The importance of career management

Table of Contents

Career management

Everyone wants to grow and achieve their goals–and that’s why proper career management is an absolute must. There is perhaps no better way to align employees and employers than by uniting them in intentional steps toward a clearly defined end goal. Such a conscious process rewards both sides, as employees are more satisfied and engaged, which in turn leads to increased productivity. So if you’re not taking control of your career (or your employees’ careers) – now is the time to drop everything and get started on a career management plan. 

What’s so special about career management?

Career management (CM) is the effort of an organization behind all of the programs directed at building an employee’s career. In terms of process, each of these career-focused initiatives starts off with a CM program:

In addition, common HR activities also have CM playing a central part:

That’s Not All…

On paper, the initial result of the CM process is a career development plan. At first glance, it just seems like a schedule. But take a deeper look and you’ll see all kinds of elements that are great for both employees and their employers. Development plans lay out the courses, experiences, and forums through which workers can climb the career ladder, and organizations can nurture skilled and enthusiastic employees. 

Why Employees Want Career Management

The number one reason for employees to quit has almost always been a lack of development opportunities. So, what’s the cure? The hint is in the name – “development plan.” Equipped with the skills that they need to advance, workers see a way forward in their careers, and also feel that their company supports them. As a result, they are willing to put more effort into both their present tasks and learning for the future. 

Statistics back it up. A report by Udemy shows that 80% of employees agree that learning new skills would increase their engagement. Similarly, a study by Glint confirms that employees with access to L&D are 3.5 times more likely to feel that their employer will help them achieve their career goals. 

Why Companies Should Value Career Management

For both the short- and long-term, CM is vital for making sure that you’ve got the “right people in the right roles at the right moment.” If this sounds familiar, then you are obviously at an HR boss level, because it is the definition of workforce planning

Workforce planning is a strategic effort. Organizations that do a good job of it reap incredible benefits:

Competitiveness. 

Companies are no longer racing against some copycat across town. Nowadays, most organizations face competition on a global level. It’s nearly impossible to know what innovations these companies are planning. But with a skilled workforce, you can at least have knowledgeable people ready to handle drastic changes.   

Technological ability. 

Every business relies on technology, and there are of course companies that are extremely involved in it. It’s gotten to the point of complexity that even the CEO of a technology firm relies on specialists in certain niches to keep everything going. Making sure that you’ve got in-house, critical abilities is a part of CM. But don’t forget that even IT people could also benefit from soft skills.

Proper succession planning. 

As if the departure of Baby Boomers isn’t enough, HR teams everywhere have recently dealt with shocks like the Great Resignation. Combined, these two factors mean a lot of open positions, of which there are currently over 10 million in the USA alone. CM allows companies to prepare for such events through thoughtful succession planning.  

Why HR Pros Love Career Management

The cat is out of the bag: leaders are not always born; they can be nurtured. This thinking is in line with the growth mindset and explains why CM can be a huge factor in a company’s success. By guiding talented employees through a program of continuous learning, organizations create cultures that result in many strengths. These include: 

Higher performance levels. 

Firms that cultivate a comprehensive learning culture deliver financial performance that is five times greater than those firms that neglect culture. In fact, it’s the employees themselves who credit L&D for this achievement, as top performers cite development as a primary reason for meeting business goals.

Better retention and recruiting. 

Employees who know that their company is helping to build their future will want to stick around. HR is tuned into this fact; 87% of HR leaders agree that L&D is essential for retention. It’s also known that the word gets out when companies have great CM programs, which is an attractive factor in recruiting. 

Identification and support of talent. 

Employees who really take CM initiatives to heart make great leaders because they are dedicated and energized. Conveniently, they also have the skills to take on new roles and responsibilities. Talk about a perfect storm.   

Put GrowthSpace in Your Corner for Career Management

If there is one common theme in all of the above, it’s skills. Skills support any employee’s ability to make a move within their organization. But you can’t just run all of your people through the same L&D courses, because every employee has a different career path, skill set, and abilities. 

With GrowthSpace, HR departments the world over customize L&D programs, set up optimized learning experiences, and assess results, all on the same platform. As a result, employees, managers, and HR all benefit from higher skill levels – and lower stress levels.