Marketing

Career Management: A New Business Priority

Post by
Thrive Team
Career Management: A New Business Priority

Human resource leaders are under constant pressure to improve the productivity and cost-efficiency of their workforce. HR departments are relying on new technologies such as AI and big data analytics to optimize their existing models, without considering intangibles such as company culture, growth opportunities and employee engagement. 

Traditionally, these were viewed as nice-to-haves, not need-to-haves but the impact of these intangible assets on an organization’s bottom line is growing and it’s changing the business landscape. In-demand talent is in short supply and the new generation of workers expect more from their employer and aren’t afraid to look for something better elsewhere.

In this talent-scarce economy, organizations can no longer afford to ignore employee experience and have to find better ways to attract and engage their workforce to continue growing the business. 

By establishing career management systems that can be directly managed and personalized by employees, businesses can empower their workforce to grow within the organization rather than outside of it. Let’s explore the benefits and supporting evidence of how employee-directed career management solutions can help your organization boost productivity, raise employee engagement and attract future talent. 

Hiring and onboarding new employees is expensive. By improving internal mobility through upskilling and reskilling opportunities, something nearly three quarter of your workforce is interested in pursuing, you could lower hiring costs by at least $19,000 and up to 2x an employee’s salary.

Growing Your People Grows Your Bottom Line

Without growth opportunities, employees disengage and look for opportunities elsewhere. The opposite is true as well. Organizations that prioritize individual professional growth and development help make employees feel supported in their unique career journey, leading to increased productivity and retention. 

Today’s workers are prioritizing career growth and development opportunities above all else, and aren’t afraid to change employers to get ahead in their careers. This means organizations will have to compete for future talent on more than just salaries and benefits. An employer’s investment into an employee directed career management solution that offers upskilling and reskilling programs could contribute to an increased employee productivity and better talent retention.

Agile & Future-Proof 

It has never been more expensive to acquire new talent. As these skill gaps widen and innovation accelerates, organizations are also struggling to develop key competencies fast enough. Companies investing in the development of their current workforce are laying the foundation for a more agile workforce that is able to respond to market changes more quickly and effectively, without having to source new talent every time. By improving the internal talent mobility and breaking down team silos, organizations can better future-proof their business to remain competitive.

Talent is becoming scarce. Specialized skills are in high demand. Improving talent mobility by offering employee directed upskilling and reskilling opportunities will result in lower hiring costs (see first point), shorter onboarding times (because they already know the processes, culture and people) and improved interdepartmental collaboration (something 83% of leaders say is critical to launch projects successfully today).

Positive Culture Means Greater Brand Value

A positive, more inclusive company culture is one that democratizes opportunities for everyone in the organization. By giving your entire workforce access to the same range of skill-building and advancement opportunities, you are empowering all employees to pursue their unique career path, while also enabling your business to develop key competencies at an unprecedented pace and grow brand value faster than the competition. 

Organizations that have a growth and management plan for all of their employees (with equal opportunities given across diverse and inclusive teams) experience nearly twice the cash flow per employee and those employees are three times more likely to become leaders. On the other hand, 64% of consumers (in addition to current employees and future talent) stop engaging with the brand after hearing of poor employee treatment, which means managing the employee experience is just as important as managing the customer experience, and will unequivocally affect brand value.

How can Thrive help?

Thrive can help you tap into your greatest asset: your people. Our career management, and redeployment solutions give your employees full career autonomy while matching them to in-demand roles within your organization.  

We drive internal mobility using…

  1. State-of-the-art career pathing software
  2. Tailored learning journeys and course recommendations
  3. Partnerships with leading education providers
  4. Career aligned certificate programs

Conclusion

People and by extension organizations, perform best when they feel valued, empowered and supported to grow within the company. Organizations can begin to address challenges such as building a diverse and inclusive workforce, developing key competencies quickly and attracting and retaining new talent by better supporting the individual growth and internal mobility of their current employees with a career management solution like Thrive. As innovation accelerates and skill gaps widen, demand for talent will continue to grow and organizations can differentiate themselves by being more transparent and pro-active about individual career growth, something today’s workforce cares deeply about.    

As your partners in outplacement solutions, we go beyond implementing career management strategies and support your workforce with an integrated end-to-end career development platform that can support them at every stage of their journey. We provide corporate clients with the same high-touch support and  insights we have built into our user's journey and if you are an HR leader looking to offer your employees modern career management solutions, then contact us to book a free demonstration of what Thrive can do for you.