Organizations that personalize career development and help their employees build skills also reap the rewards — with a 15% higher internal mobility rate than companies where employees lack training, according to an Oct. 3 report from LinkedIn.
At a practical level, when comparing two companies with 5,000 employees, this means the company that excels at developing skills will have 200 more internal moves over 12 months.
“We’ve long known that employees consider career-development opportunities to be one of the top reasons to stay at — or leave — their company,” Stephanie Conway, senior director of talent development at LinkedIn, said in a statement.
“The difficult but important work comes in better understanding what career development really means to our diverse employee populations,” she said.
To personalize career development, she advised, talent leaders can help their employees identify and set specific career goals. Armed with clarity, employees can develop a better understanding of which skills and specific experiences to pursue next. Then talent leaders can help employees explore different options — such as job shadowing, rotations or internal mobility options — to achieve their dreams while benefiting the company at the same time.
“While this can further personal career development, it also starts to build organizational resilience and agility,” Conway said.
In addition, LinkedIn reported that hiring is down 24% in the U.S. year over year, but job seekers appear to be more active than ever. In fact, the number of job applications that candidates submit has increased 18% in the past year.
In particular, jobs that mention artificial intelligence or generative AI attract more candidate engagement, garnering 17% greater application growth over the past two years.
“As job seekers expand their searches, recruiters are likely going to see an increased volume in applications. Efficiency is always important for talent acquisition teams — and especially in a market like this one,” Erin Scruggs, vice president of global talent acquisition at LinkedIn, said in a statement.
To handle the volume, Scruggs advised, talent leaders should inspect their hiring and recruiting processes to find opportunities for alignment and consistency across the company. For instance, training interview teams and hiring managers how to assess talent can put everyone on the same page. In addition, sharing the company’s basic roadmap of AI strategy in job posts can show market savvy and attract more candidates.
Also on Tuesday, LinkedIn announced two AI-based tools to help talent leaders and job seekers. With Recruiter 2024, a new AI-assisted recruiting experience, talent leaders can use natural language to find candidates through generative AI and insights on the LinkedIn platform. With LinkedIn Learning’s AI-powered coaching, users can engage with a chatbot experience that offers real-time advice and tailored content recommendations that are personalized for members based on their jobs, goals and skills.