How to Retain Your Employees with Career Pathing and Artificial Intelligence
Typically when employees start searching for a new role, they look outside of their current company.
Most often, employees don’t consider an internal position or career shift as a potential career option. Here’s why: Employees might not be able to envision a future at their company — nor can they see what’s in it for them if they stay.
For companies in every industry, losing existing talent is costly — and it means you must begin searching for a replacement, which can be a time-consuming and lengthy process.
So how do you avoid watching top talent walk out the door and help your employees see their future at your company?
It all comes down to showcasing development and career opportunities within — and the road to get there. Check out the video below to learn more, or read on for highlights!
Technology Can Illuminate Potential Career Paths
Talent marketplaces showcase internal opportunities for upskilling, learning and development, and open positions that can help your company avoid losing talent to your competition. A great talent marketplace will:
- Onboard new employees and set them up for success
- Answer common questions and recommend valuable content
- Give employees a place to visualize and build their career path
- Provide a way for employees to find a community through groups, clubs, and activities
- Keep an updated, accurate record of an employee’s skills and show them job opportunities within the company that match their skills
Pro tip: Software such as a talent marketplace can help streamline learning and development opportunities, recommend short-term gigs for hands-on experience, and highlight career pathing options that are best suited for each individual employee.
But here’s the challenge we discovered: According to internal data collected from Phenom customers, only 31% of employees complete onboarding on an internal career site.
Now, the good news. If employees do complete onboarding, 80% return again and again to the employee career site for guidance and information.
Talent marketplaces work — when used by employees. However, the challenge is increasing usage.
Through further research, we discovered the most abandoned page is the employee skills and interests page. Once employees are onboarded, only 10% regularly update their profiles with new skills and interests that they acquire while being an employee.
“Both of these require insights and thought,” says Lindsay Morrow, Senior Director of Solutions Consulting at Phenom. “But they also require manual entry, and employees just might not be ready or confident in what their skills or their potential interests are.”
Since you can’t rely on manual skills and interest entry from employees, what can you do? You can automate this process with Phenom AI.
Phenom AI Predicts Skills and Interests, Increasing Career Site Engagement
Phenom AI can predict information that not only saves recruiters’ time, but will also help you avoid losing employees. It can determine:
- When an employee may start looking for a job
- Employee job skills and potential interests
- The next best internal role to recommend to an employee
Phenom AI uses these predictions to help engage and retain employees throughout your organization. Here are four ways it does this:
1. It suggests skills to employees
Earlier, we mentioned that employees often fail to complete the portion of employee onboarding that asks them to document their skills.
To fix this, Phenom AI now suggests skills to employees based on their role and prior experience, eliminating the need for completely manual entry. With a more complete and comprehensive profile, Phenom AI can make tailored recommendations to show each employee potential career paths within the company.
Related: 5 Practical Ways AI Can Solve Common HR Challenges
2. It gives employees fit scores and skills gaps analysis
Fit scores show employees how closely their skills and experiences match current open job positions within the company.
On a Phenom internal career website, they can see — at a glance — when they’re a good fit for a role and what skills they need to learn to become a good fit for a role they might be interested in in the future.
3. Employees can build career paths
Employees can discover and plan their career progression or keep their eye on new opportunities at your organization.
Phenom AI provides career path recommendations to employees every step of the way using fit score and intelligent insights. This elevated approach to career development makes it easy for employees to imagine their career unfolding within your organization — ensuring they look at internal mobility before looking for new roles outside the company.
Related: The Role of AI in Skills Management and Career Pathing
4. Employees get personalized recommendations to further their chosen career path
Once an employee outlines their career path with the help of Phenom AI, they will get personalized content and course recommendations to further their skills and progress down their chosen career path. This can include gigs or short-term work that helps them attain hands-on experience, giving them more confidence when looking to take that next step.
The Results of Using AI within Talent Marketplaces
After launching Phenom AI on their internal career sites, customers saw great improvements in career site usage, including:
- 40% increase in user registrations and profiles
- 1.8x increase in applications to internal jobs
- 2x increase in internal job postings
These results show that artificial intelligence made a huge positive impact on career site usage — and ultimately employee retention.
Increase Talent Marketplace Usage and Employee Retention with Phenom
Phenom AI helps automate the manual, labor-intensive processes on internal career sites and gives employees a career path and vision of their future at your company. By streamlining the profile completion process, enterprises can gain better insight into the talent they already have while engaging them at the same time.
Leveraging Phenom AI to boost employee engagement, internal career site usage, and employee retention is truly a win-win.
Kasey is a content marketing writer, focused on highlighting the importance of positive experiences. She's passionate about SEO strategy, collaboration, and data analytics. In her free time, she enjoys camping, cooking, exercising, and spending time with her loved ones — including her dog, Rocky.
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