Although a job-hopping mentality has become more and more common, smart organizations recognize this mentality and have countermeasures to create more of a growth-centered atmosphere where employees can grow and advance within their organization. This not only benefits the employee by learning and advancing their career, but the organization as well to retain quality employees who want to grow!
The idea of looking at a person’s career as a whole and designing different sets of developmental activities, formal training, and relationships at each stage is known as career development. Career development is the evolution of thinking about improving employee performance. More traditional training programs focus on improving competencies relating to the employee’s current job or tasks. Yet, career development takes more of a look at the employee’s current tasks and the steps to grow upon the tasks in the future.
You may be thinking, well career development sounds more like a personal problem for the employee, however it is very important to organizations for these reasons:
- Attracting Top Talent: In more competitive fields, like medical coding, employers are forced to focus on their efforts on attracting the top talent. Competitive employment packages that go beyond the traditional items like compensation and benefits could be the key to the organization’s success! Employees that perceive their employer to provide career growth opportunities show a greater commitment and more loyalty to the organization.
- Job Satisfaction: This thought can be explained by social-exchange theory. Social-exchange theory poses the idea that employees will remain with and work harder for an organization if the organization shows it values the employees by taking on the responsibility of shaping their career.
- Retaining Quality Employees and Reducing Turnover: Through the commitment from the organization, career development opportunities help retain employees and prevents turnover. Estimates of the costs involved in replacing a skilled employee have been reported to be as high as 150% of that employee’s salary retention of quality employees is a strong business decision.
- Financial Returns and Productivity: Employers can also increase productivity and financial returns by investing their employees with a career development program. Evidence suggests a positive relationship between financial performance and organizations that encourage and support continuous employee growth.
In the uncertain world of employment and careers, people are looking for a sense of direction in their career and understanding of what a successful career means to them. Having career development resources help employees build a sustainable and adaptable approach to the management of their careers which is an important part of employee engagement.
If you would like to assist your employees in your practice or organization with resources, join the Career Development Resources Live Webinar with Ann Barnaby on Tuesday, March 3rd at 7 pm EST. Learn more here.