Executives ignore internal promotions at their own risk. In fact, low levels of support and growth are among the most influential factors that drive employees to leave an organization. To put this in perspective, consider the following statistics: A survey conducted in 2021 by Pew Research reported that 63% of former employees quit because of the lack of career advancement. Despite the record level of high turnover, companies continue to rely on traditional methods to retain and attract talent. It’s a quitting trend that just won't stop quitting.

Although "The Great Resignation/The Great Attrition" may have concluded, it is now being referred to as "The Great Renegotiation." What is evident is a fundamental misalignment between the demand for talent by companies and the number of workers available to meet it. A majority of employers are relying on traditional methods to attract talent through titles and benefits. However, during the COVID-19 pandemic, people reevaluated what they wanted from a job. While traditionalists create job openings, a structural gap remains in the labor supply. There aren't enough traditional employees to fill the gaps. This blog will discuss how traditional employers can shift the paradigm and rely on a more systematic approach to support long-term career growth and development.

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1.Prioritize social interactions and connection 

Today, money can’t buy employee loyalty. Research by McKinsey Company  found that 35% of people leave their jobs to have non-caring leaders, and non-financial recognition drives 55% of employee engagement. So what could be driving the down social connection? 

Instead of viewing employees as transactional, organizations need to reshape the employee experience, emphasizing social interaction and connection. Humans need to be seen, felt, and heard. Based on research into the self-determination theory, our motivation is influenced by our sense of autonomy and freedom, as well as our connections with others. (Deci, E. L., & Ryan, R. M.2012).If we feel unheard or rejected it is almost the same as physical pain. To help increase productivity and performance employers need to promote social connection. A Glassdoor study found employees performed better when they felt respected and cared for.

How to promote social connection at work for long term growth: 

• Administer comprehensive worker well-being strategies and support systems that prioritize inclusivity catering to unique needs and life demands of employees.
• Utilize available resources to educate the workforce about social connections in combating loneliness and promoting worker well-being.
• Train management and leaders to foster social connections, inclusion and belonging. 
• Organizations need to consider new opportunities and challenges that contribute to employees' ability to connect outside of work.

2.Enhance visibility of opportunities and pathways for internal staff.

If employees don’t know about growth opportunities, how can they grow?  Data from SmartRecruiters shows that a staggering 77% of organizations have lost talent due to a lack of career development. Workers need to be alerted about internal growth opportunities by human resources and managers. Sometimes, internal job postings advertise skills employees don’t have. This can dissuade internal candidates from applying to jobs they may be a good fit for. Offering career development opportunities entails clarifying pathways for growth and providing avenues for individuals to acquire new skills.

How to increase  visibility of opportunities and pathways for internal staff for long term growth: 

• Employ and invest in bridging skills through online tools that allow workers to enter their skills, capabilities, and interests into a system. Tools can help match internal candidates for new career growth and development. 
• Consider training and hiring internal employees.
• Implement employee networking within organizations where workers can explore job options within the company, and meet managers, instead of hiring external candidates. 
• Promote training opportunities to fuel career growth such as hosting lunch and learning sessions.
• Offer virtual learning opportunities for career growth to help employees keep up with the industry. 

3. Encourage mentoring, and deliver rich feedback 

If employers can hire interns, why can't they mentor internal employees? Having a mentor is a valuable asset for both employees and the company. Mentors can promote desired behaviors, overcome obstacles, facilitate skill acquisition, and provide valuable feedback to mentees. According to a collection of statistics from Guilder AI 87% of mentor-mentee relationships are empowering and foster greater confidence.However only 36% of businesses are using the mentor approach to learning, and less than 50% of Millennials have stated they had opportunities to learn and grow in their organization.  

How encouraging mentoring, and delivering rich feedback can help with career development: 

• Mentors offer tangible support, such as recommending mentees for new positions, thus fostering long-term career growth.
• Employees at all levels can benefit from coaches who provide valuable guidance, advice, and feedback on topics such as fears, strengths, weaknesses, and obstacles.
• By partnering with a mentor, mentees can identify development objectives. Often, mentees lack self-awareness or a good understanding of their weaknesses or strengths, and mentors can assist employees in uncovering these.
• Mentorship programs can be structured in formal or informal ways, including group-led settings or one-on-one training sessions, to facilitate career growth.

Conclusion 

As traditional methods for retaining talent prove insufficient, it becomes clear that new strategies must be adopted. The COVID-19 pandemic has shifted employee priorities towards flexibility and career advancement rather than mere transactional benefits. To effectively retain employees, organizations must embrace a more systematic approach.

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References 

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[1] Parker, K. & Menasce Horwitz, J., ( March 9, 2022). Pew Research Center. Majority of workers who quit a job in 2021 cite low pay, no opportunities for advancement, feeling disrespected.https://www.pewresearch.org/short-reads/2022/03/09/majority-of-workers-who-quit-a-job-in-2021-cite-low-pay-no-opportunities-for-advancement-feeling-disrespected/

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[2] Richer, F. (January 2024). Statisa. The Great Resignation Is Over: Quits Return to Pre-Covid Level.https://www.statista.com/chart/26186/number-of-people-quitting-their-jobs-in-the-united-states/

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[3 Chodyneicka, E., De Smet, A, Dowling, B., Mugayar Baldocchi, M (N.A). McKinsey Company. Money can’t buy your employees’ loyalty.https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/the-organization-blog/money-cant-buy-your-employees-loyalty

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[4] Nunes, M. (June 18, 2015). Glassdoor. Does money buy happiness the link between salary and employee satisfaction? 

https://www.glassdoor.com/research/does-money-buy-happiness-the-link-between-salary-and-employee-satisfaction

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[5] Deci, E. L., & Ryan, R. M. (2012). Self-determination theory. In P. A. M. Van Lange, A. W. Kruglanski, & E. T. Higgins (Eds.), Handbook of theories of social psychology (pp. 416–436). Sage Publications Ltd. https://doi.org/10.4135/9781446249215.n21

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[6] Beckman, M. ( 2003). Science. Rejection is like pain to the brain. https://www.science.org/content/article/rejection-pain-brain

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[7] Prescott, L. ( October 3 2018). Smart Recuriters. 28 Recruiting Statistics on the Candidate Experience.https://www.smartrecruiters.com/blog/28-recruiting-statistics-on-the-candidate-experience/

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[8] Guilder AI. Mentoring Statistics: The Research You Need to Know in 2024https://guider-ai.com/blog/mentoring-statistics-the-research-you-need-to-know/#:~:text=Mentoring%20for%20career%20development%20statistics%3A,-25%25%20of%20employees&text=89%25%20of%20those%20with

%20mentors,developed%20greater%20confidence%20(Source)%E2%80%8D

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