Every employee needs a career pathing strategy. Employees should explore different pathways to identify their skills, interests, and goals. Then they can determine the best future direction for themselves in terms of career growth within an organization or a specific department. Career pathing enables employees to more easily identify and transition into roles that align with their personal career goals as well as the company’s business strategy.
Identifying the desired role is an easy one, but transitioning into such a role can be difficult without guidance or support from leadership within the organization. Career pathing can help bridge this gap if it includes reskilling and upskilling components. Reskilling is simply the process of retraining or learning new skills, while upskilling is a variation on reskilling that involves training for an existing role with more responsibility.
Why Do Organizations Need Career Pathing Strategies?
In PricewaterhouseCoopers (PwC)’s 22nd Annual Global CEO Survey, four out of five CEOs cited a lack of vital talents as a threat to growth. CEOs are looking to their workforces for new ideas and solutions, but growth will stall if the talent isn’t there. A well-executed career pathing strategy can help organizations close the skills gap and future-proof their business. Below are five reasons why organizations need effective career pathing strategies that include reskilling and upskilling:
- Create a culture of talent mobility: A culture of talent mobility is essential to developing a high-performing workforce. Employees need career development and advancement opportunities, which can only be achieved through a career pathing program that includes reskilling and upskilling. Without this type of development, employees will become stagnant and are more likely to leave the organization.
- Retain your top performers: An effective career pathing program is vital to retaining top performers. Since upskilling and reskilling are both components of the process, employees who take advantage of these programs will be more inclined to stay within an organization because they know there are opportunities for advancement in terms of skills development.
- Meet future demand: The world of work is constantly evolving and with it the skills required for certain roles. Organizations that don’t offer an effective career pathing program will find it difficult to meet future demand for specific skill sets. It’s vital to note that not every employee needs or wants the same type of career pathing strategy. Some employees may only be interested in lateral moves within the company, while others may want to explore different pathways that lead to a promotion. For companies to be successful in meeting future demand, they need to offer a range of career pathing options that cater to their employees’ individual needs and desires.
- Identify hidden skills: Career pathing can also be used to identify hidden skills within an organization. By providing employees with the opportunity to reskill and upskill, companies can better understand the skill set of their workforce. This information is essential to make informed decisions about future talent needs and requirements. For example, if a company realizes that many employees are interested in reskilling to obtain certain skills, they can begin creating training programs for those skill sets. That will create a workforce with the desired skills that the company needs to meet future demand.
- To attract top talent: The competition for top talent is fierce. With so many companies offering similar types of career pathing options, employees can become overwhelmed when trying to decide their future within an organization. Offering reskilling and upskilling opportunities positions organizations favorably compared to other employers when it comes to attracting top talent. That’s because these programs show that an organization cares about its employees and is invested in each individual’s future success.
In brief, the world of work is constantly evolving, and with it, the skills required for certain roles. Organizations that don’t offer an effective career pathing strategy will find it difficult to meet future demand for certain skill sets. You must remember that not everyone wants, or needs, the same type of career pathing strategy. Some workers may be only interested in inter-office lateral transfers, while others may want to look at other routes that might lead to a promotion. Any company wanting to be successful in meeting future demand needs to offer a range of career pathing options that cater to their employees’ individual needs and desires. Offering reskilling and upskilling opportunities is one way for companies to do this.