When I speak to some of the largest employers in the world, they unanimously agree that their biggest challenge is retention.
Many employees, especially Millennials, are unable to see a career path at their current company, so they look outside of their company for other opportunities to advance. I believe the solution to a high attrition rate is career mobility, which is the movement of employees across different roles, either vertically or horizontally, within an organization.
In a study by Futurestep, 87 percent of companies believe that internal mobility programs would definitely help with retention, yet only one third have these programs. Even the companies that have mobility programs aren't good at effectively communicating their talent needs and fail to keep updated records of employee skills.
Some managers worry about letting one of their employees move into a new role on a different team. Managers who try to block these employees frustrate workers. So, instead of looking at new roles within their company, workers search outside of it and leave when the next opportunity presents itself.
As a result, the manager has to replace good, ambitious workers, which is costly and time intensive and affects productivity.
Why not work with employees instead?