How Professional Coaching Drives Employee Retention and Advancement
How Professional Coaching Drives Employee Retention and Advancement
Does your business have a strategy for encouraging internal mobility?
If you aren’t already familiar with the term, internal mobility simply refers to the opportunities your employees have to progress within your organization. Most often, this is through a promotion, but it can also include moving departments or taking on new responsibilities that align with an employee’s goals and interests. Internal mobility can be a powerful way for businesses to leverage their existing talent and provide employees with a concrete path to achieving their career aspirations – without feeling they have to leave your organization to do so.
However, successfully integrating internal mobility into your workplace does not happen without intentional action. Employees actively supported to develop skills, pursue interests and explore their potential are far more likely to become viable candidates for growth within your company. That’s where a professional coach can help.
Regardless of whether an employee is starting out or has been with your organization for a long time, the opportunity to get an outside perspective and the expertise and encouragement of a coach can be transformational in building the confidence needed to meet new challenges – and that’s essential if you want to create the conditions for internal mobility.
Here are five ways you can use coaching to develop your internal talent and meet essential business objectives.
Reduce Hiring and Turnover Costs
Lack of opportunity is one of the main reasons an ambitious employee will choose to leave a job. And that turnover is expensive.
According to recent survey data, employee turnover costs Canadian companies an average of $22,279 in recruiting costs and lost productivity, with 18% saying it costs them more than $50,000 per year. Hiring from within your organization not only provides employees with incentive to stick around but it also allows you to reduce the time and expense it takes to recruit and train someone new. By providing coaching opportunities that support your internal mobility goals, you can prepare current staff to fill critical roles – and that will save you money.
Enhance Employee Engagement
It’s easy to understand why companies with a solid internal mobility culture see better employee engagement.
Businesses that consistently look outside their organization rather than developing the talent they already have can inadvertently erode the trust and enthusiasm of their teams. Few things can feel more demoralizing than having your employer fail to recognize your contributions or support your career goals.
If you want your employees to be committed to your organization, you need to show a commitment to them. Providing coaching is a powerful demonstration of your commitment to their success and a key lever for developing capabilities that prepare them for internal career moves. Coaching is a strategic, affordable way to tap into the potential right in front of you.
That’s how you create an environment where employees are engaged and love working for you.
Improve Succession Planning
As the Boomer generation enters their retirement phase, succession planning is becoming increasingly important. That means it’s time to start identifying and preparing your future leaders now.
Good succession planning requires investing in internal mobility strategies that build talent at all levels of an organization. A business coach can help equip employees and emerging leaders with the kinds of critical skills and knowledge needed for companies to keep pace with change and growth. This is particularly important in today’s marketplace when companies are dealing with a scarcity of talent and rising external costs.
Support Diversity, Equity and Inclusion
When it comes to meeting goals around diversity, equity and inclusion, internal mobility is an essential indicator of how your business is doing.
If employers want to close the gender and racial gap in their workforce, investing in mentorship is crucial. A diverse workplace should include representation at all levels of the organization. By providing coaching opportunities, you can better support employees from under-represented communities to advance to a senior leadership level. A thoughtful internal mobility strategy that includes coaching opportunities can help you get there.
Improve Company Culture
It’s no secret that the ways people think about their career trajectories have changed significantly. For modern employers to retain talent, it will become increasingly essential to invest in workplace culture. Effective internal mobility strategies, like coaching, will allow you to embed agility and adaptability into your workplace culture.
A professional coach can help employees upskill for new roles within your organization – and that can move the needle when it comes to creating a culture where employees feel motivated to stick around for the long term.
The team of expert coaches at Cenera help businesses prepare their employees for new challenges. If you need help developing a coaching plan that will leverage your internal talent and meet essential business goals, contact us to learn more.
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