In a recent article in the Wall Street Journal, titled “People Are Feeling Stuck in Their Jobs. Bosses Are Starting to Worry,” the author discusses how companies are addressing employee stagnation due to decreased job turnover and fewer promotions. With the white-collar job market cooling, many workers feel stuck in their current roles.
Forward-thinking organizations, such as McKinsey, Synchrony Financial, and Exact Sciences, are getting creative to combat this career stagnation and are implementing some innovative approaches:
- Job Swaps: Synchrony Financial is allowing employees to switch roles with colleagues for 90 days to a year, providing fresh experiences and skill-building opportunities.
- Increased Mobility: McKinsey has boosted its mobility budget, enabling staff to take on projects in new cities and gain global perspectives.
- Role Expansion: Exact Sciences is broadening existing roles to offer new challenges within current positions.
- Internal Recruiting: Allstate is prioritizing internal hires, with recruiters now acting as “talent agents” for existing employees.
- Skill-Based Development: Many companies are focusing on training and coaching to help employees grow without necessarily changing titles.
The article emphasizes the importance of creating growth opportunities even without substantial pay raises or title changes, as talented employees still have options in the long run. By fostering an environment of continuous learning and development, companies can keep their talent engaged and prepared for future opportunities. In a job market that still favors employers, it’s crucial to remember that top talent always has options—and investing in their growth is key to long-term retention and success.
Download the PDF or find the full article on the Wall Street Journal.
