Stalled progression means 70% of employees are dissatisfied with future career opportunities, leading to massive turnover costs as people pursue new options elsewhere, according to CEB, the best practice insight and technology company.
Traditional, linear career paths where employees climb the corporate ladder one promotion at a time are a thing of the past, says the company.
It stresses that today’s flat organisational structures mean employees spend more time at each job level roughly three more years than in 2010.
The number of promotion opportunities have decreased over the last decade as a result of companies removing positions and management layers to save money. CEB’s survey of more than 12,000 employees worldwide found that a lack of future career opportunities is the number one reason why people quit their job. Employee turnover, in addition to stressing existing teams and slowing productivity, costs organisations over £16,000 per employee – a figure that can quickly add up for big companies.
Chosen excerpts by Job Market Monitor. Read the whole story at 7 in 10 employees unhappy with career opportunities