Companies vying to hire in a tight labor market are increasingly putting into place career development programs as a recruitment and retention tool.
According to Korn Ferry Hay Group, more than half of the 242 employers it polled said they intend to expand the use of such programs.
There are at least two good reasons for this.
First, retention is a big issue for employers nowadays in light of the lowest unemployment in several years and continued economic health of most industry sectors. Secondly, many employers struggle to maintain a strong pipeline of leaders in their organizations.
A focus on career development helps address both problems.
Korn Ferry’s research found that while a competitive compensation and benefits program are important, the lack of career development opportunities is the No. 1 reason employees look elsewhere.
Career development programs are part of what are known as alternative rewards. The perks, which include spot cash bonuses and additional paid time off, are gaining traction among companies.
Nearly 90% of employers say alternative rewards are key to being an employer of choice; 87% say such perks help them remain competitive; and 81% say alternative rewards help them engage employees.
If you’re an employer, it’s important to remember that people are attracted, motivated and retained by organizations for different reasons – both financial and nonfinancial.
In other words, it’s important to recognize that luring a candidate and holding onto them should involve much more than compensation and benefits.
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About the Author
Will has enjoyed a 20-year career in leadership positions in the hospitality and travel industry throughout the U.S. with the Hyatt, Sheraton, Hilton, Renaissance and Steamboat Ski and Resort corporations. Will received a Bachelor of Science degree from the University of Massachusetts at Amherst. From 2000-2007, he served as President and CEO of the Greater Colorado Springs Chamber of Commerce. He also served as Vice President-Special Projects for the University of Colorado Foundation from 2007 to 2009. Will is a past Chair of the Board of Directors of the National Homeland Defense Foundation and former member of the United States Chamber of Commerce Committee of 100. He is married to Nan, has five wonderful children, and enjoys coaching, traveling, hiking, golfing and skiing.