* It represents a critical two-way commitment between an employee and the organization
* It is a way to set future goals for progression in a chosen career by their own or might do it with the assistance of a career counselor or even a present employer
* It basically focuses on building and following up on employee competencies such as technical skills, soft skills, and industry-specific skills
The array of possible career management practices that a company can develop to ensure competitive advantages on the basis of three tiers. Some of them are:
Tier one- Planning
* Competency Models and Performance Criteria: It allows realizing what gaps may exist in your current ...view middle of the document...
Companies that pro-actively engage employees in continuous learning initiatives in a manner that embraces their involvement and input increase their loyalty and commitment. Cross-functional options, divisional mobility, short-term and long-term plans for identifying and recognizing potential are key for retention. Planning for the future and creating a development plan that recognizes employee's interests, potential and growth is essential and can set you apart from your competition.
* Career Pathing - Creating clearly established career paths and families of jobs within a given area allows employees a vision of progression as well as setting goals and expectations to strive towards. When you have a clear progression of growth with specific criteria to be met to achieve each level, employees will be aware of what needs to be accomplished to reach the next phase. They will also see a continuous road of opportunity and challenge as they develop their skills, competencies and knowledge within their field. Support from management, with a high level of commitment to the continuous development necessary to earn each level is paramount for success.
* Employee Development - Invest in developing programs and initiatives that are designed to further enhance all of the existing skill-sets as well as those that are necessary for your organization to be successful. Investigate the trends, patterns and practices within your industry and create programs that allow employees to gain the competencies needed to be at the top of their game within these areas. Prepare employees with the required skills and knowledge to do their part in gaining the leverage necessary to keep ahead of their colleagues within the industry. The key with development is to be equally committed during the difficult and trying times as you are during the prospering days. This requires on-going commitment to formal development plans.
* Learning & Development Initiatives - A pro-active Learning and Development organization dedicated to the on-going efforts of identifying and assessing organizational needs, designing and delivering required programs, and continuous evaluation and enhancement is one of the most important factors for staying ahead of the competition as well as for retaining your top talent. Senior management commitment beginning with your CEO and cascading throughout the organization is essential. It is a way of life for every employee, supervisor, manager and executive - they embrace and engage in all of your learning and development initiatives as a critical part of doing their jobs.
* Succession Planning - Formal succession plans are an important part of preparing and planning for the future of your organization. Identify the high potentials in your organization as well as those key performers that you could not afford to lose. Look at your current management team and target those who would be appropriate successors to your current leaders. What are the...