In its most basic form, a career path is a plan for an employee to move through various positions to obtain an ideal career. The plan could move them vertically into a senior position, or horizontally into a different type of job role.
Most successful companies develop career paths for their employees as part of their overall talent management strategy. This provides a realistic picture of their position in the coming years. This also helps with employee retention and development.
Learn more about career paths and how they aid in employee retention and development in this video.
A Gallup poll recently revealed that millennials were significantly more interested than other generations in two key aspects when applying for jobs:
- Opportunity to learn and grow
- Opportunity for advancement
These results further demonstrate the importance of utilizing career paths in the retention of millennial employees.