Wondering if your company is OKR ready?
5 Reasons Why Employee Development Is Crucial
Successful companies in all the sectors are those who constantly push the boundaries of what’s seems to be possible. The same stands for your employees. Your workforce needs to learn new things to develop themselves and keep up with the competition. Assuring that your staff is up-to-date on industry trends and best OKR management practices and has access to new skills can be achieved by making employee development a central tenet of your corporate culture.
Employers will find it especially difficult to stand out in the competitive labor market if they don’t take the steps needed to engage their employees and attract the best and brightest by providing them with opportunities for professional development. Therefore, the question is, what is employee development, and why should you care about it? Please keep reading to find out why it’s important and how you implement a staff growth plan without causing disruptions.
What Is Employee Development?
The term “employee development” has become a buzzword in the business world, but what does it actually mean? When an employee participates in employee development, they and their employer work together to enhance the employee’s competence in their job. Training the workforce using new technology or techniques, developing leaders from inside the company, or delivering skill-based training modules to boost employee performance management are a few examples. Employee development helps workers keep up with changes in their fields so they can consistently do their best job.
Why Is Employee Development Crucial?
The people who work for a company are among its most valuable resources. Companies spend a lot of resources on recruitment in order to find the best candidates for open positions. When an employee is employed, the company can’t afford to sit back and let them do their job without any supervision. Carefully and persistently tending to their growth is essential.
1.) It Is An Investment That Pays Off In The Long Run
Investing in staff training and development isn’t always a sure bet for companies because of the delay between spending and seeing a return. However, investing in programs that help workers grow into their potential pays off handsomely down the road.
Increased employee retention is the most apparent benefit. The average cost of losing an employee is a shocking 33 percent of their yearly income. At the same time, LinkedIn’s Workforce Learning Report found that 93 percent of employees would stay at a business longer if it invested in their careers.
Investing in employee development can pay dividends even if it only keeps one person from leaving. Think of the financial benefits that would accrue to the company if the vast majority of its employees remained with it for many years.
2.) It Aids In The Recruitment Of Top Talent
In today’s increasingly 24/7 workplace, employees want more than a transactional relationship with their employer. They need to know that they are valued for more than simply their efforts. The more a company cares about its employees’ professional and personal growth, the more attractive it is to potential employees. Candidates for available positions who show a willingness to learn and improve themselves are strong assets to any organization.
3.) It Helps Build A Stronger Internal Talent Pipeline
Investing in employee development does more than keep employees around; it also paves the way for those individuals to advance within the firm. There are several advantages to developing talent from within rather than constantly searching for new, higher-level staff to bring in. Such employees bring a lot of advantage as since they are already familiar with the roles and are committed to the firm right from the start.
4.) It Maintains Interest Among Workers
The percentage of dissatisfied workers has been rising steadily over the past few years. Staff members who aren’t invested in their work are less efficient and more likely to burn out. They are less invested in their work and less devoted to their company. As the barriers between work and home continue to blur, and as employees increasingly do their duties from home, we may see an increase in cases of burnout and disengagement due to the absence of the social support system that is generally present in an office setting.
Providing opportunities for employees to feel enthusiastic about learning and growth is a key benefit of investing in employee development. In addition, it gives workers a chance to bond as they learn and apply new techniques alongside one another.
5.) It Makes Your Company More Prepared For The Future
As we continue to deal with the aftermath of the epidemic, it has become clear that many entrenched, antiquated norms in the workplace must change. What we formerly believed to be true about how workers can and choose to work is shifting, making flexibility a vital quality in a robust workforce. To invest in employee development is to do more than just improve workers’ technical abilities. Employees can be better prepared for change by developing effective communication, flexibility, and other skills. Every modern company needs to make staff development a component of their business plan, but getting caught up in the day-to-day tasks of running a business is easy.
How To Establish A Strong Employee Development Plan?
Investing in employee professional advancement is one strategy for businesses to retain talent as workers reevaluate their priorities at work in the wake of the Great Resignation. If your team doesn’t already have a structured program for professional growth, you should start one. It is essential that the strategy be adapted to fit the needs of your specific workforce. Your business’s needs and the size of your team will be the primary motivators, but you should also consider aspects like preferred learning methods, content, agile collaboration tools and ease of travel. If the training and education options are not interesting or useful to the staff, they will stop participating.
Follow these steps to create a training and development program for your staff.
Step 1: Evaluate Your Company and Long-Term Goals
Step 2: Create Employee-Specific Development Plans
Step 3: Provide Development Offerings
Step 4: Evaluate Your Efforts and Solicit Feedback
There are several ways in which a company can profit from making employee growth a top priority. It has been shown that organizations with engaged workforces are more productive, profitable, and appealing to potential customers than those with disengaged workforces. For further assistance regarding employee development, contact us today!