McKinsey and Co. found that 35 percent of employees who voluntarily leave their company cited a lack of career development and promotion opportunities as their reason for leaving. Research from Seramount’s Chief Diversity Officer Collaborative found that all employees of all generations share the same three core desires: compensation, advancement, and flexibility.
Inclusive and equitable promotion practices are essential to an effective retention strategy. If employees are taking steps toward professional development, it’s expected that they should advance from their current roles.
Operationalizing an inclusive promotion process within a company requires a thoughtful and systematic approach. It is an ongoing effort that should be regularly assessed and refined based on feedback and evolving best practices.
