The world of work is evolving at an unprecedented rate, with job skill requirements changing by 25 percent since 2015, according to a recent LinkedIn Learning report. This seismic shift has left organizations scrambling to keep up and remain competitive in the rapidly-evolving landscape.
To thrive in this dynamic environment, companies must take action and empower their teams to continuously build and enhance their skills. This is where an effective employee development program comes in.
What is an employee development program?
An employee development program provides learning paths for employees to upskill, reskill, and receive the necessary training to achieve their professional goals. It is a comprehensive program that offers multiple training courses and options to meet the diverse needs of all team members.
Distinct from an employee development plan, which addresses individual needs, goals, and skillsets, an employee development program is offered to all team members and allows them to implement their individual development plans within a broader framework.
Why your business needs an employee development program
An employee development program fulfills multiple needs within your organization. It not only improves employee engagement, job performance, and satisfaction, but also lowers turnover. Furthermore, it provides an opportunity to fill skills gaps and cultivate future leaders.
Employee development leads to higher engagement and performance
One of the primary reasons companies are interested in employee development programs is the significant impact they have on morale and performance. According to Glint’s 2021 State of the Manager report, employees who have solid opportunities to learn and grow are 2.9 times more likely to be engaged at work. Additionally, employees want to be encouraged to learn by their managers.
Employee engagement plays a crucial role in organizational success. Highly-engaged teams have significantly fewer negative outcomes and more positive ones. Highly-engaged teams experience:
- An 81% decrease in absenteeism
- A 43% decrease in turnover (18% for high-turnover companies)
- A 28% decrease in theft
- A 10% increase in customer loyalty
- A 14% increase in productivity
- A 23% increase in profitability
To achieve these desirable outcomes, it is essential to give your team members opportunities for growth and development through the implementation of an employee development program.
Development attracts and retains talented employees
To thrive in any labor market, attracting and retaining top talent in every department is crucial. A strong employee development program is the key to achieving this. According to the 2022 SHRM Workplace Learning report, 83% of HR managers believe that training is beneficial for attracting and retaining key talent. Furthermore, 76% of employees are more likely to stay with a company that offers continuous training.
Having the right people in your organization boosts morale and productivity while saving costs associated with constant rehiring. Skilled and experienced team members are an asset to any organization, enhancing overall performance and success.
Employees need additional training for their current roles
Contrary to common assumptions, employees already in a role may still require additional skills to excel. According to the 2022 SHRM report, 55% of employees feel they need extra training to perform better in their current positions. Workplace technology and required skills are evolving rapidly, making ongoing employee development critical.
By incorporating an employee development program, your team members can stay ahead of the curve, continually refining their skills. This not only improves their performance in current roles but also prepares them for future career advancement.
Employee development closes leadership and skills gaps
Leadership development and skill gaps are significant concerns for modern companies. A study by Gartner found that over 33% of HR leaders struggle to develop effective senior leaders, while 45% face challenges developing mid-level managers. Additionally, 81% of HR leaders cite lack of readiness as the primary reason a strong candidate couldn’t fill a leadership role.
Moreover, McKinsey discovered that 87% of companies face substantial skill gaps presently and in the near future.
Fortunately, an employee development program can address these concerns effectively. By creating leadership development training and upskilling/reskilling opportunities, you can develop influential leaders while closing critical skills gaps in your organization.
Components of an effective employee development program
Now that we understand the importance of an employee development program, what does a successful program look like? To be effective, it must meet the needs of every team in your company, incorporating multiple learning paths and addressing diverse professional goals.
Easy-to-access training for a variety of skills and goals
At the core of an employee development program lies comprehensive training. You can utilize various methods, including eLearning, microlearning, classroom settings, or hybrid classes. Each of these formats can cater to different learning styles, maximizing impact.
An all-in-one learning platform, such as the Learning Cloud from WorkRamp, simplifies the creation and implementation of various training types, from onboarding to sales enablement to customer education.
Coaching and mentoring
In addition to training courses, most employees benefit from personalized attention to grasp and apply new skills. This can be achieved through coaching and mentoring by managers or more experienced employees. It is vital to ensure that managers and mentors possess effective coaching skills to engage, motivate, and encourage their colleagues. Including coaching training in your leadership curriculum is essential for this purpose.
Coaches and mentors grow and become more effective through practice, ultimately enhancing their own skills and leadership capabilities. Incorporating coaching and mentoring into your employee development program creates a mutually beneficial experience for mentors and mentees.
Addressing skill gaps
A successful Learning and Development (L&D) team aims to help employees advance in their careers while meeting the talent needs of the organization. To achieve this, the L&D team must have a knowledge of the company’s goals, skill gaps, and develop training programs accordingly. Incentivizing employees to pursue these training opportunities can also be beneficial in specific areas.
Balancing employees’ desired skills with the company’s need for competitiveness creates an invaluable and effective employee development program.
Measurement of training outcomes
Measurement is a crucial component of any employee development program. Evaluating training outcomes involves gathering learner feedback, tracking performance improvements, and identifying employees who are well-prepared for new positions as they become available.
Measuring the effectiveness of your training programs helps identify areas for improvement and allows you to focus resources on the most successful aspects. An Learning Management System (LMS) like WorkRamp’s Learning Cloud provides tracking and reporting capabilities to measure learning program impacts and team performance.
How to create, evaluate, and execute an employee development program
Whether you have an existing employee development program or are starting from scratch, it is crucial to create and deploy an effective program aligned with the needs of both employees and the company. The following steps will help you achieve your development goals and reap the benefits.
Determine the goals of the program
The first step in creating a strong development program is understanding the needs of all stakeholders, from employees to executive leadership. By collaboratively setting goals, you can establish desirable career paths, identify skill gaps, and improve leadership development within your organization. Defining key performance indicators (KPIs) allows you to measure progress and evaluate the program’s success.
Choose a platform
Selecting the right platform to host your employee development program is essential. While some companies attempt to integrate multiple existing solutions, investing in an intuitive, all-in-one learning platform like WorkRamp’s Learning Cloud offers greater effectiveness and versatility.
Knowledge Services, for example, utilized WorkRamp to launch their Knowledge Services University. By providing a user-friendly and collaborative platform, WorkRamp enabled them to achieve significant results in a short period. Having the right platform is crucial for realizing the full potential of your employee development program.
Get student feedback during the course creation process
By involving learners and obtaining feedback during the course creation process, you can create more effective and impactful training courses. This iterative approach allows you to make improvements early on, saving time and effort. Working directly with learners and their professional development goals also helps you understand the learning paths needed to meet individual and organizational needs.
Create a coaching or mentoring program
To complement eLearning and classroom training, incorporate coaching or mentoring into your employee development program. This provides employees with personalized feedback and guidance. Mentorship opportunities can serve as leadership development opportunities for experienced employees, while less-senior employees benefit from skill reinforcement and motivation. Developing a structured program ensures that mentors and mentees have clear expectations and positive experiences.
Measure the results of your employee development program
Once training and coaching are in place, it is essential to measure the program’s results. Compare the actual performance against the established KPIs. This data-driven approach enables you to identify areas of improvement, adapt to changing circumstances, and maintain a successful employee development program.
Create an effective employee development program with the Learning Cloud
Choosing the right learning platform is crucial to build a solid foundation for your employee development program. With the Learning Cloud from WorkRamp, you gain an intuitive and versatile learning system that allows you to create comprehensive employee development, new hire training, customer education, and more. Its tracking and reporting features enable you to measure learner progress and key metrics effectively.
If you are ready to create a high-quality employee development program with the Learning Cloud, contact us for a free, personalized demo.