In today's volatile business environment, organizations are compelled to reassess their talent management strategies. Traditional career paths and salary increments are no longer as predictable as they once were. According to Korn Ferry's recent market analysis, a slowdown in global salary increases is anticipated in 2024. Additionally, only 1.3% of employees secured promotion opportunities in the first quarter of the year. These statistics indicate a risk of stagnation in the talent pool.
Economic uncertainties are also impacting employee career mobility. Concerned about job security, many high-potential employees prefer to remain in their current roles, limiting both their career development and skillset expansion.
At this juncture, Korn Ferry’s "Career Lattice" approach should be on the radar of HR professionals. This model advocates for employee development through horizontal transitions and cross-functional experiences rather than solely vertical career advancement.
The career lattice strategy provides employees with opportunities to assume new responsibilities at the same level or in different departments, thereby broadening their skill matrices. In the long run, this approach cultivates a more versatile talent pool, strengthening the organization's future leadership pipeline.
Embracing this new paradigm can enhance employee engagement and support organizational agility. Consequently, moving beyond traditional career models is crucial for adapting to the demands of today's business world.
So, what responsibilities do HR teams have in facilitating skilled employees’ acquisition of new skills or achievement of career goals?
Understand Employees and Listen to Development Needs
Learning about employee expectations and providing platforms aligned with their development goals is fundamental to a successful HR strategy. Allow employees to create their own development plans and encourage them in areas where they perceive skill gaps.
Define Your Competency Sets and Job Descriptions
Every employee may possess more than what is visible or outlined in their job description. Instead of assessing them solely with stagnant core competency sets, adopt a reskilling strategy, which is an undeniable reality in today’s AI-driven landscape.
Clearly articulate your job descriptions. Define your expectations for a role, including the attributes of the ideal candidate. Enable employees to develop the competencies expected of the ideal person for that role. Be transparent and support employees on their developmental journey towards their desired goals.
Engage Managers in Assessing Employee Potential
Enhance interactions between employees and managers, involve them in diverse projects, and allow them to take on additional tasks that develop their competencies. Provide managers with tools to evaluate employees based on competency sets that will showcase their potential.
Support Employee Development with Peoplise’s Solutions
At Peoplise, we offer various solutions to support employee development:
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Define Your Competency Library
Use the competency sets provided by Peoplise or create your own. Identify different competency categories and specify expected behaviors for each level or employee group.
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Utilize AI to Develop Job Descriptions and Role Profiles
Shape a job in detail—from requirements to working style, expected educational levels, and even the personality traits and competencies expected of the role holder. Let AI assist in this process!
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Conduct Detailed Competency Assessments of Employees
Collect feedback from managers about employee performance. Create potential review periods using Peoplise’s talent management solution, assessing talented employees based on competency sets or potential indicators and ideal role profiles.
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Facilitate Employee Development Planning
: Allow employees to develop competencies for higher roles or alternative lateral positions without waiting for a promotion. Encourage them to establish their own development plans, including sharing these with their managers when determining development actions.
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Assign Additional Projects or Career Paths Aligned with Desired Competencies
Specify projects employees are involved in and select potential future positions or alternative lateral roles for them. Assist your managers in simulating promotion scenarios.
In Summary: Support Development Even in the Absence of Promotions
Especially during this challenging phase for talented and growth-oriented employees, even if you cannot open pathways for promotions, understanding where the employee wants to go and supporting their development based on the competencies required for either higher or lateral roles is essential.
This approach will keep employee motivation high, ensure continuous career development, and enable greater contributions to your organization.
Remember, development is a crucial step in nurturing future leaders and is key to sustainable success.
Reference:https://www.kornferry.com/insights/this-week-in-leadership/5-ways-to-move-up