Career mapping holds immeasurable benefits for a company. Here are four reasons to implement a strategy.
A successful career map should be unique to the employee and realistic for the business. A good career map will have both short and long-term benchmarks. But we must take into consideration that every career mapping system will affect more than just the bottom line. Your benefit analysis should take also into account career mapping influences upon the following factors:
The company will identify employees central to the company and, through the interview process, isolate their future goals and tailor a plan to help them get there. This will involve a combination of training, coaching and mentoring to name a few. This will improve the retention rate of key employees of the company.
Attracting top talent
By identifying the goals of key workers and implementing a realistic plan over a set period of time, the company will retain current employees and draw new ones attracted to their employee-centric environment and opportunities for growth. This could be measured by improved conversion rates among desired hiring targets and the key benefits they reference in onboarding surveys.
Changing views of work and growth opportunities
Every generation views work opportunities differently. Millennials and Gen Z workers put a higher premium on flexibility and work-life balance than on salary. Helping this demographic craft an achievable career map to future success that opens the door to remote work and flexible hours will ensure a company retains a high percentage of these workers—shown by the hire and retention rates.
Develop opportunities over higher-paid jobs
Implementing strategies like job rotation and job redesign will create new employee opportunities within the company without having to raise salaries, saving the company money overall. In order to gauge the success of these strategies, take a look at developing a structure for KPIs that measure employee engagement: Employee Health Index, turnover, retention rates, and Employee Net Promoter Score (eNPS).