as one that truly cares about its employees, helping your organization continuously attract the best people for the roles you need.

Sources: http://www.insala.com/career-development-benefits.asp