The global job market is fiercely competitive; forever hunting top talent. It’s time organizations recognize the critical roles internal mobility and employee retention play in sustaining competitive advantage. The old-school way of performance management is becoming obsolete, with leaders moving toward a more dynamic and comprehensive approach – Performance Enablement.
With more data and concrete evidence easily available, organizations now understand the true worth of investing in their people. According to a study by LinkedIn, “94% of employees would stay at a company longer if it invested in their career development.” And so, if you want to drive
employee retention, your organization must foster a culture of continuous development and empower employees to take charge of their growth.
Understanding Performance Enablement
Performance Enablement as described by SHRM, is an emerging model that helps companies nurture employee experiences that increase productivity and retention. It’s a forward-thinking approach that shifts the focus from a one-time evaluation process to facilitating continuous development. The goal here is to evolve from an assessment model and move toward an approach that enables employees to reach their full potential.
Performance Enablement and Internal Mobility
Internal Mobility is employees’ vertical/lateral movement to new career opportunities within the organization. This may include moving to a new position, promotion, cross-team project, mentorship, job swap, etc. This term is also interchangeably used with ‘career mobility’ and ‘talent mobility.’ But the core purpose remains the same i.e., opening doors of opportunities for your talent.
Now that you understand how internal mobility supports career development and succession planning, let’s look at how performance enablement strengthens talent mobility.
Helps Identify Top Talent
Regular feedback and frequent check-ins help managers identify high-potential employees early on. These valuable insights allow organizations to nurture talent and prepare them for future responsibilities.
Encourages Development of Career Plans
Performance enablement allows you to develop career plans tailored to individual strengths and aspirations. This approach ensures that associates acquire the skills and experiences required for their future roles within the organization.
Prioritizes Advancement and Growth
When employees know that their growth and career progression matter to the organization, they are more likely to seek internal opportunities. This culture of growth gives rise to internal applications for open positions fostering a robust internal channel.
Performance Enablement and Employee Retention
The woes and worries are real. Losing employees to competition impedes an organization’s growth. A study by Gallup reveals that “The cost of replacing an individual employee can range from one-half to two times the employee’s salary.”
In a highly competitive market where talent is tight, most companies can’t pull through the continuous loss of good people. This is where performance enablement steps in and provides relief. Let’s look at how enablement strategies can help employee retention.
Increases Engagement and Satisfaction
Employees who feel supported and see a clear path to career advancement are more engaged and satisfied with their jobs. Regular feedback and development opportunities make them feel valued and invested in the company’s success.
Better Trust and Loyalty
Transparency and open communication break down silos, build trust, and increase loyalty. Employees are loyal to organizations that demonstrate a genuine interest in their professional growth and well-being.
Reduces Burnout and Turnover
Performance enablement includes recognizing and addressing workload issues and providing necessary resources and support. By proactively managing employee well-being, organizations can reduce burnout, a common cause of turnover.
Improves Work-Life Balance
Performance enablement involves understanding individual needs and fostering a healthy work-life balance. Flexible work arrangements and supportive policies can significantly enhance employee retention.
Implementing Performance Enablement for Success
Through our blog, you’ve learned how performance enablement fosters a culture of continuous growth and improvement – both crucial for planning your internal mobility and retention policies.
Remember, frequent feedback, regular check-ins, personalized development plans, and targeted skill training are key practices for retaining top players.
Performance enablement paves the way for smoother internal mobility and role change processes that ultimately enhance job satisfaction and employee engagement. Hence, reducing turnover rates and associated costs.
We, at Crosworks, take pride in helping numerous organizations retain their top talent by giving them the tools to chart a path of growth and development. Want to see your associates take ownership of their careers? Contact us now to discover how our Maximize Your Talent program can make your company thrive.