PATHWAYS:
A Blog for the CAEL Community.

If you were to ask 100 organizational leaders about what stands in their way of implementing a new talent management strategy like career pathing, you might get 100 unique answers. But as diverse as the responses you receive may be, most of them can be summed up with one area of concern: Uncertainty about sufficient cultural support within the organization to ensure success of the new strategy.

As we reported last month, CAEL has partnered with JPMorgan Chase to create a powerful new platform to help New Yorkers gain insight into the 7,500 positions in the area’s lucrative financial services sector: BankingOnMyCareer.com.

America’s workforce is graying. Every day, 10,000 baby boomers retire, leaving a talent pool that’s made significantly more shallow in their wake. If this leads to a significant shortage of employees as recent studies suggest, employers need to reevaluate hiring and retention strategies, and they need to do it soon. 

If a new study released by Crain’s is any indication, any hopping you might hear around the corner this season won’t be coming from a rabbit bearing baskets, but rather from employees leaping to job opportunities elsewhere.

The study of more than 650 employees in the Chicagoland area showed that close to two out of three employees believed that changing companies was the only way to achieve the career advancement they seek.

We’re awash in data. From the smartphone we carry with us every waking moment, to the Fitbit we wear as we sleep, we produce and have access to data to an extent never before possible. Of course, the value of such data is in our ability to use it to improve ourselves.

It's a new year, bringing with it new trends in response to the rapid evolution of today's workplace. Throughout 2016, companies were committed to building stronger and more agile workforces, leading to promising new technology, initiatives, research and partnerships to encourage growth. Thankfully, 2017 looks to pick up where 2016 left off, showing great promise for organizations and their employees. Here are three trends to be on the lookout for in 2017.

The true monetary costs of talent flight will always vary by organization. Yet one element of talent flight is constant wherever it occurs: talent flight robs organizations of the employees they need to meet their goals. Forced to expend money, time and resources recruiting, hiring and training new employees—a study by the Center for American Progress shows the cost to hire a new employee could be as high as 20 percent of the annual salary for an employee earning from $30,000 to $50,000—organizations lose out in many ways when employees leave.

In what might come as a surprise to HR, recruiters and hiring managers, offering a high salary alone doesn’t always serve to attract and retain the talent your organization needs. There’s been a lot of discussion drawing attention to the fact that for many employees, millennial employees in particular, money isn’t everything. But if an attractive salary isn’t enough to entice and retain employees, what is?

Employee retention is a hot-button issue and for good reason: As the rate of retiring baby boomers grows in tandem with the widening skills gap, it becomes increasingly vital for organizations to look inward and ensure its employees are prepared for the jobs of tomorrow. Not only does that mean that employees need to be equipped with the knowledge and skills for increasingly demanding jobs, but also that employees should be given a line-of-sight into roles within the organization that would engage and satisfy them.