Employee development. It’s a common term thrown around in the HR world and used a lot within recruiting, but not much action is ever taken on trying to incorporate or improve this within organizations. Very few companies actually invest in good and effective employee development software. So, how does your organization ensure employee development is happening consistently with teams and individuals?
Do you find yourself asking “what does employee development even do for my team?” “How can it benefit the company and the individuals working here?” As a leader or business owner, you can’t ignore the fact that this is something a lot of prospective employees look for as a benefit when seeking new employment. Not only new employees, but your current teams are most likely in need of it too. Employee development is not just contributing to a small group of employees in your organization, but the complete opposite. It can make waves in your recruiting efforts, your onboarding strategies, employee engagement and retaining your current talent.Investing in potential talent, current employees and the future of your company could be as simple as implementing #EmployeeDevelopment into your strategy. @ClearCompany shares 3 reasons why in their latest blog:
It’s time to make a change in your organization's foundation with employee development. We put together 3 influential reasons why your organization should invest in the right tools and resources to do just that.
Attract and Retain Top Talent
How much does your company spend yearly on sourcing, hiring and onboarding new talent? How much does it cost your company to replace that talent? On average it can cost employers 33% of a worker's annual salary to hire a replacement if that worker leaves. Breaking that down, the replacement cost is $15,000 per person for an employee earning a median salary of $45,000 a year, according to the Work Institute’s 2017 Retention Report. So, what’s the main reason for these employees leaving? 22% of employees claim the lack of career development as their main reason for leaving.
Lack of employee engagement can be avoided and be cost-effective for your organization with a good employee development program and software to manage it. Competition is only getting worse amongst companies, new talent entering the workforce is seeking professional development as a key factor when deciding what company they want to pursue. With the proper employee development software to back your organization, you will be able to provide great insight on your program, offer a full experience onboarding process and be able to set and manage goals for new and current employees. Providing a platform for your managers to use can help organize and ensure employee development is a continuous process within your company’s culture and offer your employees the engagement and skills they need to succeed within their roles.
Ignite Engagement With Your Employees
Employee development is a broad and overarching idea that has lasting effects within your organization, company culture and individuals within the company. Is your team lacking a connection with each other? Is performance low? Employee development is able to reboot and ignite that connection again within your employees. It offers them valuable insight, skill enhancement and gives them a sense of appreciation.#EmployeeDevelopment is no longer just a company perk, but an asset to your current talent and a deciding factor for future talent. @ClearCompany gives 3 reasons why you should start investing in it and how you could actually save money. Find out how:
When you are able to offer a physical goal setting, performance tracking and real-time feedback platform for your managers and employees to use, it changes the perspective on how to go about their goals and performance. It gives your employees the chance to engage with their managers better, follow their performance journey and identify where they could improve.
Improving Performance, Reviews and the Future
Think about how your current employees receive training, performance reviews and the overall manager to employee relationships within your teams. There is likely a disconnect somewhere within those areas. Employee development can improve your employee's performance in their role and set them up for future roles.
How is your company prepping for the future of the organization and it’s employees if it’s not investing in employee development? With a more formal system of coaching and enablement, it can result in 28% higher win rates, proving that the time invested in employee growth and development is worth it. By pushing employee development into your current strategy and focusing in on your employee's individual needs to improve their skill set and work ethic, you will set your employees, team and company up for future success.
Performance reviews and employee development go hand in hand. By investing in the right tools and resources for your managers, they will be able to set, track and follow each employee’s path to conduct better reviews and give valuable and constructive information to their employees so they can grow within the organization.
Whether your team is new to implementing employee development, or your current strategy hasn’t been consistent, it’s time to invest in a high quality and effective platform to help guide your team and managers to see the performance and the results your employees provide.