5 Steps to Building Career Paths that Can Benefit Your Business and Your People
Opportunities for career progression — or lack thereof — are both the No. 1 retention incentive and the No. 1 driver of turnover cited in Deloitte’s report Talent Edge 2020: Building the recovery together. When asked what would keep them with their current employer, 54% of employees surveyed cited opportunities for promotion/advancement over compensation, bonuses, benefits, or any other reason, while 28% cited “lack of career progress” as their top reason for looking for a new job. In the same survey, 48% of respondents rated their employer only “poor” or “fair” in creating career paths. Clearly employers have an opportunity here. Leading organizations are already using career paths to attract and develop multifaceted talent and build a competitive talent brand. Here are 5 steps to get started.
Step 1: Think “lattice” instead of “ladder.”
Step 2: Build career paths based on business-critical competencies.
Step 3: Define a broad set of “accelerator” activities.
Step 4: Use career profiles to create transparency about career paths.
Step 5: Drive alignment with business strategy and integration with other talent programs.
We find that business leaders, individuals, and HR professionals alike are enthusiastic for the benefits that can come from supplementing existing career development tools with multidimensional career paths. By taking “the road less traveled,” they’re finding a versatile way to integrate talent and business priorities, drive careers that fit personal and professional aspirations, distinguish their talent brand, and build competitive advantage.
|Ina Gantcheva is a senior manager with the Human Capital Talent practice of Deloitte Consulting LLP with broad experience in talent strategy and organizational transformation solutions.|
|Amy A. Titus is a director in Human Capital within the Talent, Performance and Rewards group of Deloitte Consulting LLP. She is responsible for bringing talent, learning, organization improvement, and change solutions to her clients.|
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