New Research from HCI and RiseSmart Uncovers the Role of Career Empowerment in Employee Engagement
Study Highlights the Career Empowerment Strategies Most Effective at Empowering and Engaging Employees and Increasing Retention of Top Performers
NEW YORK (October 28, 2013) – The Human Capital Institute (HCI), the global institution for strategic talent management, today announced the release of its latest research, “Career Empowerment: Building an Empowered Workforce,” conducted jointly with RiseSmart, the leader in enterprise career management solutions. The findings of the research are based on survey responses from individuals representing more than 300 organizations worldwide, as well as in-depth interviews with subject matter experts and practitioners on the topic of Career Empowerment.
Career Empowerment describes an employee’s ability to manage his or her own career development and pursue their own interests within their organization. Rather than depending on the organization and its leaders to define careers, Career Empowerment acknowledges that many workers want to take control of their own career development with the support of their organization. As today’s employees place greater focus on self-driven career development, more organizations realize the importance of Career Empowerment in supporting engagement and retention.
“We believe employee engagement and retention are of utmost importance to the strength of organizations today, and we’re pleased to be a part of the latest HCI research report on Career Empowerment,” said Sanjay Sathe, president and CEO of RiseSmart. “The findings solidified the need for an employee-centric career management solution to help employees better manage their careers, such as our new product, RiseSmart Compass. We're giving organizations the chance to drive their own careers and become more engaged in their companies."
Designed to look more closely at Career Empowerment and the role it plays in supporting employee engagement, this research shows a positive relationship between empowerment and an organization’s ability to retain its top performers. Overall, the study found that most organizations need to reevaluate their career development and empowerment approaches to ensure they are set up to attract, develop and retain an engaged workforce across all job levels.
Key findings of the research include:
- A robust Career Empowerment strategy has been shown to deliver numerous tangible benefits, including more engaged employees, a healthier talent pipeline and an increase of necessary skills in the workforce.
- Though Career Empowerment is a well understood concept, it does not receive active organizational support; nearly half of all respondents (48 percent) report that career development is only offered for high-potential employees, and 46 percent of senior leaders are simply not concerned with career development.
- There are significant opportunities for improvement as more than half of respondents (56 percent) indicate that career advancement opportunities are not communicated clearly and that internal network opportunities that broaden employee exposure are not offered.
- Discrepancies between skills gaps and skill development are apparent; 53 percent of respondents reported that their organization does not track skill gaps, and 72 percent of organizations lack the reliable data to track employee skills and use this information to address gaps throughout the organization.
- When asked to rank the challenges impacting Career Empowerment initiatives, the two most cited reasons were lack of resources or funding (59 percent) and lack of leadership support from the executive team (43 percent).
“Our latest research with RiseSmart makes it clear that organizations with an active Career Empowerment initiative will be more successful in retaining top talent and filling any existing skills gaps,” said Carl Rhodes, HCI chief executive officer. “Although organizations that do not have such strategies cite a lack of funding, most programs that improve career development have low-cost, low risk-solutions. The key is to get executive leadership on board by highlighting the numerous and tangible benefits of a comprehensive Career Empowerment plan.”
To download a copy of the report, please visit: http://bit.ly/careerempowerment
HCI and RiseSmart will share additional findings from the research in an upcoming webinar on Wednesday, October 30, 2013 at 2:00 p.m. EDT. Additional information, including registration details, can be accessed at: http://www.hci.org/lib/career-empowerment-building-empowered-workforce.
RiseSmart is a leader in enterprise career management solutions that drive employee
engagement, improve retention, and burnish employer brands. Through its employee-centric career-management platform, RiseSmart Compass, and its results-oriented outplacement solution, RiseSmart Transition, RiseSmart helps high-performing organizations successfully cultivate passionate, engaged employees and loyal alumni ambassadors. RiseSmart's innovative approach to human capital management has earned the company a wide range of awards and recognition from organizations including Bersin by Deloitte, the Best in Biz, Gartner Inc., the Golden Bridge Awards, LAROCQUE, the Momentum Index, Red Herring, the San Francisco Business Times, SiliconIndia, the Silicon Valley/San Jose Business Journal, the Stevie Awards and TIE. For more information about how enterprise career management can help you, visit http://www.risesmart.com.
About Human Capital Institute (HCI)
HCI is the global association for strategic talent management and new economy leadership, and a clearinghouse for best practices and new ideas. Our network of expert practitioners, Fortune 1000 and Global 2000 corporations, government agencies, global consultants and business schools contribute a stream of constantly evolving information, the best of which is organized, analyzed and shared with members through HCI communities, research, education and events. For more information, please visit www.hci.org.
Company Name: RiseSmart