Traditionally, companies offer chances for employees to climb up the career ladder so that these employees could become managers or leaders in their fields. When employees get promoted, they receive new job titles and higher compensation than the ones they had before.
But with trends like “the Great Resignation” and “quiet quitting,” employees today are looking for so much more than fancy job titles. In fact, they are looking for purpose, direction, and a better work-life balance. They want to be listened to, valued, and seen in the workplace. They expect opportunities for learning, growth, fulfillment, and meaningful contribution.
Rejecting the career ladder
Employees are not afraid to seek out new job opportunities, especially if their current job does not provide them with opportunities to grow within the company. A previous study revealed that about 45 per cent of employees are trying to search for a new job this year or plan to within 2023. About 54 per cent of employees said they have not searched within their current company for chances of professional development.
What companies must understand is that employees are no longer interested in climbing a career ladder because of its restrictive nature. Companies invest time and effort into creating career paths for employees, but what these employees really want is career growth and development. Creating the path for a career ladder may provide insight into opportunity within a company, but it’s not a substitute for true career development.
What is a career portfolio?
A career portfolio is more than a resume. It puts together all the opportunities, skills, and experiences that an employee has or would like to accumulate. A career ladder seems restrictive, but a career portfolio presents never-ending options that end with personal fulfillment and discovery. It is not the “gig economy,” which can be switched on and off whenever. A career portfolio focuses on curating a portfolio of services and skills that can future-proof a career.
Why you should introduce career portfolios in your company
Encouraging employees to have a career portfolio enables your company to re-think your professional identity. A career portfolio is a philosophy that allows your company to craft a future that will meet an employee’s sense of direction, purpose, flexibility, and clarity.
As employees create a career portfolio, they can visualise a wide range of opportunities in their future. But learning about it beforehand can help managers attract and retain talent. Companies must get involved in their employees’ career planning discussions, otherwise the company will not be part of the employee’s plans. These kinds of assistance encourage employees to envision a long-term career at your company, which can increase employee retention and lower the enterprise hiring cost.
By helping employees create their career portfolios, managers will also be able to see the employee’s skills and potential. Managers can take the time to understand the employee’s aspirations and goals. They can also work with them to produce a plan that meets their needs.
Introducing career portfolios in your company will offer you an opportunity to update the professional narratives of your employees. It’s a powerful tool for companies to re-think workplace culture and design. It changes the entire ecosystem of the company.