It’s no secret that investing in career development services for employees is beneficial for both the individual and the organization. But just how significant are these benefits? Recent studies have shown that career development opportunities for employees can greatly impact an employee’s satisfaction, engagement, and overall performance.
Keep reading to learn more about career development for employees!
Benefits of Career Development Services
Investing in career development services for employees can lead to increased retention of top talent. A study by Paychex found that employees who felt their company invested in their career development were 63% more likely to stay with the organization.
Aside from the benefits for the employee, investing in career development can also have a positive impact on the organization’s bottom line. A study by the Brandon Hall Group found that organizations with strong career development programs saw a revenue growth rate of 27%.
Ways To Invest in Your Employees Career Development:
1. Training and Development Programs
One way that organizations can invest in career development services is through training and development programs. A study by the American Society of Training and Development (ASTD) found that organizations that invest in training and development see a return on investment of up to 5 times the initial investment.
2. Career Conversations
It is critical that you actively approach professional development with staff members by periodically discussing it during meetings between managers and those they supervise. These one-on-one conversations are great ways to assess career goals, how they fit with the organization’s objectives, and how the organization can help an employee develop the necessary skills to meet those goals.
Organizations can take this a bit further by creating personalized professional development plans for staff members. The plan will set stepwise goals for them to pursue as they strengthen specific knowledge and skills. This is a great way to keep employees engaged as well. In our e-book, “50 Questions to Spark Better Career Conversations to Attract and Retain Talent,” we share questions to improve your career conversations with staff during these critical times.
3. Mentorship & Sponsorship
Another way to invest in career development services is through mentorship programs. The goal of mentoring is for staff to gain insights and lessons through conversations with their mentor. Mentors do not even need to be in the organization. Mentorship relationships are typically seen as creating a stronger bond between employees and the company. It helps improve the quality of work life.
Sponsorship can be viewed as a bit like mentorship with an exception. It typically occurs when an experienced person in the same field as an employee speaks on their behalf. It can even happen when the person is not in the room. The goal here is to support their career advancement. Sponsorship is often cited as a more effective strategy for building and advancing the careers of diverse talent within an organization (Harvard Business Review, 2021).
Investing in career development for employees is a win-win situation!
Not only does it lead to increased satisfaction, engagement, and retention of top talent, but it also has a positive impact on the organization’s bottom line. By providing training and development programs and mentorship opportunities, organizations can invest in the future success of both the employee and the company.
WeApply provides career and leadership development programs and workshops to help organizations build and retain talent.
To learn more, book a free consultation with one of our career experts!
Sources:
Paychex (2022) Looking for the Secret to Employee Retention? Try Offering More Career Advancement Opportunities https://www.paychex.com/articles/human-resources/career-advancement-employee-retention
Brandon Hall Group (2018) Five Essentials for High-Performance Career Development https://www.hrsg.ca/hubfs/ebooks/hrsg-brandon-hall-5-essentials-for-high-performance-career-development.pdf
Association for Talent Development. (2020). The State of Talent Development 2020. Retrieved from https://www.td.org/insights/the-state-of-talent-development-2020
Center for American Progress. (2014). Investing in America’s Talent: A Plan to Expand Access to Job Training and Strengthen America’s Middle Class. Retrieved from https://www.americanprogress.org/issues/economy/reports/2014/06/ Harvard Business Review (2021). Don’t Just Mentor Women and People of Color. Sponsor Them. https://hbr.org/2021/06/dont-just-mentor-women-and-people-of-color-sponsor-them