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Career development programs are poised for significant growth this year, as employers recognize alternative rewards as part of a benefits strategy to keep and retain employees.
According to new research by Korn Ferry Hay Group, companies are prioritizing career development over other alternative rewards, benefits and bonuses for their employees. More than half of the 242 employer respondents polled by the consulting group said they intend to expand the use of career development programs across all employee levels.
?Retention of key talent is a top-of-mind issue for organizations these days, given the lowest unemployment in several years and continued economic health of most industry sectors,? says Tom McMullen, rewards practice leader, Korn Ferry Hay Group. ?Most organizations also continue to struggle to maintain a strong pipeline of leaders in an organization. A focus on career development is the most direct way to both retain and ensure a strong bench of talent in the organization.?
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