Help your employees define their own careers and they’ll stay

According to Gallup, 52% of employees who voluntarily quit their jobs said employers could have kept them somehow. 

This statistic is interesting because, even though the costs of replacing the high-skilled workers can go up to 25k in lost productivity, many organizations worldwide still struggle to recognize this. 

Employees believe they could have bigger paychecks and career chances if they just hop to another company. Why don’t we just show them we care about their future? 

Our guess is that many companies would, but aren’t sure how to do that. A proper knowledge management and career progression system might help.

Great knowledge management systems increase retention

For employers, the primary concern in the contemporary job market is keeping talent. 

The statistics are eye-opening. According to LinkedIn Learning’s 2023 Workplace Learning Report, an overwhelming 93% of organizations are apprehensive about employee retention. 

This anxiety is rooted in the genuine risk of losing valuable human capital, which can significantly disrupt business operations and growth. Employers understand that the cost of turnover extends beyond mere financial implications; it affects team dynamics, organizational knowledge, and overall morale.

The key is not just in offering competitive salaries or benefits, but in cultivating an environment that fosters engagement, growth, and a sense of belonging. A culture based on learning and improvement strengthens the internal mobility and overall loyalty, which also impacts the bottom line. 

In fact, people stay 60% longer in companies with higher internal mobility. 

This is where internal knowledge management systems can play a decisive role. By creating clear career paths, enabling mentorship connections, and recognizing achievements, employers can create a more engaging and fulfilling work environment, which is essential for talent retention.

On the flip side, employees today are looking for more than just a paycheck. Their struggles in the workplace often revolve around seeking meaningful career progression, work-life balance, and a sense of purpose in their roles. 

The 2023 statistics reflect this shift: 56% of U.S. workers are likely to seek new jobs, motivated by factors like better pay and the desire for more flexible working conditions.

Employees value opportunities to learn, grow, and steer their careers in directions that align with their personal and professional aspirations. This is where the importance of internal knowledge management tools also becomes clear. 

Such systems provide employees with visibility into their career paths and connect them with learning resources and mentorship opportunities. This not only helps in keeping them motivated but also gives them a sense of control over their career trajectories, leading to increased job satisfaction and loyalty.

By catering to both the employers’ need to keep talent and the employees’ desire for growth and satisfaction, knowledge management systems serve as a bridge.

What does a modern KMS look like?

When you think of knowledge management systems or career progression tracking platforms, you might picture administration or something HR would do day in, day out. You think of internal portals with countless unsorted documents. 

Modern KMS aren’t like that. First, technology has changed. Second, we have AI which allows us to have conversations with the system and get personalized suggestions.

Internal knowledge management systems come equipped with a suite of features designed to meet the needs of both employers and employees in a dynamic workplace. 

Here’s an overview of the key features of these systems.

Career path definition

These tools allow for the creation of clear and structured career paths within the organization. Employees can view the various roles and positions available, understand the qualifications needed for each, and plan their career trajectory accordingly. 

This feature not only aids employees in visualizing their future within the company but also helps employers in succession planning and talent development.

Learning and development paths

A central component of these systems is the focus on continuous learning and development. Employees have access to a variety of resources, such as internal courses, webinars, and workshops, tailored to their career goals and skill gaps. 

This empowers employees to take charge of their professional growth and stay updated with industry trends and skills.

Mentorship connections

Mentorship programs are integral to these platforms. The system can identify like-minded individuals and suitable mentors based on the skills they have entered. This feature fosters a culture of collaboration and knowledge sharing, benefiting both the mentor and mentee. It also helps new employees integrate into the organization more effectively.

Rewards and recognition

Recognizing and rewarding employees for their achievements and progress is another crucial aspect. These systems often include features for setting and tracking goals, and providing feedback and rewards upon achievement. This not only motivates employees but also aligns their efforts with the organization’s objectives.

Integration with wider opportunities

Last, these tools often connect with external opportunities such as conferences, seminars, and networking events. This broadens the scope of employee development beyond the confines of the organization, encouraging exposure to new ideas and industry practices.

SmartCat Knowledge Center is the KMS we wish we had 5 years ago

All the features above are something we’ve made for ourselves in our tool – SmartCat Knowledge Center. We tested it with almost 100 people internally by asking them what they need. Now we published the tool publicly.

SmartCat Knowledge Center is a platform that empowers employee growth and career advancement. It’s both a centralized knowledge base and a career progression tool.

Employees clearly understand career paths that can be followed within a company and have a clear overview of the company’s expectations. Employers can evaluate and understand the knowledge of their employees.

Employees don’t have to search for material endlessly. They can create their own levels or follow paths with personalized guidance and links to all the resources available.

Employers can find the best qualified candidate for a specific position in seconds by using our search engine. Just set your requirements and see all the employees who meet them.

The analytics is something we’re, as a data company, really proud of. After you enter all the skills and skill levels, you could actually set a benchmark and see what your strengths are and what skills your organization could improve.

Finally, one feature we put so much thought into is the ability to connect with peers who share the same interests, skills and seniority. People can use this feature to connect either with mentors or to onboard more easily into the company.

If you would like to try out our SmartCat Knowledge Center, contact us right away. Our representatives will be happy to share how this tool helped them become representatives for new products in our company.

Oh, and they are also going to show you the demo, of course.

Would you like to try KMS?

Integrating (proper) internal knowledge management systems is a decision that will definitely change your retention rates and make you more crisis-proof in 2024. It’s an investment in human capital.

By providing clear career paths, learning opportunities, mentorship connections, and recognition programs, these systems effectively align the goals of the organization with the aspirations of its employees.

Employees benefit from a sense of empowerment and ownership over their career trajectories, leading to greater job satisfaction and loyalty.

Let’s implement such a win-win scenario into your organization today. Contact us and try out SmartCat Knowledge Center.