Career pathing for engagement and retention
HRM Online talked to TD Bank Group's associate vice president of Organization development Joe Marini and senior manager of organization development Diane Montgomery about the company's process for career pathing, and why they consider it a vital part of their strategy.
Video transcript below:
Caitlin Nobes, HRM TV
Caitlin Nobes: Are you making the most of matching your employee’s goals with your company’s long term plan? I’m Caitlin Nobes and today on HRM TV we are looking at career pathing.
Anything that makes work force planning easier is a boon for HR. So how does career pathing fit into your strategic plan. HRM talked to TD Bank Group’s organisation development leaderS about how the international company helps meet employee and organisational needs by turning aspirations into ability.
Joe Marini, TD Bank Group
Joe Marini: At TD bank career pathing is an integral element of our strategy around performance and development. We like to think of ourselves as having a culture that enables strong job performance and opportunities for employee development. Career pathing is an important element of how we do the ladder, which is to give people a chance to develop on the job and career pathing is an important way we help drive engagement and retention.
Caitlin Nobes: Not only is career pathing a retention tool, giving employees an incentive to stay with your company, but it’s also a key factor in succession planning. So how do you match worker’s goals to your long term outcomes for your company?
Diane Montgomery, TD Bank Group
Diane Montgomery: At TD it really all starts with the development plan and what we try to do is have a very simple process that involves four steps to help an employee understand where they are today, where they want to go, how are they going to get there and help them put a whole comprehensive plan together.
Caitlin Nobes: From mentoring and networking to formal learning processes, it’s essential that employees take advantage of every opportunity to build the relationship, learning new skills and develop leadership potential. This constant upskilling serves the dual purpose of helping employees reach their goals and ensuring the company has the skills it needs to fill future positions. When it comes to setting those goals, it’s key that workers know what they want and where they want to end up.
Diane Montgomery: We encourage employees to really start with that self awareness. In order to have a proper career path you really need to know about who you are and where you want to go. So we have lot of tools and resources available to help that process and there are many opportunities and many businesses employees can go to. They can match their skills and interests to align with their aspirations.
Caitlin Nobes: Overall it’s about tying together what your organisation needs with what your workers want and making sure they are ready for whatever comes their way.
Joe Marini: Our employees are encouraged to have a development plan and our people managers are encouraged to make sure their teams have development plans. This enables to promote from within philosophy by making sure that employees have development plans for their position and for whatever they are interested in and their managers are adjusting plans with their employees to make sure that they are ready for the next opportunity that comes along.
Caitlin Nobes: Career pathing starts with a conversation and developing a comprehensive plan. For information on how other Canadian companies develop career paths for their employees, check the HRM Archive. I’m Caitlin Nobes, thanks for HRM TV.