As more companies adopt better digital processes in core business operations, acquiring human capital with competent digital skills has become increasingly important. But even more important and noteworthy, are the benefits of employee training and development.
Asides from encouraging your employees to commit seriously to long term objectives, you’ll save time on retraining new recruits when you provide easy access to professional development.
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What Is Employee Growth And Development?
To meet an organization’s goals, the present skills and abilities of the employees must be improved, as well as new ones developed. Although it requires a company’s commitment (time, effort, and money), it usually pays off in the long term.
It can be expensive, for example, to fire an employee with a limited skill set rather than teach that employee to fulfill the organization’s needs. With a well-thought-out employee development plan, such efforts may result in longer-term employee retention.
Why Is Employee Development Important?
At various levels, a well-thought-out employee development program is essential. And when it’s done right, it may reap many rewards for all parties involved, including employees, HR managers, and the larger company.
Employers today are often encouraged to promote their existing employees rather than go out and hire new ones. Here are a couple of reasons why.
1. Stay Ahead of the Competition
Organizations compete not only for market share, but also for employees. As a result, firms must continue to outwit their competition. Investing in staff development can help a company’s performance.
Employees should work for a firm that will assist them enhance their talents so that they can compete with their colleagues locally or globally.
2. An Adaptable Workforce Promotes Growth
To remain competitive in today’s market, workers must be able to swiftly grasp new environments, norms, and market demands. Developing an agile learning culture is more important than ever.
Change is the only constant in today’s business environment. And this change not only poses new challenges for the workforce, but it may also open up new opportunities if managed properly.
As a result, personnel must be able to adjust to changing situations quickly and efficiently.
Adaptable people thrive at finding innovative solutions in situations where less adaptable individuals may simply accept the status quo. Hence, a well-defined employee development program can assist employees in preparing for unexpected situations.
3. Staff Development Influences Loyalty
A very appealing working atmosphere is created through assisting people in developing their abilities, particularly through approaches such as personalized development programs. According to HR experts, companies with a mature learning culture are three times more likely than those without to use this concept as a recruiting tool.
The first step in that strategy is a solid staff development program.
Although greater investment in employee training and development raises concerns that highly competent employees may leave and take their expertise elsewhere, studies show good staff development initiatives typically reduce turnover and absenteeism.
4. Staff Training Eliminates Excess Hiring Costs
If you want your employees to “keep the ship afloat”, you might consider investing in internal employee skill development programs. In addition, staff development may save a lot of money in the long run.
As a result of a restricted budget and resources, fluctuating company objectives, insufficient time, and lack of senior management support in today’s work environment, businesses engage in employee training to develop the skills necessary for today’s corporate world.
5. Maintain high levels of Employee morale and engagement
One unique feature of employee development is that different strategies can be adopted by HR managers across every industry. As more companies seek to achieve a diversified workplace, it has become increasingly important for HR managers to find the right mix of employee development methods needed to maintain a motivated workforce.
From a suitable, non-toxic work environment to exciting incentives and professional development opportunities, finding the right way to keep your employees happy is vital to the growth of any organization.
Although studies continue to reveal that highly engaged employees have been the bedrock of increased productivity, the latest Gartner Global Talent Monitor finds that only 32% of employees globally report high levels of loyalty and only 14% report high levels of enthusiasm towards their daily objectives.
But HR managers can improve employee commitment through better employee surveys and feedback channels. By feeling the heartbeat of the employees, it becomes easier to create a fitting employee development program.
How do you develop an Employee Development plan?
Of course, as workspaces differ, so do the strategies needed to effectively manage and develop the employees. However, employers looking to reap the benefits of employee development must follow certain guidelines to ensure they develop an effective strategy that fits into the main objectives for the organization.
Firstly, you’ll need to identify the necessary skills required to enhance your business in order to develop the right training and development method for your employees. But you also need to pay attention to the values of each employee as well as get feedback on their unique development needs.
When an employee receives training relevant to their areas of interest, it becomes easier to guide them along successfully and ultimately, improve their productivity level.
A very strategic way to develop an effective employee development plan is by aligning the process with your performance management metrics. This way, it’s easier to monitor performance deficiencies and develop customized training programs to help employees develop these skills. It also becomes easy to categorize company goals into long and short term objectives.
Although HR experts and top companies prioritize employee development quite religiously, keeping tabs on all your employees and how well they are performing can be a major stretch of resources.