4 Ways Employee Development Benefits Your Business
Most organizations hire employees according to the criteria specified by the role they will fill. That just makes good sense.
However, for various reasons, some candidates who tick every recruitment box choose to move on sooner than you expect. What’s more, it doesn’t seem to matter how much you’re paying them.
One factor is repeatedly cited by workers who choose to move to newer pastures. What is that factor? It is a lack of employee development.
Are you weighing the pros and cons of investing in the development of your workforce? If so, here are 4 ways employee development benefits your business.
1. Millennial Workers
Many businesses create quirky work environments and youth-oriented reward schemes to appeal to younger workers.
But research suggests they’re missing the mark. Millennials value engagement at work.
Jobs that are stimulating feel more fulfilling and worthwhile. Moreover, these factors might be more powerful than salary when it comes to retention.
Developing leadership qualities in younger workers can help them climb the career ladder. It can also future-proof your business. Additionally, allowing employees to work on cross-departmental projects makes migration between teams smoother.
Either way, a more engaged workforce is better motivated. Also, this means more productivity and profitability.
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2. Upskilling Managers
Staff who are skilled technicians can often find themselves thrust into managerial positions despite a lack of leadership experience.
Counteract that lack of experience by funding new bosses to undertake online degrees in modern management. These degrees will equip them with the necessary skill sets and ensure they feel capable and confident.
Accredited distance learning courses give new managers great grounding in specialist subjects like change management. Your company will thrive as a result, but it’s their team members who will benefit most from managers’ enhanced skills.
Few employees are likely to reject a promotion. That’s because most people believe that doing so is a negative career move. For this reason, employers must ensure that they provide adequate training and appropriate support for rookie managers.
3. Internal Mobility
Some firms focus on external hiring to fill vacancies. This is despite evidence that suggests productivity and performance are lower for employees that are hired in than they are for those who are recruited internally.
Investing in a dynamic development program helps you find and build talent rather than buying it.
External recruits might have all of the essential qualifications. However, this is no substitute for experience and understanding your company’s culture.
Active personal development plans allow line managers to uncover and nurture staff talents that might otherwise go unnoticed. That means your organization gains a competitive advantage and your employees can flourish.
4. Conversational Leadership
An organization that encourages development can create a fluid and transparent environment. Organizations that do this feel great to work in and get results.
Abandoning command-and-control structures opens up decision-making throughout the hierarchy. This makes conversational leadership possible.
This management style makes staff feel more invested. They feel involved in high-level decisions.
And managers sacrifice a little superficial authority in order to gain real power through the organization’s collective intelligence.
So staff development should reach all the way up to the C-suite in order to be truly transformative.
Make use of these 4 ways that employee development benefits your business. They will set you on the path to sustained success.