Why Employee Development Programs Are So Important
With the fast-changing, ever-evolving world we live in today, companies must innovate and progress to succeed. In order to do so, it’s vital for them to invest in their employees and their development. Why? Because employees are what makes up a company and what allows it to thrive.
Employee training and development programs are so important in so many ways; they help employees reach their full potential, which in turn helps a company do the same. We explore how employee development programs can help your business flourish.
What is Employee Development?
A common question is, what is the purpose of employee development programs? Employee development is the process of focusing on the individual employee to improve their existing strengths, and build new ones in the process, so they are continuously growing and developing to be able to make positive contributions to the company as a whole. Exploring what successful employee development might look like within your business is key to its success – because it’s unique to every person and every corporation.
7 Reasons Why Employee Development Is Important for Your Business:
To attract top talent employees
To retain employees
To engage employees
To boost employee productivity
To allow employees to reach their potential
To address weaknesses
To improve business performance
To Attract Top Talent Employees
One of the benefits of employee training and development programs is the talent acquisition it can bring. In a recent study, 59% of millennials say that the opportunity to learn, develop, and grow is an extremely important factor when looking for a job. So, in order to attract the top talent out there, employee development programs are important.
Continuous development means employees are constantly bettering themselves, which is an attractive opportunity within a job. A staggering 87% of millennials rate professional or career development opportunities as important to them in a job. 69% of non-millennials say the same.
If you attract the top talent employees to your company, you’ll be driving innovation, productivity, and performance, helping to grow and shape your company. Superior talent is up to eight times more productive, a remarkable stat highlighting again why it’s so important to attract these individuals through company benefits like development programs.
To Retain Employees
As we’ve mentioned, people development is an important employee benefit for many. So, it’s no surprise that retention rates are going to be affected by a business’ ability to invest in employee growth.
One study found that an astonishing 94% of employees would stay longer at a company if staff development was a priority investment. Employees are more likely to stay if they can benefit from self-development at your company, and if they can’t, they’re far more likely to find somewhere where it’s possible, affecting your retention rates.
To Engage Employees
Another reason why an employee development program is a worthy investment for any company is because of the employee engagement it can bring. Employee engagement is incredibly important to a business; it allows employees to feel enthusiastic about their job, increases their productivity, and boosts their motivation.
When employees feel as though they’re being pushed and challenged, and there is opportunity to grow, they’re far more likely to be engaged and excited. This often leads to more valuable outcomes for your business.
To Boost Employee Productivity
We’ve already mentioned the opportunity to boost employee productivity through development programs by getting them more engaged, and more motivated. But development programs also get employees working on their strengths in the workplace, which enables them to become more efficient and productive on the job.
To Allow Employees to Reach their Potential
74% of employees believe that a lack of development in the workplace is preventing them from reaching their full potential. Not only might this make them feel undervalued and hindered within their role, ultimately leading to higher turnover rates, but it also hinders the performance of the company overall. When employees unlock their full potential, they are able to unlock the companies’ full potential too – this might mean better performance, increased revenue, bigger targets and goals, and much more for your company.
To Address Weaknesses
Not only do workplace employee development programs aim to build on the strengths of your staff, in order to achieve the best outcomes, but they also help to address any weaknesses that might be present. This allows your employees to become well-rounded individuals, improving their skills in a wide range of areas to benefit the job.
It also gives employees the opportunity to work on aspects of the job that are more challenging for them – whether that be public speaking, communication, or autonomy – and better themselves. This can lead to greater workplace satisfaction and engagement, which has its own host of benefits.
To Improve Business Performance
Employee development not only helps employees grow their skills to perform better, but it also keeps them up to date with industry trends, new and exciting processes that can be implemented in the workplace, or perhaps new efficient ways of working through automation and technology. All of which can help to improve business performance, and help your company stay ahead of the market.
Introducing professional development opportunities for your staff can also boost your profitability. It was recently found that a year-long soft skills training course boosted return on investment by around 250% within just eight months. Which is testament to how upskilling your workforce can have huge knock-on effects for your business.
Looking to develop your employees and boost business performance? Check out our individualized development program at EZRA for fast and effective learning that’s engaging and successful.