The results are in — talent development and career opportunities significantly boost employee retention. Three major studies have established this crucial link:
An astounding 94% of employees would stay at a job longer if employers offered training and development opportunities.
McKinsey Talent Trends Research
Skills development, the chance to apply those skills at work and prospects for advancement are among the main reasons employees decide to remain at their jobs.
Right Management’s State of Careers Research
Talent development, career opportunities and a good organizational fit are far better drivers of engagement and retention than salary increases, benefits or perks.
With declining birthrates, employers are increasingly realizing that a new workforce is not on the horizon, necessitating the need to foster sustainable talent pipelines for future organizational success. Leaders are already struggling to find talent with the skills they need. ManpowerGroup’s Global Talent Shortage Survey finds that 70% of U.S. employers report difficulty filling roles with the right skilled talent, underscoring the critical need for leaders to invest in supporting and developing their workers today.
To enhance talent development and career growth opportunities, organizations should take seriously the value career coaching can bring. According to the International Coach Federation, organizations that use coaching have an average return on investment (ROI) of seven times the initial investment. Coaches help individuals develop personalized career plans, close skill gaps, set goals, build confidence and elevate leadership capabilities, thereby strengthening the talent pool and propelling the organization toward sustainable success.
Given the heightened need for talent development and career coaching, it is critical to seek out a trusted and proven career coaching and talent development firm that can help you build the workforce you need now and in the future. Right Management is that partner. With numerous third-party accolades, a world-class Net Promoter Score and a long track record of success, you and your business will be in safe hands.
Below, we highlight two case studies that demonstrate our best-in-class talent development and career coaching services. We look forward to delivering the same results for you!
Career Development and Coaching as a Talent Retention
Strategy for Long-Tenured Employees
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Situation
A large chemical manufacturer struggled with retaining and developing long-tenured employees, risking a loss of expertise and institutional knowledge. Their fragmented approach to talent development resulted in inconsistent employment experiences and limited career paths.
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Solution
Right Management introduced a comprehensive solution, providing managers with coaching, tools and resources for conducting effective career development conversations. This initiative helped managers grow their leadership capabilities and understand their teams' skills and development needs. By separating performance management from career management, managers could support employee growth without fearing turnover. Employees received tools to navigate their careers and prepare for internal opportunities across the organization.
Results
The program's impact was significant:
Prioritization of Career Development
With the guidance of a Right Management coach, managers now prioritize career development conversations, resulting in over 50% of employees participating.
Incentives Tied to Development
25% of managers' bonus incentives are tied to employee career and talent development.
Increased Career Planning and Talent Sharing
Career planning increased, and common metrics for talent sharing were established, enhancing employee retention, talent pipelines and organizational strength.
Career Coaching Services to Re-energize an Internally Developed,
High-Potential Program
Situation
An energy company developed an in-house program for high-potential talent but was dissatisfied with the results. They sought a deeper connection between program components and business challenges. Additionally, the company culture was averse to feedback, so they aimed to incorporate constructive feedback. They needed a partner to integrate these elements and deliver solid business benefits.
Solution
Right Management proposed a coaching solution to link the program's components: offsite learning, communication skills, action learning on strategic issues, networking and executive panel interactions. Participants received one-on-one guidance from coaches throughout the 18-month program. Assessments and formal debriefs were introduced, with regular coaching sessions aligned with program activities. These sessions helped set learning goals, navigate team dynamics and master feedback. Meetings involving participants, their managers and coaches ensured progress and formalized development plans.
Results
The implementation of the program yielded significant results:
Increased Promotions and Responsibilities
Enhanced Leadership and Talent Pipelines
Improved Retention and Feedback Culture
High Impact of Coaching
Contact Right Management Today
High employee turnover doesn’t have to be a concern. By understanding employee needs and partnering with proven talent development and career coaching experts, you can mitigate retention issues and cultivate healthy talent and leadership pipelines. Don’t wait! Contact us today to learn how our approach can help you achieve a sustainable talent solution.
