How a Workforce Career Management strategy is key to your business’ success
As organisations continue to respond to the ever-changing work environment created by the pandemic and resulting global talent shortage, the need for a comprehensive Workforce Career Management (WCM) strategy increases.
Recent news highlighted the true extent of the talent shortage, with job vacancies rising above 1 million for the first time since records began in 2001. Combine this with the fact that 52% of employees are planning to look for a new job this year, and at least 54% of all employees will need reskilling or upskilling by 2022, it’s no surprise that the Employee Experience Survey found that 92% of organisations are prioritising enhancing the employee experience over the next three years, in an attempt to keep hold of key talent.
Retaining and developing talent is pivotal to success in a world where businesses are struggling to find the skills they need externally. And a culture of career mobility will be central to businesses achieving this ambition.
Here are three ways that Workforce Career Management empowers businesses to meet their organisational and employee needs:
Retention of key talent: A global technology company wanted to support long-standing employees who had reached a crossroads in their career, as well as anybody at risk of redundancy. It was their goal to ensure each individual had the necessary skills, knowledge and confidence to make critical decisions about the next stage of their career.
Right Management’s solution was to provide each employee with access to a support programme consisting of 1:1 coaching, learning webinars and a range of self-discovery tools and resources to support career planning. Line Managers were also invited to attend an upskilling event where they learned how to conduct effective career conversations with their direct reports.
The programme resulted in 100 individuals successfully redeploying internally or with a channel partner – ensuring the client retained the talent needed for future success. The remaining employees exited the organisation and received comprehensive outplacement support, highlighting the employer’s willingness to support its employees’ careers beyond their own organisation.
Upskilled workforce: Following an evaluation of its workforce, a leading technology provider felt that many of its workforce had outdated skillsets and needed to upskill in order to futureproof their careers. Through doing so, they would be better equipped to secure new roles within the organisation and have a greater impact on achieving business results.
Right Management provided each employee with access to 3 assessments that helped them understand their:
- Strengths, motivators and preferences
- Ability and expertise in their current role
- Willingness to learn new things
A 1:1 coaching session was provided so that each employee could discuss and explore the results of their assessments, identifying actionable next steps to aid individual development. We then set up a partnership with training providers across the UK, giving every individual access to a range of recognised courses and qualifications that would enhance their employability.
Over 200 employees progressed their careers by completing one of the many upskilling courses on offer. Having such a highly skilled workforce enabled a significant increase in internal redeployment, fostering a culture of career mobility whereby employees could move around the business more freely and develop new skills in areas that interested them.
Reduction in talent costs: A global financial services provider wanted to create a workforce that was constantly striving to develop and align with the needs of the organisation. The client wanted to stop talent from leaving the businesses unnecessarily, and ensure each individual was motivated and engaged with their work.
In response, Right Management set up a team of onsite Training and Career Consultants at key offices across Europe. Each participant was provided with:
- 1:1 career coaching to help them understand their strengths and transferable skills
- Workshops offering insight into industry trends and in-demand skills
- Advice and guidance on training and upskilling opportunities available through the client’s Learning Management System (LMS)
- Direct contact with external training providers to book courses and ensure qualification
Almost 15% found new internal roles within the first 6 months, while 200 employees chose to upskill through the LMS, and 50 went on to acquire further professional qualifications. The improved visibility of learning and internal redeployment opportunities helped to reduce voluntary attrition which in turn, saved the client a substantial amount of money in talent and recruitment costs.
As employee expectations around careers continue to change, businesses must create a culture of learning and career mobility, ensuring that opportunities to grow and develop are visible throughout the organisation. Failure to do so could result in an exodus of talent and significant financial costs, with research finding that replacing a salaried employee costs on average, 21% of that person’s salary.
To find out more about Workforce Career Management, visit our website.