Fairplace and Manchester Business School Collaborate
Fairplace and Manchester Business School Collaborate in Career Management Research Project
75% of companies quizzed offer no career coaching
Fairplace, one of the UKs leading career management providers, and Manchester Business School have just concluded a recent joint research project into current and future career management issues. The aim was to identify current employer opinion and perceptions regarding career management for their employees and, in particular given an economy emerging from recession, to establish plans and ambitions for the next year.
Why Invest in Career Management?
By way of example, take leading professional services firm of Deloitte who have invested significantly in career management for their trainees over the past five years enabling them to make informed career choices post qualification Employee engagement, retention of talent and being an employer of choice have driven this initiative. Post credit crunch everyone agrees across all sectors that development and retention of talented people will be key.
Career Management Defined
Participants to the survey and focus groups defined career management as a contract between employers and employees to take a strategic view of their employees careers focus for the benefit of both parties. Career management is seen a symbiotic relationship between employer and employee in that there is mutual benefit to both parties.
It was found that an employee self invests for continued employability and mapping out future career paths. Employers increase the chances of retaining key personnel and boost their attractiveness to potential employees as an employer of choice. They also provide future proofing through creating a more agile workforce that is better able to respond to the changing needs of a marketplace requiring new skill sets and a faster speed of response.
What Organisations are Doing Today
The four current most popular career management interventions are:
Promoting internal opportunities for jobs (57% said they very frequently or always engaged in this practice)
360 feedback for personal development (48% very frequently/always)
Personal development plans or, more appropriately, the conversations that generate the plan (38% very frequently/always)
Bizarrely, outplacement to help individuals when they exit the organisation (33% very frequently/always)
What Organisations are not Doing
Career coaching clinics (75% said they never or very infrequently engaged in this activity)
Sharing mapped out career paths (59% never/very infrequently)
What Organisations are Planning to Introduce in 2010
Provision of support and guidance (57% suggested a high possibility or they would definitely adopt this practice)
Mentoring (45% suggested a high possibility/definitely)
Career coaching (39% suggested a high possibility/definitely)
Return on Investment
ROI for career management is currently measured in a couple of ways:
360 feedback (the before and after test)
Personal development plans (a perception of ROI derived)
It is interesting to note that there is a lack of quantitative data for ROI from this sample of organisations. Typically organisations will measure the number of people promoted to jobs and calculate the savings made by not making external appointments thus saving on recruitment costs. Alternatively, they measure attrition rates before and after the career management intervention.
Constraints to Effective Career Management
Line managers are not skilled for career conversations: its in the too difficult box
Career management all too frequently has the redundancy and outplacement tag
The desire to hold on to your best people and the fear that, as a result of career management conversations, they will leave
The issue of career management and its benefits needs to be better and wider understood. Interestingly, it was recommended that this education should commence in schools and further education in order to educate the workforce to understand the need to plan their careers
A culture needs to be developed inside organisations supporting career management
Career management needs to be embedded in people management processes such as performance management, appraisals and reward systems
Reward line managers that actively support career management for their employees