How Investments in Employee Professional Development Pay Off
24 Seven’s 2017 Job Market Report found that professional growth in all its forms –career progression, training and development, and skills improvement—continues to drive employee loyalty, job satisfaction and perception of the workplace. Here’s why employers who seek to win the war for talent are investing in programs that keep employees at the top of their game and move forward on their career journey.
LURES & DUCT TAPE
Simply put, employers who take professional development, training and career planning/pathing seriously and invest in formalized approaches create an enticing and sticky workplace. 24 Seven’s 2017 Job Market Report found that 76% of workers surveyed were
planning a job switch in the coming year. That’s a lot of attrition to stave, and many potential employees to tempt. Among the top reasons workers cite for making the jump, three of them centered on professional development, growth potential, and career paths. In fact, the highest flight risk workers in our study were six times more likely to say that they weren’t continuously growing professionally at their current employer. They were also significantly more prone to frustration with their employer’s transparency
around promotion requirements and potential career path options.
6X How much more likely fleeing talent feels that their current job is a professional development fail
TOP REASONS FOR A JOB SWITCH
1. Higher Salary
2. Better advancement opportunities
3. Better growth potential
4. Better company culture
5. Better opportunity to learn new skills of job functions
Our report found that most employees still haven’t found what they are looking for: the ideal workplace. When asked how they define ‘the ideal’, respondents said that career growth and advancement opportunities is the second key factor impacting their perception
of whether or not a job or workplace is ideal. Employees have high expectations when it comes to career progression – 43% feel a yearly promotion reflects career path success, while 32% feel advancement every two years is a good indicator. For the lucky few (16%) who say they have hit the workplace jackpot, a large majority feel that they are continuously growing professionally. Over half said their company proactively offers opportunities for them to improve. They also reported having a clearly defined career path.
HEY TALENT, WHAT MAKES A WORKPLACE IDEAL?
74%Career growth/advancement opportunity
63% Professional development opportunities
OM...THOSE WHO HAVE FOUND EMPLOYMENT NIRVANA
73% Feel they are continuously growing professionally
58% Company offers professional development opportunities to keep skills current
54% Career path for current position is defined
KEY DIMENSION OF CULTURE
Savvy employers know that part of running a successful organization means prioritizing the definition of company culture and making sure employees are a good fit. Talent sees making a culture match just as important as employers do – with younger workers putting
an even higher premium on finding their tribe. Employers should be aware that respondents to our 2017 job market survey said that a key dimension of company culture is an employer’s demonstrated commitment to professional development. Being part of a ‘learning organization’ is a key driver of top talent today. Companies seen as a ‘learning organization’ will attract and retain the most motivated, high potential employees.
For more insights download our 2017 Job Market Report.