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Are You Doing Enough to Develop Your Employees?
No CommentsEmployee development is a vital part of a growing, dynamic organization, yet many companies don’t put a strong priority on it. According to a recent study by Towers Watson, only a third of employers say their managers effectively conduct career development discussions as part of performance management, and only 27 percent say they monitor the effectiveness of career management programs.
These companies may be losing out. A recent survey from World at Work found that while 35 percent of all respondents said they had a written development plan, employees who expressed having high long-term loyalty to their employers were more likely to have one. In addition, “promotion opportunities” was listed as a top concern for employees.
“Smart organizations should put a high priority on employee development,” says Patrick Lynch, president of the Frontier Group. “It pays out with increased productivity, lower turnover and higher employee engagement.” The improved economy is giving many employees the chance to explore the market after sitting tight through the recession, he adds.
Brendan King, CEO of talent acquisition and management consultancy King & Bishop, says companies that want to make an investment with a measurable return should invest in employees. “Without this investment, the organization is reactively managing and these are the organizations that will experience higher turnover,” he says. Here are some tips to ensure you’re doing enough to develop your employees.
Align Your Goals
One of the best ways to make sure you’re developing your employees effectively is to find a way to align their personal goals with the organization’s goals. Lynch suggests identifying what the key goals of your organization are (such as boosting revenue, improving customer service or fostering innovation), setting goals at the department level, and then finding ways for employees to contribute to those goals in their own way.
As these goals are set, King says skill gaps may become apparent — setting the stage for development and training. “When we discover individual skill gaps, it becomes the blueprint towards making an investment in developing employees.”
Goals that are set should be clear and well communicated, King says; a common template for establishing goals is SMART — specific, measureable, attainable, relevant and time bound. “Individual goals should be established in the same way and tie back to group goals and the organizations ultimate objective, or mission statement,” King says.
What’s at Stake?
Organizations that don’t do enough to develop employees may face many issues. “The stakes for organizations that do not commit to employee development are a disengaged workforce who will not be operating at full capacity,” Lynch says. “It will generate increased turnover as key employees leave to find more productive environments. It will also create negative word of mouth where potential employees will avoid the company because of a negative reputation for how it treats its people.”
Companies that don’t put a priority on developing employees may find themselves in a “reactive” management mode, King says. “Anyone can become a good manager by responding to issues,” he says. “It is the organization that proactively creates a learning and development environment that proactively engages and manages. Good employees want to work for organization that will make an investment in them. If this objective is met, there will be lower turnover.”
Contact us to learn more about affordable ways to develop your employees and boost your business.
HR Solutions is a human resources outsourcing firm based in Baton Rouge, Louisiana. We eliminate human resources headaches for businesses with 10 to 1,000 employees by handling their payroll, employee benefits, regulatory compliance and other staffing needs. Contact us to learn how we can streamline your company’s human resources function to save money and reduce risk.
