Many workers highly value employee development programs. Consider the following:
- According to Gallup, nine out of 10 millennials (the largest segment of the U.S. labor force) say professional development or career growth opportunities are very important to them on the job.
- Gallup also found that employees with development opportunities are 3.6 times more likely to be engaged at work.
- LinkedIn found that 94% of employees say they would stay at a company longer if it invested in their professional development.
An employee development program should focus on the training, development, and upskilling of an organization’s workforce. The type of training depends on the industry, but it usually involves technical, soft skills, leadership, or customer service training.
In the following, we explore five benefits for employers of an effective employee development program.
Improve Production
A development program provides employees with the knowledge and skills to be effective in their jobs. Trained employees can better solve problems, perform tasks, and achieve goals. Just as an athlete performs better with practice, an employee who has been trained in their job will be more productive. Additionally, trained employees are more confident in their roles and are more motivated to take on challenges, according to Forbes.
Elevate Engagement
Employees are more engaged in their work when they have development opportunities. When an organization invests time and resources into the development of its employees, it shows a commitment to their growth and success. In fact, Gallup found that development is a top driver of employee engagement.
Increase Retention
Employees with development opportunities and higher engagement are more likely to stay with their employers. Employees want to feel like they are making a difference and that their contributions have a purpose. A development program enables difference-making and contribution.
Attract Skilled Candidates
Another benefit of a development program is attracting skilled candidates. An organization with a reputation for development can attract job candidates. Companies with a development program will have an advantage over those that don’t. Nearly nine out of 10 job seekers want to see a skills development program, clear career paths, and career advancement opportunities when they’re considering a job, according to Workplace Intelligence.
Address Skills Gaps
An immediate benefit of a development program is that it addresses a skills gap. While many development opportunities are future-focused, training can help bridge a current skills gap. Whether it’s because of turnover, promotions, or new job opportunities, organizations are constantly replacing workers. Upskilling current employees not only fills a need, but it is typically less expensive, faster, and more effective to train internally than trying to recruit new hires.
In today’s competitive environment for talent, having a differentiator such as a development program should be foundational to any organization. At Employers Council, we offer members-only resources, including whitepapers, and training courses (members get a discounted rate) to help organizations upskill their employees. Click here to learn how to become a member.