As my blog title suggests I have now talked about Recruitment and Engagement. Today I would like to discuss a technique to retain employees. A very important tool employers can use to help retain their workforce is having clear Career Paths. I am going to give you the millennial perspective on what career paths mean to me and my generation.
When an employer hires a new employee onto their team, they have to spend a lot of time training them, and teaching them the culture of the company. It is important that leaders have a clear understanding of their company’s strategy when it comes to retaining talent. There are companies that encourage change within the company because they are trying to facilitate a culture of Innovation. Then there are companies that want their employees to stay in the same position, because they value Stability. Some companies what a breadth of knowledge in their employees and others want a depth of knowledge. But regardless of a company’s strategy new employees, especially Millennials, quickly learn if there are opportunities for them to grow because they pick up how other employees have been treated, if the employer promotes internally, and if the company encourages movement.
As an employer today, you need to have a reputation that you promote within, and that there are opportunities for employees to have a long and happy career. This is an important factor that Millennials are looking for in their employer. So unrelatedly of the type of strategy: (Innovation/Breadth) vs. (Stability/Depth); you as an employer need to have clear career paths, and opportunities for your workforce grow and develop themselves. If these career paths are done right then employees are engaged, they are constantly challenged, or they are striving and working towards something. They are so focused on their next step internally that they don’t look externally at other positions with other companies. You then get to keep the talent that you worked so hard to recruit for, and the knowledge, skills, and abilities that these employees have accumulated stays within the company. Lastly, employers get to shape these young employees (Millennials) into what the company wants and needs by promoting them up these established career paths.
So to wrap it up I challenge those employers to think about what skills, knowledge, or abilities they want their employees to have, and what they can do to help develop those skills within their current workforce rather than hire for it externally. Based off this discussion what career paths and goals can you create for your employees to strive toward?