According to a recent survey, the majority of employees are more likely to stay with their current organization if the organization invests in helping them learn new skills.
Undoubtedly, every business aims to achieve a high employee retention rate in order to thrive in the marketplace. However, only a few of them truly take the measures required to ensure their employees are engaged and happy with their growth in the organization. As a result, they face a tough time retaining their employees. This is when having actionable employee development plans in place can save businesses from losing their most valuable assets.
Creating employee development plans not only extends opportunities for employees to acquire new skills but also eases the process of employee performance management. Boosted employee engagement, improved performance, increased productivity and profit are just a few of the many beneficial outcomes of successful employee development programs.
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A brief about employee development plans
Employee development plans refer to defined steps involved in the process of allowing employees to learn new skills and grow professionally. Helping employees expand their knowledge allows them to explore their interests, acquire new competencies as well as perform their current job responsibilities with improved efficiency. If implemented successfully, both the organization and employees simultaneously reap the benefits of the employee development process.
Steps to create an employee development plan
Nevertheless, prerequisites for creating a development plan for employees vary from organization to organization. However, keeping some basic aspects in mind can simplify the process to some extent. The below are the essential steps involved in creating a successful employee development plan:
Step 1: Aligning business goals with the development plan
The first and foremost step while creating an employee development plan is to analyze what is the goal to be achieved at the organizational level. It is equally important to consider long-term goals to know what are the essential steps to be taken to attain these goals. Additionally, it will also help in identifying the requirement of resources and investments to be made for implementing the development plan.
Step 2: Analysing skills gaps
Once the organizational goals have been identified, the next step is to understand the kind of skill development and knowledge needed to ensure improved performance. This can be done by evaluating the skills that are required to fulfil job responsibilities. Furthermore, analysis on an individual basis can be carried out to understand what they are already doing well and what their specific skill training requirements are.
Step 3: Planning development activities
Employee development plans are not only confined to scheduling training sessions for all. To gain maximum benefits, it is essential to create development plans tailored to employees’ requirements. This means before planning development activities, consider knowing the areas of interest of each employee and their thoughts on learning and growth in the organization. This helps to ensure that the expectations and learning requirements of the employees have been met.
Step 4: Assessing employee progress
Assessment plays a vital role in skill improvement. Tracking the progress of employees regularly helps to know whether the training sessions are aiding the skill improvement process or not. While reviewing employee performance, do not forget to acknowledge their accomplishments, as it encourages them to remain active participants. Besides, monitoring employee performance with the help of a talent assessment tool assists in deciding the next step in the development plan.
Step 5: Consistent plan improvisations
Employment development programs need regular improvisations over time to ensure that they continue to add value to the employees’ competencies. Moreover, based on employee performance feedback, development strategies can be redefined, ensuring the consistent engagement of the employees.
Final note
The success and growth of an organization are indirectly dependent on the proficiency of its employees. Accordingly, creating employee development plans helps businesses to foster employee commitment and minimize attrition rates.