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Who doesn't want their company to grow? It seems like the ultimate goal of every business is to be successful and continue growing. But what many people don't realize is that there are ways in which you can make your company grow without getting new clients or customers. One way to do this is through employee development programs. These programs help employees reach their full potential, which will, in turn, lead them to become more productive members of the team. For these reasons and more, an employee development program should be something that all companies strive for. In this post, we've outlined everything you need to know about them.
An employee development program, or EPD for short, is a training program that helps your employees improve their skills and abilities, which can then help them achieve greater success. However, it's different than an employee development plan (EDP). An employee development program is offered to all employees, while an employee development plan is only for certain employees who need development in a specific area.
The importance of employee development can’t be stressed enough — and as mentioned previously, employee development programs can help your business grow. That's because the more productive employees are, the better they'll be at their jobs. That means you're essentially getting double benefits from EPDs. Firstly, it helps workers be more successful while also helping your company to succeed. Secondly, by offering an EPD, you tell your employees that you care about their success and want to see them succeed in the company. This endeavor can help small businesses recruit top talent, which is always a challenge for companies who don't have tons of money to work with.
There are many benefits to offering programs that encourage employee development. These include increased morale, reduced turnover rates, and more engaged employees who don't feel like they're not getting the guidance or skills necessary to succeed in their role. Another benefit is that companies can attract top talent with well-developed programs because it shows that their company values employee career development and is invested in the long-term success of every worker.
There are many other benefits to offering an EPD. Some of the most prominent ones include:
While there are many benefits to offering an EPD for your business and employees, some companies may hesitate because they think the cons outweigh the pros. Here are some of the pros and cons to EPDs:
The main takeaway here is that although there are cons to offering an EPD for your business and team members, they're outweighed by the pros. Not only will you be able to save money over time because of benefits like increased productivity levels, but you'll also be able to create camaraderie within your team.
An EPD often involves both training and areas of development for employees. Training refers to the actual education that employees receive, while development is a more general term referring to activities such as giving feedback or coaching. Feedback can help an employee improve their performance by letting them know what they're doing wrong so that they don't continue making those mistakes in the future. Coaching is generally provided by someone who is more experienced and has a higher position within the company. It allows them to mentor employees, share knowledge, and provide guidance on meeting their goals.
EPDs can be used by companies of all sizes and in a variety of situations. In fact, even small businesses with just one or two employees can benefit from one since they allow the company to grow. Remote teams also use them in order to provide employee training and development for their employees, even if they work from different locations.
The number of people who telecommute has increased by 115% since 2005, which means that more companies are hiring remote workers than ever before. Therefore, employers must take steps to make sure their work from home employees feel valued and involved in the company. This includes providing them with an EPD that they can use while working anywhere.
Remote teams can use employee development programs in a number of ways, depending on their business. For example, if someone works from home or a different location each day and is expected to complete tasks there, it's helpful for them to have the skills required to do so successfully.
On the other hand, remote companies don't always have access to all of the training and development opportunities that in-office businesses do. This means they have to be creative when providing these opportunities for their employees, which is where EPDs can come into play.
According to a PwC survey, nearly 65% of workers are looking for a new job, and those numbers are likely to increase. This trend puts a strain on an organization and places its future in jeopardy. However, this is something that companies are trying to change by offering EPDs.
Here are a few more statistics that warrant attention and demonstrate the importance of proper job training through an employee development program:
Around 86% of end-users will apply what they learn in six weeks or fewer, according to Skillsoft. Therefore, every organization that wants to be successful should take time to evaluate their employee training needs, find a solution that works, and implement employee training strategies from start to finish that aid in employee retention. This includes offering employees employee development program software as part of a Learning Management Systems (LMS).
Here is a snapshot of some of the leading LMS software you can select for your industry’s EPD:
Strong and efficient employee development programs take advantage of technology such as EPD software to increase employee's skills, knowledge and more. In addition, the software should provide them with user-friendly training that is relevant to their field.
For instance, retail, which often has seasonal employment and high employee turnover rates compared to other industries, can benefit from easy-to-use, functional, customizable software such as iSpring Learn. The software is a complete LMS solution that builds and delivers online learning programs to trainees.
Companies can get the most out of their EPDs by tailoring them to what works for employees and the company. For example, if someone is struggling with particular skills or tasks, it may be beneficial to have a different method that provides opportunities for practicing these skills during work hours.
Employee development programs should also include lunch-and-learn sessions, where employees have the chance to learn about new technologies, research best practices for a project they're working on, etc.
In addition, organizations should provide formal training courses through EPDs that cover topics such as leadership or communication skills to help their staff develop soft skills that are just as important as technical ones.
To help ensure that their EPDs are successful, organizations should consider the following helpful tips:
Turnover is costly, and most businesses can’t afford to lose their top-performing employees. And as you can see, the value of an employee development program can't be emphasized enough: They can help organizations and employees develop their workforce, increase employee engagement and retention rates, improve productivity and more.
If there is anything we missed or you have any questions, feel free to leave a comment below! Also, if you liked this article and want to learn more about employee development be sure to check out our articles about <> on our blog.