Daniel is a high-performing employee who has always met his individual targets.
He is well-read and has a very friendly relationship with his work colleagues and managers.
His manager relies on Daniel’s round-the-clock availability and expects him to solve all the company’s problems.
But, the company has no plans to upskill Daniel or move him to a more competitive role in a different department where he can showcase his other skills.
In fact, the company expects Daniel to take on more work and create more space in his personal space to accommodate unplanned team meetings, phone calls, and client requests.
What do you think Daniel is thinking of doing right now in his career?
Probably quit in the next 6 months. If he had a burnout issue, he could take up a part-time job, or simply retire permanently from the role.
Sadly, Daniel is not the only worker who is thinking of quitting the job.
Employees are exploring new avenues in the job market all the time irrespective of how well their employer currently pays them.
According to a recent report published by Ceridian, 90% of respondents feel stuck in their current jobs due to various reasons. Lack of flexible work timings, poor work-life balance, and rigid career roadmaps in their current jobs force employees to actively look out for a new job elsewhere. They seek flexibility in their careers, and not flexi-jobs, which means employees like Daniel would switch their jobs very soon if their employer doesn’t offer them a lateral promotion with a better work-life balance.
Employers are Disconnected from Career Roadmaps of their Employees
Employees are your most valuable assets. Losing them could mean you are intentionally risking your business to well-known dangers. With good talent hard to come by, your only chance of surviving and flourishing depends on how well you retain your existing workforce.
Every company has its own retention strategy, but is it truly working for them?
According to Ceridian’s report, employers have a huge gap to fill when it comes to offering flexibility at the workplace to their employees. 44% of employees seek an opportunity internally where they are transitioned to a new role or moved to a new department. More than 51% of employees could consider staying back in the organization if they have an opportunity for internal career mobility, backed by adequate upskilling assistance, and personalized growth plans.
The assumption that employees always want to move up the corporate ladder and earn more salaries is a relic in the post-pandemic workplace. Things have changed, and how! Employers are disconnected from the career aspirations that their employees have from their workplace. Ceridian found out that 75% of respondents feel their employers are either disconnected or unsure about career aspirations.
Why do employees leave a company?
Employees see the rising number of burnout cases leading to dysfunctional lifestyles and health issues among employees from the senior management cadres as a big deterrent to saying “YES” to promotions. The burnout issue is so chronic among senior leaders that it has forced many of them to contemplate retirement, sabbatical, or working part-time in a less demanding role.
When new employees see this trend among industry veterans, it is bound to have a spiraling effect on the hiring and retention strategy of any organization.
That’s why Ceridian’s Pulse of Talent report is such an important asset to validate the need for a better work-life balance that prevents burnout and reduces employee dissatisfaction.
Having a Clear, Goal-oriented Internal Mobility Structure is a Key to Employee Retention
Merely stating that you have a career mobility program for employees is no longer going to keep them in the organization Employees want to see a tangible infrastructure and a strategic investment into career development plans. Most employers provide little or no visibility into what an employee should expect as part of a career development plan at the time of joining or during appraisal. Ceridian found out a majority of employees stated they have no control over their career paths. I think this could be due to two verifiable reasons – first, employees are already neck-deep in their current jobs that they hardly get any time left to pursue certifications or additional upskilling opportunities within the industry. Second, they are unsure if the certifications would align with the career roadmap within their current organizations or the industry.
84% of respondents agreed that a clear career roadmap influences loyalty toward their current employer. When you make an effort to deliver an equitable career mobility roadmap to employees with an enlarged scope of internal promotions, employees feel they are valued.
What kind of training programs do employees want?
Cumulatively, employees want training in leadership skills (26%) and upskilling to transition to a new role (26%). 47% want a skill-focused training program that would help them stay relevant and current in their existing roles. Now, Ceridian found that older employees are less likely to be picked for training programs. Employees aged more than 65 years received no assistance in training last year.
Personalized learning and development plan to promote internal mobility in the workplace, with equitable opportunities for all, is the way to move forward in the industry. Providing adequate training to middle managers, streamlining workplace collaboration, and adopting HCM software for managing employee experience could bolster your retention strategy in 2023.