It’s important to regularly discuss career development with your employees. You can also provide a career coaching program.
There’s been a lot written about how much it costs companies to lose an employee. Businesses invest thousands of dollars in recruiting, hiring, and training, only to have an employee leave. The latest data shows that turnover can cost employers 33% of an employee’s annual salary.
But what if employers spent more time discussing career development with their employees? Could this help stem the tide of workers seeking greener pastures? Here’s how companies can work to retain employees by providing them career development, coaching, and nurturing.
The Responsibilities of Management
Employers have a responsibility to their employees to create an environment that supports their well being. Beyond the fact that it’s probably the right thing to do, there are clear benefits to employers when they support employees in their career goals. The cost of employee disengagement is high; higher absenteeism and lower productivity result in lower corporate profits. Employees that don’t feel the love from employers are more likely to be less engaged in their work and are also a flight risk. All of this has a negative impact on your bottom line. So, what should you do? Here are some suggestions:
- Empower managers to discuss career development with their employees. Don’t wait for an annual review to set achievable goals, milestones, and rewards for your employees. Instead, ask managers to meet at least quarterly with employees to collaborate toward their career goals. How do the employees feel about their work? What would they like to learn? Then chart a path toward meeting goals and improving the employee’s work environment.
- Establish specific and measurable career goals. Set up a system for monitoring these goals. Provide and allow employees the ability to take classes and improve their skills and then create public recognition programs that applaud their successes. Think about it – your employees’ success is really about the success of your business – so set up programs that create a culture of achievement and growth.
- Encourage internal transfers and promotions. Instead of looking externally, look at your existing employees first when posting a new job. Make it easier for employees to switch roles to keep them interested in staying with your company long-term.
- Provide mentoring and career coaching to help employees achieve their goals. The goal is for the company to support workers in their efforts to improve themselves. This will keep employees enthusiastic about their work and their job growth potential.
Tapping into what motivates your employees’ means that you will motivate them to do their job. One study showed that 75% of your workers are willing to learn skills that further their careers even off the job on their own time. Collaborating with employees to achieve their goals will tighten the bonds between managers and their employees and employees and the company. When employees understand that you care about their career successes and goals they will be more willing to work harder, produce more, and potentially stay longer with your company. For employers, there is really no downside.
If your company is looking for motivated engaged employees, look no further than IES Custom Staffing. Contact us to find out more.