Trends in Talent Management: Employee Retention Through Career Development

According to BAI’s 2018 Banking Outlook: Trends in Talent Management study, one of the best ways to retain employees is through offering career development, leadership programs, and adequate training.  Insight was provided by surveying nearly 600 HR professionals and financial sector employees.  Here are some of the critical points of the study:

  • Employee engagement and retention benefit from utilizing leadership programs, proper training, and career development opportunities
  • Without a leadership program, employees are three times more likely to leave for another company
  • Fewer than 1/3 of employees surveyed indicated that they felt they had received adequate training to perform their necessary job functions
  • Employee referrals are the best source of high-quality new hires, therefore higher employee engagement and satisfaction directly correlates to a better chance of receiving these referrals
  • Of the five most popular reasons financial services employees would leave their current job for a different one, ‘career advancement opportunities’ and ‘more engaging or fulfilling work’ both clocked in at a significant 48%
  • While satisfaction with career development remains high, it does tend to decrease with employee tenure: rating “career development” satisfaction, those employed for less than five years rated it 69%, with five-to-10-year employees rating it 52%, and longtime employees (10+ years) only indicating 48% satisfaction
  • An appreciable 49% of employees surveyed were least satisfied with their company’s career development opportunities

In addition, the HR professionals surveyed indicated that companies with satisfied and engaged employees enjoy:

  • Lower turnover rates
  • Improved productivity and teamwork
  • Better overall communication
  • A higher chance that employees will be willing to go “above and beyond” in their positions

Taken all together, this shows a trend towards greater employee success and satisfaction if proper training, leadership, and career development opportunities are offered, especially early on in employment.  We highly recommend checking out the BAI infographic for additional stats gleaned from the survey; it’s a great place to start when evaluating how your company’s career development and leadership opportunities stack up!

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