Why Career Development is Critical to Keeping Top Talent

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Every business owner maintains their own theory to retaining high-performing workers. The Work Institute’s 2018 Retention Report states that approximately 21% of workers who leave their job attribute the lack of career development as the primary reason. Employees want an opportunity to grow, develop new skills or better the skills their already obtain. When declined that chance, they frequently seek employment elsewhere. Many employees feel they are working a dead-end job where promotion is unlikely or impossible. Thus, it is critical for business owners and managers to provide a pathway for advancement.

Of the 21% of workers who left their job due to career development, 38% mentioned the lack of growth or advancement opportunities while 33% cited the type of work as the reason for leaving.  Even if an employee does not have a clear path for advancement within an organization, managers may be creative to retain by offering them a job at a different position where advancement is more readily available. This could lead to a retention opportunity where a voluntary quit would likely be the result.

In the report, 13% of those interviewed listed work-life balance as their primary reason for quitting their job. Of those, almost 70% said their work schedule forced a change. Yet another 22% cited their commute for finding new employment. While a commute may be tough to confront, most employers can offer flexible job schedules to fit around a talented worker’s job schedule.

Unsurprisingly, 11% of all quits were due to manager behavior. Approximately 80% in this category include unprofessionalism, lack of support, poor employee treatment, or general manager behavior. Considering the results of the interviews, an organization could potentially save 11% of every employee quit if something as simple as manager behavior is considered professional.  Additionally, employers can achieve retention by offering employees benefits they may not feel entitled to or by proactively making changes to outdated corporate policies. Employees want to work for an employer who makes them feel valuable. As the data of the report shows and this article discusses, organizations are missing out on retention opportunities because they do not understand what their employees want. This is where Labor Lion’s services fit in. By providing employees a channel for weekly anonymous feedback, employers hear the true heart of their organizational culture and can find easy opportunities to keep workers important to sufficiency.