Career development: the key to standing out in the labor market
Wednesday, October 23, 2024 - Dignify
Today’s labor market
Employees and job seekers have a ton of opportunities in front of them. When they log onto LinkedIn, Indeed, or any other site to seek employment, no matter what their industry or field is, they are going to be inundated with hundreds, if not thousands of different options all around the world and all promising a lot to applicants. Many people, especially the most skilled and most in-demand of those applicants will take their time with those options, and only throw their hat in the ring for a select few that meet their needs the best. If you want to attract and retain top talent, you need to be prepared to offer a lot.
Learning and development
The bright, young generation of workers trickling into our offices today are looking for some very specific things when they search for a job. This includes everything from competitive compensation and benefits like salary and insurance, to world-class culture facts like an emphasis on work-life balance and flexible working options.
But perhaps most importantly, you need to make sure that you are ready to offer them not just a job, but career at your company. Job seekers are adamantly focused on finding a job at a place where they build up knowledge and experience to start or evolve their career. To put it into perspective, 66% of workers between the ages of 18 and 24 stated that learning opportunities were among their top 3 most crucial perks when pursuing a new job opportunity. The companies that emphasize these opportunities for learning and development were found to retain their employees for twice as long as normal.
These workers expect value in return for the time and effort they are investing into your organization. And by offering them a robust suite of learning and development opportunities, you not only fulfill their demand, but improve their ability to perform where it matters as well. Research by SurveyMonkey found:
- 59% found that training improved their overall performance
- 51% said that training boosted their self-confidence
- 41% stated that training helped their time management skills
- 33% cited training as a factor in getting a pay raise
A trained employee is a confident employee who will put up results where they are needed and stick around for the long run. To add on to this, you can look into providing tuition assistance to employees undergoing formal education. It is a major deciding factor in how people choose employers and upward projection in their career.
Advancement and opportunities
Speaking of upward projection, that’s something that people are after too. When people search for employment, they typically look far beyond the initial role they are applying for and consider what their next role might look like, and the next one, and the next one after that. People rarely join a new company without betting on sticking with them for a while. It’s incredibly important that people have clear opportunities to achieve their career goals and a route to advance once they’re in.
IBM found that employees are 12 times more likely to leave their jobs when they feel like they don’t have an avenue to achieving their goals and aspirations. On the flip side, retention is as much as 34% higher among employees who do have clear opportunities to develop their career. Make career pathing a part of your onboarding process. When an employee comes on, make sure they know what they’re going to be doing to start off, but also make sure your leaders are having regular dialogues with their direct reports about opportunities they have to advance their career. It will go a long way towards keeping them around for the long haul.
The bottom line
In today’s competitive labor market, companies must create an environment that prioritizes learning, development, and career growth. Employees, especially those from younger generations, are seeking not only competitive compensation and benefits but also opportunities to build their skills and advance within the organization. Research shows that companies offering learning and development programs see higher retention rates, as employees who feel supported in their growth are more likely to stay and perform at a higher level. Providing clear career pathways, regular feedback, and advancement opportunities creates loyalty and long-term commitment. Ultimately, investing in employee growth is essential for companies to remain competitive and retain their best talent.