At the 2018 Human Capital Forum: The New Strategic Role of HR, which took place in New York on May 3, Steve Towers, Vice President and Principal Consultant, and Natallia Semendziayeva, Vice President of Business Development at Right Management, talked about the key elements of meaningful career conversations.
Semendziayeva began the presentation by speaking about the 80/20 rule. This rule was first noted in the early 1900s when it was discovered that 20% of landowners in Italy owned 80% of the land.
“You’d probably agree that 20% of your customers produce 80% of profit, and 20% of your high-potential employees are fully engaged, motivated, and leading the company forward,” noted Semendziayeva. “Today we’re going to share with you some of our global research findings that have uncovered trends in talent development and career. We surveyed over 5000 people in 15 different countries.”
The results of this survey revealed that only 16% of respondents feel strongly engaged in their careers and believe they’re getting the support they need from their organization. The survey also showed that if career development was a part of career culture, 82% of employees would be much more engaged in their work, 75% would be more likely to stay with their current employer, and 78% would be more likely to share their ideas.
“Part of the problem is that managers don’t know how to have career conversations,” Semendziayeva observed. “They’ve not been trained on how to approach their employees in a meaningful way. They’re also fearful that employees will come to them with high expectations about promotion or compensation that they can’t satisfy. Lastly, managers aren’t held accountable.”
In addition, it appears that the majority of companies aren’t prepared for the future. 40% of respondents claim that company leaders are unprepared to meet the business issues they’ll face over the next three to five years. The study also asked about professional development opportunities, revealing that only 20% of high-potential leaders successfully advance to higher levels, and only 13% of senior executives believe their organizations have ample leadership pipelines.
“What we’re doing now isn’t working well enough,” Towers observed.
Semendziayeva offered one last parting thought for the audience: “One way to move the needle in a meaningful way is to create a personal brand that reflects your passion, your values, and your motivation— that is, what you want to be known for.”