Companies today are hungry for talent. But what is talent hungry for? Increasingly, individuals with in-demand skills are rejecting traditional corporate pathways in favor of managing their own careers on their own terms. Although still drawn to good employer brands, top talent is not looking to a company to provide a “job for life” but rather a “career for me.” That is, how do my interests align with the organization’s goals and how can we work together to meet those shared objectives while deepening and broadening my skills and capabilities?
Careers used to be defined primarily within an organizational context. Today, career is seen more from a personal standpoint, as an individual’s journey to deepen and broaden his or her skills and capabilities. An employer can participate in, influence, and gain value from this journey but cannot control it. Unless organizations recognize this new reality and are willing, prepared, and structured to prioritize career development for employees, they will find it difficult to attract and retain the
talent they need to succeed.
In today’s dynamic market, optimizing human potential is the most critical determinant of future business success and growth. Individuals who take responsibility for managing their careers create value for themselves and the companies that employ them. Companies that embed career development into their people management systems significantly increase employee engagement and satisfaction, which translates to:
- Higher revenue — 29% higher on average
- Greater customer loyalty
- Increased retention of key talent
- Reduced talent acquisition costs