Build and keep incredible employees.
Help your employees get unstuck.
A lack of career development has become the number one reason why employees leave organizations—a change from just a few years ago when pay topped the list.
The good news: Focusing on career development is a relatively low-cost way to retain people and keep them engaged—especially millennials and Gen Z—and is something well within the control of a manager.
The average cost of losing a valued employee making <$50,000 a year: 20% of their annual salary.
Cost of losing a key senior person: Up to 100% of their salary.
Career aspirational conversations drive talent retention.
A starting point in developing employees’ careers is to find what motivates them. Providing a way to diagnose how each team member’s specific tasks are (or are not) aligned with his or her motivations will help team leaders uncover often-minor career development changes that could lead to improvements in morale and results.
A second step is having brief but regular career aspiration conversations with each member of the team. Aspirational career conversations are not about gauging day-to-day performance and hitting goals; they are focused solely on career development, providing regular opportunities for a leader to listen to and support employees’ ambitions to learn and grow and to counsel them about their progress forward. In some high turnover industries such as retail, technology, hospitality, food service, customer service, or healthcare, our experience has found holding the right conversations with direct reports frequently can cut turnover dramatically.
To learn more about how FindMojo can help your organization retain and develop its talent, talk to us today.