Employee Development: Who, How & What You Need to Know
Turn your company into a productivity powerhouse with this secret benefit that your employees actually want!
Developing your employees and turning them into learning machines that will benefit your company from now until the future is kind of a no-brainer. Surprisingly, not every company focuses the attention they should on employee development or career development. Here is a great list of statistics that prove why, when and how you should start bringing employee development into the workplace.
Your employees are already learning anyway. Why not make it easier for them to acquire new skills? More than 70% of learning occurs informally, while on the job. (source) 65% of organizations often assign employee development opportunities informally.
Did you know your company can boost employee engagement just by showing off its learning prowess? Over 50% Millennials say that development plans make an employer attractive. (source)
Boost your bottom line: Companies investing $1,500 or more per employee per year on development programs average 24% higher profit margins than companies with lower yearly training investments.
Add to programs you’ve already implemented. Leadership training and development planning are both great ways to integrate employee development plans even further within your organization. 71% of organizations use leadership training and 70% use development planning
While just 9% of employees want more challenging work, these could be your future leaders in the making. Invest in employee development for all and let the diamonds in the rough shine brightly! (source)
85% of human resources professionals state that the employee’s supervisor takes a leading role in formally measuring the outcomes of employee development. Relations between management and HR professionals can always improve. Collaborating on employee development is a great project with which to increase communication!
52% of human resources professionals report that employees are encouraged to set their own development goals. This means you can gain a competitive edge on your competition by simply allowing your employees to set their own development goals. (source
Opportunities to learn are few and far between! The good news is that nearly 25% of employees want more opportunities. Providing learning opportunities for your people is a sure way to increase engagement with at least 1 out of 4 employees. (source)
Is your CEO one of the many who is stressed about how the skills gap will affect your company? If so, invest in employee development. 41% of companies say they have programs in place to help narrow the skills gap, including On-The-Job Training, Mentoring, and Continuing Education Programs. (source)
Those that invest in employee development and training see incredible results. Proof? The American Society for Training and Development (ASTD) collected training information from over 2500 firms and found that companies that offer comprehensive training:
- Have 218% higher income per employee than those with less comprehensive training,
- Enjoy a 24% higher profit margin than those who spend less on training, and
- Generate a 6% higher shareholder return if the training expenditure per employee increases by $680. (source)
So how do you start? Well, the good news is there are lots of ways to create a culture of development:
- 31% of companies say they plan to cross-train their current employees.
- 22% of companies use access to conferences, workshops, or seminars to train and develop employees.
- 19% of companies use online training programs, while 16% use internal training departments. (source)
But don’t leave the decision for too long. Training is seen as a benefit. In fact, up to 33% of global employees cited training and development and their first choice benefit besides salary. (source) and 75% of Millennials would consider leaving their job if they don’t see options for their professional development. (source)
There you have it! A comprehensive case to bring to your colleagues that proves the reasons and benefits of investing in employee development. Once you’ve made your decision, consider working with Reviewsnap to create a learning dashboard and system for your entire organization. Take a free trial of our learning management system today!