According to a recent survey by Hewitt Associates, 77 percent of human resources professionals at large employers say that career development is more important to them now than it was 5 years ago. However, most survey respondents admit that the career development programs offered to their employees do not effectively meet the needs of either the company or employees.

Low-Cost Retention Option
Hewitt, a global human resources outsourcing and consulting firm, found that surveyed participants are increasingly focused on career development as a way to recruit and retain talent during the economic recovery.

In fact, 89 percent view career opportunities as one of the most important drivers of engagement and retention, and 55 percent of survey participants report that both career development and pay—as a rewards strategy—are equally important to employees, given the current economic climate, according to Hewitt.

“A year ago, many employers relaxed a bit and felt secure that their top talent would stay at the company because job prospects were so bleak,” said Mollie Kohn, principal in the Talent and HR Solutions Consulting practice at Hewitt Associates. “But now, with signs of economic recovery, organizations are realizing they need to work hard—and quickly—to limit churn among their most critical talent. Focusing on career development is a low-cost option that can have an enormous impact on workers’ engagement and retention.”

Dissatisfaction with Programs
Although survey participants understand the importance of career development programs, 64 percent say they do not fully comprehend career development and are not satisfied with such programs provided by their organizations, Hewitt found.

Survey respondents acknowledge that workers are similarly dissatisfied with career development opportunities offered by their employer. Also, 85 percent say that workers perceive their companies as having “some” or “limited” available career opportunities, Hewitt reports.

Accessibility is also a problem, according to the survey, which found that 56 percent of participants believe that career development tools are not easily accessible to workers.

Hewitt recommends that employers be proactive about addressing the shortcomings of their career development programs. “Companies recognize that neither they nor their employees are satisfied with their current career development programs,” said Kohn. “Now is the time—before the job market really heats up—for them to reevaluate these programs to better meet employees’ needs and build their own talent capabilities to excel during the recovery period.”

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