- Employees who change jobs internally, either in a lateral move or a promotion, generally remain on board longer than those who stay in the same position, data from LinkedIn shows. The findings align with Glint data that says that employees who believe they have the opportunity to grow professionally are more likely to be engaged.
- LinkedIn found that after three years on staff, employees who are promoted have a 70% chance of staying onboard; those who made a lateral move have a 62% chance of staying, and those who remained in their current position have a 45% chance of remaining.
- Data also showed that companies with highly rated management teams have greater retention rates, supporting the old adage that workers may not leave companies but bad bosses. Employees who feel empowered, respected and that they’re making a difference are more likely to stay onboard, and those who don’t have only a 35% chance of staying.
The data could well make the case for more organizations turning to learning and development (L&D) to build the workforce they need to succeed. This “build or buy” conundrum is at the center of talent acquisition today — and the LinkedIn data acknowledges the benefits of lateral moves. Top performers, in fact, may jump ship if they are not given opportunity to broaden their horizons via either promotions or lateral moves, experts previously told HR Dive.
But for L&D to bring a company success, an employer can no longer get away with bare bones training. This form of L&D, sometimes called “breadcrumbing,” gives employees only basic training that will likely drive up turnover. “To avoid breadcrumbing, you need to have consistent and intentional conversations with your employees to understand how they are feeling, what they are learning and where they want to be in their careers,” Joyce Durst, CEO of Growth Acceleration Partners, previously told HR Dive. “Listen to your employees and give them the freedom to design their unique career path.”
A Gallup State of the Global Workplace report found that employers invest $18 million in employee engagement, while only 15% of workers worldwide reported being engaged. However, employers can use key “psychological benefits” — as defined by Chadwick Martin Bailey — to build better work experiences. Those benefits include: functional and personal benefits, emotional benefits, and social and cultural identity. By recognizing these aspects of engagement, employers can approach the lack of engagement strategically and allocate their resources to more effective tactics.