People crave career development. And if you don't give it to them? They're likely to leave.
When thinking about career development, think about providing people with time/money/support for development in one of three different ways:
Development so they can perform their current role well
Development to support them to grow for future roles
Developing them as a person (i.e. providing non-work-related development)
Also, looking beyond vertical progression is a great way to increase the career development opportunities you can provide someone.
Moving people around internally is one of the best tricks a business can tap into to do this. This can be more permanent in nature, like switching roles into another team/function, all the way through to smaller commitments, say a couple of hours per week in a different team.
The benefits of doing this are not just limited to increased retention and cross-skilling. By moving people around internally, you will also:
Reduce the impact of silos by creating stronger interconnections through your business
Foster better ideas and fresher thinking by increasing diversity of thought within teams
In this short video, I talk a little more about the concept of lateral mobility.
Have fun! Viren