Experts at McKinsey say that turnover decreases when employees have an opportunity for internal mobility. Their research shows that “a primary driver of quitting is that employees do not have opportunities to learn new things or find their work interesting or challenging.”
While historically companies have counted internal mobility as part of overall attrition, internal mobility should actually be tracked as a retention success metric.
In order to develop employees who will work towards company goals, educational and professional development programs should align with the skills employees will need to be successful.
When managers understand the existing skills of employees as well as individual employee goals, they can create plans for helping employees develop the skills needed to achieve those goals.
As companies face future disruptions such as the COVID-19 pandemic, they will need to be agile to adapt to changing market needs and that means employees with transferable skills. According to Harvard Business Review, “Creating internal programs that identify and address skill gaps not only helps prepare for future disruptions but also helps your strongest and most dedicated employees feel secure.”
LinkedIn has seen a 21% increase in job postings advertising skills and responsibilities instead of qualifications and requirements in the U.S.
Companies that focus on skills will be ahead of the competition when it comes to recruitment and retention.
With the Truvelop app, managers have access to employee performance data in one location. The app fosters engagement with employees which helps managers to better understand the needs and challenges of their employees. With surveys and Sparks, managers can develop programming and opportunities for each employee and manage progress and motivate employees toward goals.
The app also fosters two-way communication which is particularly helpful for front-line workers seeking feedback from managers in real time even when not face-to-face.
Retention efforts described by manufacturing leaders in a study from The Manufacturing Institute included, “actively involving employees, ensuring that every individual understands how their efforts are linked to overall company success and equipping front-line managers to support workers.”
Companies that create a culture that values learning and internal mobility will win the battle against attrition and be prepared for future disruptions.
Contact us today to learn more about our modern approach to performance management and development and how it solves for retention. Don’t just take our word for it, see what our Customers have to say.