Career development is the leading factor that drives both Engagement and Retention !
Nicolas BEHBAHANI
Global People Analytics Leader | Future of Work | Leading Global HR Analytics, Driving Business Growth
?? Career development, growth and mobility continue to top the list of key drivers of engagement and retention
?? 57% of organization have a formal strategy for improving employee engagement, marking an increase of 9 points since 2022.
?? 58% of organizations conducted a survey in the last two years to measure employee engagement.
Developing and implementing an effective approach to employee engagement revolves around four key themes, according to a new interesting research published by Gallagher using data ?? from a US Benefits Strategy & Benchmarking Survey, gathered from January to March 2024 from a total of 3,552 organizations across the US participated.
?The majority of employers implement a strategy for employee engagement.
Researchers found that almost three out of five employers (57%) possess a formal strategy to enhance employee engagement, marking a 9-point increase since 2022.
Researchers highlight that the likelihood of adopting such a strategy increases with the following three criteria:
1?? The size of the organization
2?? The availability of resources
3?? The need for organizational alignment
While developing a plan can be challenging, a dedicated approach typically results in positive outcomes. The establishment and execution of a consistent engagement strategy enhance two key elements: employer credibility and employee trust.
?Top drivers of Employee Engagement
Researchers found that many factors influence workforce engagement and retention, but certain elements filter to the top.
??Engagement is strongly influenced by confidence and trust in senior leadership, which contributes to a positive organizational culture and creates a foundation of respect, fairness, and integrity.
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Treating career success as a key component of organizational success offers proof that retention matters.
??Given opportunities to develop and advance their knowledge and skills through training, mentorship, and other learning experiences, employees are more likely to gain a sense of purpose in their work. With clear goals and a set path, increased motivation and engagement should follow.
?? Researchers concluded that several tactics can help build engagement and career wellbeing. The researchers have listed three of them:
?? Supporting employees in developing and pursuing a career path, applied by 43%. Because organizational size is a feasibility factor, the large group (51%) has an efficiency advantage over their small counterparts (34%) in using this tactic.
?? at the same overall rate of 43%, communicating in a way that fosters trust and confidence is more often used by small employers (47%) than large (42%).
?? Defining clear performance goals as a strategy for boosting engagement also comes in at 43%.
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This outstanding research highlighted the critical role that career development opportunities play in influencing both employee engagement and retention. Indeed, providing career-building support for employees is a promising strategy for employers to enhance retention. The three tactics identified by the research to improve employee engagement are intriguing and can help achieve these results swiftly without any investment.
?? Thank you Gallagher researchers team for these insightful findings:
William Ziebell Sarah Daley Ruby Hamacher, MSA, SHRM-SCP, CDP, DIP, CAAP Scot Marcotte David Rowlee, PhD
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1 周Thanks for sharing
Chartered Accountant with few Digital followers. Shares posts on topics related to Finance and Accounting - Basics, O2C, P2P, R2R. Start working on being the best version of yourself. Version 2.0
1 周Forty Eight Practical tips for Forty Eight weeks You will never lose an Employee to your competition, once you implement this. Employee Engagement Employee retention Employee satisfaction Last day to avail the below offer. Ending soon. https://www.udemy.com/course/employee-engagement-practical-ideas-for-employee-delight/?couponCode=F29A60EE61E82B7615A7
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1 周Career development is one of the trickiest factors of engagement and retention. It’s always on the top of the lists for two. On the other hand sometimes it’s also seen that awareness and communication around career development opportunities can be the lacking ones rather than the availability of opportunities itself. Especially in large companies the accessibility of the opportunities and tools for career development is not always the same. Therefore companies may also fail to expect better engagement and retention by adding career development strategies or tools. Sometimes reachability of those becomes more critical on the results.
Business Humanizer/Executive Coach/Leadership & HR mentor/ Consultant / Change Management Professor/Soft skills Trainer/ Positive Psychology/Engagement/Energy management/Understanding your people/IT Recruitment
1 周One of the ingredients of engagement is employee's connection with their company’s purpose and the culture. Actually when we talk about emotional salary there are elements that definitely contribute to engagement and retention: relationship with line manager, personal growth, proper equipment and tools at work, employee life cycle, expectations, challenge/skills balance, culture, life/work balance and of course a balanced monetary salary. Using graves motivations, and wellbeing categories at work is so valuable to have meaningful conversations with a human centric approach and iluminate leaders to understand better their people. Employees who feel engaged at work are a powerful force and also they’re less likely to quit, saving company time and money (including hidden costs of turnover).
Human Resource Professional | MBA | Coporate Recruiting Professional- ASA | Ex-Wirtgen Group,A John Deere Company
1 周Insightful and very informative! A key point I'd like to highlight is the importance of dynamic career mobility. Rather than just focusing on internal mobility, organizations should offer career paths that include opportunities for cross-industry collaborations, upskilling for evolving roles, and external networking. Regularly engaging with employees about the skills they want to develop and the learning opportunities that excite them shifts the model from a top-down approach to a more collaborative and inclusive strategy. In an era where career paths are no longer linear, providing flexible and adaptable growth opportunities will be crucial for sustained organizational success. Thank you for sharing!