4 Ways to Invest in Career Development and Retain Top Employees

As millions of Americans look for more fulfilling and more lucrative work following the COVID-19 pandemic, employee retention has become one of the most important topics in the business world. “The Great Resignation”, by some estimates, has 55% of people in the workforce expecting to be on the job hunt in the next 12 months. This has sent companies scrambling for solutions to keep their top talent in house and satisfied. We’ve previously discussed some strategies to win the war for talent such as hybrid work schedules, a culture that encourages paid time off, etc. but in addition to those strategies there is another tried and true practice to make sure your top performers stay on board: giving them a clear path for their career advancement goals.

According to Prudential’s American Workers Survey, 80% of workers who plan to look for a new job are concerned about their career growth. Many employees, especially millennials and gen Z, want to feel like their work is valuable. Both in terms of societal impact and in terms of their own personal growth and development. So how can management make sure that their top employees feel rewarded for their work achievements, and ultimately satisfied to stay with their current employer? We’ll explore 4 strategies to encourage your employees in their career development and how to retain them.