Employee development is the strategic process of nurturing and enhancing your employee’s existing skills and competencies, while also fostering new ones. This process not only encourages employees to explore their personal interests, but also aligns with your business goals. Here are nine transformative benefits of investing in employee development:
- Retention: A staggering 94% of employees would stay at a company longer if it invested in their career. This shows that employee development is not just about improving skills, but also about fostering loyalty and commitment. It creates a sense of value and appreciation among employees, making them more likely to stay with the organization.
- Attracting Talent: Attracting and retaining talent are key challenges for business success, as stated by 83% of employers. A strong employee development program can make an organization more attractive to potential candidates. It signals that the company is invested in its employees’ growth and development, which can be a significant draw for top talent.
- Internal Mobility: Since COVID-19, internal mobility has become a higher priority at organizations, agreed upon by 54% of Learning and Development (L&D) professionals. Employee development programs can help employees prepare for and move into new roles within the organization, promoting a culture of growth and opportunity.
- Increased Performance: Effective employee development can increase performance up to 25%. By providing employees with the training and development opportunities they need to excel in their roles, organizations can boost productivity and improve overall performance.
- 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. Employee development programs can help ensure that employees’ skills and talents are fully utilized, leading to greater job satisfaction and retention.
- Engagement: Employee development can lead to increased engagement. When employees feel that their organization is invested in their growth and development, they are likely to be more engaged and committed to their work.
- Profitability: Companies that invest in employee development can see increased profitability. By improving employees’ skills and efficiency, organizations can increase productivity, reduce turnover, and ultimately boost their bottom line.
- Motivation: Employee development can boost motivation. When employees are given the opportunity to learn and grow, they are likely to feel more motivated and inspired in their work.
- Company Resilience: Companies that invest in employee development are more resilient. By continually developing the skills and abilities of their workforce, organizations can better adapt to changes and challenges in the business environment
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 Folkman 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.
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