Dive Brief:
- More than three-quarters (76%) of organizations worldwide report their Career Framework strategies delivered a positive return on their investment, according to Mercer’s 2015 Career Frameworks in Talent Management Survey.
- A Career Framework strategy uses a set of guidelines that shows employees how they can move between jobs within the organization, while ensuring that their career development aligns with current business needs of the organization.
- Mercer's survey also reports that 73% of employers are planning to continue with their current strategy of “building" talent from within their organizations rather than “buying” talent from the external marketplace.
Dive Insight:
“Attracting and retaining the right talent continues to be a challenge for companies as a result of the competitive job market, flat compensation budgets, shortage in critical skillsets, and a constantly changing business environment,” said Kate Bravery, partner and Global Solutions leader for Mercer’s Talent business. Bravery added that employers recognize that their employees are the key to success in today’s global economy.
On the flip side, the Mercery survey found just 3% of employers plan to shift from their current approach of building talent to buying it in the upcoming year. But even with the reported success, only 35% of organizations have a Career Framework in place, and less than half of those define the rate at which employees should advance within the organization, resulting in different expectations between the employer and employee. That trend represents a chance to make Career Frameworks even more effective.
“There is tremendous opportunity to close this gap. With today’s multi-generational workforce, the key to employee engagement is demonstrating career paths and journeys tied to experiences and capabilities,” said Ilene Siscovick, partner and Global Careers leader for Mercer. “Portals, mobile apps and interactive communication tools are the most effective platforms for connecting with employees.”
