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No Career Path – A Recipe for Costly Turnover

  • By Andrea Schlapia
  • |
  • August 28, 2014

No Career Path – A Recipe for Costly Turnover

Attracting and retaining team members is one of the biggest struggles many of our clients face. With proper leadership, foresight, and planning, firms can avoid the costly expense of losing employees.

While visiting with a friend the other day, she told me, “I feel I’m at a dead end in my career. There are no advancement opportunities.” My heart sinks when I hear those words as I know the high probability of deteriorating engagement, apathy, and the likely loss of a key employee.

There are three important factors firms need to have in place to increase employee engagement, enthusiasm, and retention rates.

  • Job Descriptions
  • Career Paths
  • Performance Management

Without these dynamics, your firm’s responsibility is falling short to secure a productive, captivated, and loyal team.

The Society for Human Resource Management(SHRM) released a survey telling us that as the job market improves, key team members will leave their existing employer for greener pastures. Coupled with that is another report from CareerBuilder, reinforcing that employees leave because they are dissatisfied with advancement opportunities and want new experiences and challenges.

Team leaders often shake their heads in disbelief when employees leave and ask themselves valid questions; “Was it the pay? Was it the benefits?” Both seem to be logical reasons, however, as the surveys indicate, they are not the top responses among the employees surveyed.

Strengthen Links between Your Firm and Team with Career Paths

It is essential to understand the desired career path of your team members and provide a map with defined steps, actions, and time frames to move from point A to point B.

In order to equip your team with this information you need to understand the personal career goals of each team member and how they align with those of your firm.

  • Ask team members how they view their career path within your firm

Based on their response, along with identifying personality traits, education requirements, leadership potential, and skill set, you are prepared to create a career path that will empower team members to achieve success, build loyalty to your firm, and reach their full potential. This does not go without saying that each team member must accept personal responsibility and be held accountable for their career path success.

When employees hit a career plateau, it is detrimental to your firm. Millennials entering the workforce won’t accept a position without a career path. As a leader, think about the big picture. Provide employees with a clear understanding that there is room for them to grow and flourish and show them the plan you have in place to make it happen. The points below will help you start your process:

  • Ensure employees buy into the company’s philosophy and culture
  • Demonstrate that they are part of team that aligns personal values with career goals
  • Empower employees and provide the logical steps towards advancement
  • Communicate how you value their contributions and how their role contributes to the success of your firm

Let us know what help you need in creating career paths for your team.

The foundation of our Performance Coaching and Consulting Programs are based on Ironstone’s Fundamental 4™, which is essential to design, develop, and sustain a successful business. Our ultimate goal is to help you avoid trial and error; shifting your mindset to launch your process of intentional change. [LEARN MORE]

Photo credit: ©iStock/Getty Images/Thinkstock

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Author Bio

Andrea Schlapia, RCC™, HCS, sHRBP, is the Founder and CEO of Ironstone, which represents the culmination of her 20+ year career within the financial services industry. Her experience began as a financial advisor evolving into a consultant coach for advisors entering the field. This ignited her passion to support others through learning and development of best practices in order to achieve substantial results. To this end, she followed her desire into positions of senior-level practice management specialists for Dreyfus, Prudential, and DWS Investments prior to the realization of Ironstone.  Andrea’s focus is on practice management strategies to enhance and improve both business and personal life. Andrea identifies 4 key performance areas known as the Fundamental 4™, which are required to design, develop, and sustain a successful business. Through coaching sessions and speaking engagements, she captivates her audience with interactive, high-energy presentations which are built with “how-to” strategies resulting in real-world implementation for significant impact. Andrea has been featured in multiple publications and audio broadcasts as a specialist and distinguished spokeswoman in the financial industry.