Training and developmental opportunities are important to long-term loyalty, and the more that companies can spend, the better, according to a recent report by WorldatWork.
While 59 percent of respondents say they receive at least $1,000 each year to spend on external development initiatives, such as joining associations, attending conferences and outside training, this is not enough for some. In fact, respondents who are most loyal to their employers are more likely to receive at least $2,500 for development opportunities.
"Employers can easily differentiate themselves by investing in their employees' career development," says Bonnie Kabin, CCP, vice president of professional development for WorldatWork. "Even a relatively small employer investment has a positive impact on loyalty. Managing employee perceptions of career development opportunities is key to enhancing engagement and loyalty."
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According to roughly half of respondents, their new organizational leaders are external hires. Those respondents who came externally say one of the main reasons they changed positions is because of lack of opportunities in their last positions.
"Since promotions from within are infrequent, even when the economy is good, rewards professionals think of career development more broadly," Kabin says. "Not only are they personally invested in their own development, but they also appreciate on-the-job development of skills they believe may ultimately be used at a different employer."
Respondents say they mostly plan to develop their careers through training and certification programs. Time is considered the largest barrier to doing so with budget and organizational support also playing a part.
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