PAG's World of Work Blog - Career planning is key to attracting, developing and retaining talent

Thursday, August 18, 2011

Career planning is key to attracting, developing and retaining talent

Retention of your best talent is always a hot topic. I would like to propose as one of the retention strategies that can be implemented is career planning.

Career planning and career-pathing are central creeds of any Capital Management System. Properly executed, career planning and career pathing enable organisations to attract, retain and develop talent, and mitigate business risks by ensuring that proper succession planning is in place.

Career pathing and career planning should always be viewed as a partnership between employer and employee. By embracing this approach congruence can be achieved between an individual’s goals and aspirations, and the organisation’s needs.

As part of the career planning and career pathing process, a Personal Development Plan should be developed for each employee. Great care should be taken to ensure that the necessary coaching, support, education, training and development is in place to ensure that personal goals and development milestones can be achieved.

When devising Development Plans cognisance must be taken of the fact that generation x and generation y view the world of work very differently from baby boomers.

Generation y, the so-called millenials - individuals born after 1980, value teamwork and collaboration. These individuals have a strong entrepreneurial flair and a need for work to be personalized. Generation y values lifestyle ahead of employment stability.

Generation x, on the other hand, individuals born between1965-1980, accept diversity, are realistic, self-reliant and individualistic.

Career pathing and career planning should be tailored to meet the needs of generation x and generation y. Unless this is done, it may prove difficult, perhaps impossible, to retain the skills of these employees.

The situation is exacerbated by the fact that baby boomers, who constitute 42% of the global workforce, and occupy the lion’s share of senior management positions, are starting to retire. Unless baby boomers, are able to connect with generation x and generation y, and facilitate the necessary skills transfer, business sustainability may be at risk in the medium to long-term.

Business biographer, Ron Chernow cautions that: “These days unless you devote an enormous amount of time to anticipating the future, you won’t have a future”. Skills and competencies required by business will change over time. It is imperative therefore, that as part of their career planning process, organisations monitor and scan the environment on an ongoing basis, to identify future skills needs.

It is fair to assume that the war for talent will intensify. I would therefore like to suggest that going forward, organisations should attach even more importance to career pathing and career planning in their ongoing quest to attract and retain talent.

Thursday, August 18, 2011 5:16:38 PM (South Africa Standard Time, UTC+02:00)

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