Magazine article Talent Development

Career Development Proves Key to Addressing Retention

Magazine article Talent Development

Career Development Proves Key to Addressing Retention

Article excerpt

When turnover happens too often, organizations' budgets can suffer: Estimates of turnover costs range from $4,000 per employee to 1.5 times an employee's salary. Evidently, the career development services provided by talent development or learning departments might be the solution to minimizing those costs. According to Work Institute's 2017 Retention Report, which interviewed 240,000 employees to identify the reasons people leave their organizations, career development was both the most common reason people left and stayed with an organization.

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Of the 22 percent who said career development was the top reason for leaving their companies, one-third say they left because of the type of work they did. In other words, expectations about the job didn't match up with the type of work involved or the hiring process failed to provide a realistic view of the position. Two out of 10 in this group of participants left due to lack of growth and development. …

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