This video touches on the three foundational learning programs that are critical to helping employees develop the skills that help them meet business goals. Learn simple tips for building the right programs for your organization.
- US businesses spend more than 60 billion a year in employee development. That's a big number. Unfortunately, studies show that many executives question the return on that investment. Business is changing and executives want employee development programs that will help their company keep up with industry changes, know the latest technology, stay ahead of competitors, increase job satisfaction, and attract new talent. Let me show you the three foundational learning programs that all companies need to put in place to help employees develop while meeting business needs.
The first is a leadership program. Leaders need the skills to move the business forward, so leadership programs should be designed to prepare individuals for promotions and new assignments. Start with a program that teaches common leadership skills for all leaders in the organization, then evaluate each leader's strengths and development areas, and create a customized plan to meet their needs. For example, if your business is going global, you'll need programs to teach cross-cultural collaboration and working in a virtual environment.
The second type of program is an employee job skill learning program. Training courses and experiences help individuals do their specific jobs better and perform at their best. Skills-based programs are sales, project management, process improvement, coding, and financial analysis. Don't fall into the trap of trying to provide it all right away. Start with the programs that meet the most critical need. The third type of program is focused on employee career development.
This can include formal training or new hands-on experiences to help employees grow in their current job. I worked with a consumer product company that was experiencing an increase in turnover. It was expensive, and leadership was concerned that it would effect their ability to hire great talent. Surveys showed that employees were dissatisfied by the lack of opportunity to grow their careers, so here's what they did. The company had all managers and employees go through a career development training program.
They learned how to have effective career conversations, then everyone learned about how to identify what was important to them in their careers and build career goals. As a result, over the next six months, employee turnover decreased and employee engagement scores went up significantly. This company is not alone, studies show that lack of opportunity is among the top three reasons employees leave their company. It's critical to have training programs and learning experiences to support career development.
So, create programs in your company to help employees make progress. The programs can include cross-training, mentoring, coaching, rotational programs, and even new job assignments. Employee development has a direct impact on your business. Make sure you have the right programs focused on the right needs to get the most return on your investment.
- Building a successful talent management strategy
- Identifying talent needs and assessing existing talent
- Recruiting and hiring the right people
- Developing employees to meet talent needs
- Implementing a succession planning process
- Focusing on engagement and retention
- Increasing talent visibility
- Creating a strong HR and business partnership
- Designing a high-performance culture