9 Benefits of Employee Development

Employee development is the process of improving your employee’s existing skills and competencies, and teaching them new ones, all with the aim of encouraging employees to dive into their personal interests, as well as support your business goals. Here are nine benefits of investing in employee development:

1. Retention: 94% of employees would stay at a company longer if it invested in their career.
2. Attracting Talent: 83% of employers see attracting and retaining talent as key challenges for business success.
3. Internal Mobility: 54% of Learning and Development (L&D) professionals agree that internal mobility has become a higher priority at their organization since COVID-19.
4. Increased Performance: Effective employee development can increase performance up to 25%.
5. Utilization of Skills: Employees who feel that their skills are not being put to good use in their current job are 10X more likely to be looking for a new job than those who feel that their skills are being put to good use.
6. Engagement: Employee development can lead to increased engagement.
7. Profitability: Companies that invest in employee development can see increased profitability.
8. Motivation: Employee development can boost motivation.
9. Company Resilience: Companies that invest in employee development are more resilient.

In a recent Harvard Business Review article, Gloria St. Martin-Lowry, president of a leadership and organizational development firm, suggests using employee engagement surveys to assess nontraditional measures of engagement. She outlines three metrics: team success, innovation and new ideas, and trends. She recommends integrating these metrics into regular check-ins.

To measure team success, she suggests asking questions like “What does success look like to you?” and “What were your team’s ‘wins’ last week?” For innovation and new ideas, she proposes questions like “What did you learn from the last project or experience?” and “What’s an out-of-the-box idea for your next challenge, product, or opportunity?” The approach to the last category, trends, will vary based on your industry.

Another article from the HBR archive looks at how managers can drive both results and engagement simultaneously. Authors Jack Zenger and Joseph Folk man found that only 13% of leaders fit this profile and highlight six skills these leaders share, including clearly communicating strategy and direction and being coachable themselves.

In conclusion, employee development is a win-win for both the employees and the organization. It not only enhances the skills of the employees but also contributes to the overall growth and success of the organization.

#EmployeeEngagement #Leadership #Innovation #Trends?#TeamSuccess

Musa,

HR Enthusiastic.