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The added value of investing in career development

by Danique Geskus | Nov 8, 2023

Career development is invaluable to employees and organizations. It’s about shaping your career, discovering new opportunities and improving your skills. But why is it so important for companies to invest in the growth of their employees? In this article, we look at the benefits of investing in career development, such as retaining talent, increasing motivation and productivity, enhancing employee value in the job market and fostering a culture of learning. We also share practical tips on how organizations can invest in career development, such as career development programs, training, job rotation and coaching.

 

What is career development?

Career development refers to the process by which individuals shape and improve their careers through focused actions and growth. It includes identifying goals, acquiring new skills, increasing knowledge and exploring opportunities for advancement. Career development includes making conscious choices to promote professional growth and satisfaction. This may include taking on new responsibilities, networking, training and challenging yourself to reach your potential. Career development is an ongoing process that helps individuals achieve their professional goals and be successful in their jobs

 

What are other designations of career development?

This is, of course, a much-discussed topic that has become increasingly important in recent years. Perhaps, then, you know this term by another name. We see these come up at other organizations as well:

  1. Career planning: This refers to the process of planning and managing one’s career in the short and long term. It includes setting goals, identifying needed skills and making strategic decisions to achieve those goals.
  2. Career management: This focuses on actively managing and directing one’s career path. It includes evaluating skills, interests and values, making decisions about career direction and adapting to changing circumstances.
  3. Personal Development: This refers to the pursuit of growth and improvement on both professional and personal levels. It includes developing new skills, improving existing skills, increasing self-awareness and striving for personal growth and well-being.

 

What does investing in career development pay off?

This sounds nice, of course, but if these kinds of processes also take a lot of time (and therefore money). Fortunately, investing in career development also brings great value to the organization.

  1. First, it helps retain talented employees. By providing opportunities for growth and advancement, employees feel valued and motivated to stay with the company. This reduces staff turnover and the associated costs of recruiting and onboarding new employees.
  2. Second, career development leads to greater engagement and productivity. When employees have the opportunity to develop and improve their skills, they feel motivated to contribute more and perform their work at a higher level. This results in increased productivity and quality of work.
  3. In addition, investing in career development improves employee employability. By teaching them new skills and exposing them to different learning experiences, you increase their value in the job market. This makes them more resilient in an ever-changing economy and increases their chances of external growth opportunities. This also has a positive impact on the company’s image as an attractive employer.
  4. Finally, career development contributes to a learning organizational culture. When companies invest in the growth of their employees, they encourage a culture of continuous learning and development. This promotes innovation, knowledge sharing and the company’s ability to adapt to changing market conditions.

In short, investing in employee career development is beneficial to companies because it helps retain talent, increases engagement and productivity, improves employability and promotes a learning organizational culture. It is an investment that pays off in the long run by creating a win-win situation for both employees and the company.

As a company, how can you invest in career development?

As an organization, it is essential to create a culture of career development through various activities. First, a clear career development program must be established, with individual development plans for employees. This includes identifying their strengths and interests, and formulating goals that will help them grow. There must also be room for training and education, both internal and external. Organizing workshops, seminars and conferences enables employees to acquire new skills and knowledge. Coaching and mentoring are also valuable to guide employees and support their growth.

In addition, there should be room for job rotation and gaining new experiences. Allowing employees to take on different roles or projects allows them to broaden their skills and develop new perspectives. Also, an open communication and feedback culture is crucial. Employees should feel comfortable sharing their aspirations and development needs, while managers should provide regular feedback and appreciation.

Finally, organizations must consider individual needs and aspirations when shaping career paths. Flexibility and customization are important to create a stimulating and inclusive environment where every employee has the opportunity to grow and thrive.

 

With Learned, your employees are in the lead of their career development

With the Learned platform, you can really facilitate your employees in their career development. You provide everyone with a job profile with skills, competencies and clear expectations. But you also leave everyone in control of what they want to develop when with the various learning & development solutions.

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