Coca-Cola has proved that tailoring career development to suit high-potential employees can dramatically increase internal promotions and thereby save the company huge recruitment costs.
Stevens Sainte-Rose, HR director for the marketing, strategy and innovation groups at the Coca-Cola Company said that nine in 10 senior marketing roles were now filled internally compared to six in 10 two years ago, thanks to effective succession planning.
Sainte-Rose told delegates at the Chartered Institute of Personnel and Development (CIPD) annual conference that in 2006 the costs of external recruitment were increasing because only 67% of senior marketing positions were filled internally. He also admitted a loss of high-potentials who indicated they were unsure of their career path and development opportunities.
But since implementing a 'senior marketing leader development centre' to provide targeted learning through practical sessions and being given feedback on development needs, the drinks giant has benefited massively.