Are Your Employees A Flight Risk? You Need An Employee Development Plan.
According to a new survey by Jobvite, about 8 in 10 workers are open to new job opportunities. Compensation remains the primary reason for seeking a new opportunity but many workers are also concerned about the lack of growth opportunities and work/life balance.
The rise of the gig economy has helped empower people to realize they don’t need to stay with an employer if they feel they are not being compensated fairly or if growth opportunities are limited.
“Career growth can mean different things to different people” said Tina Robinson, CEO of WorkJoy who specializes in leadership development. “It can mean a bigger title, more responsibility, or more autonomy in the position.”
It’s critical for employers to create a development plan and career path for employees at all levels. A development plan outlines opportunities and gives direction on how to increase their skill set and advance their careers. Many employers make the mistake of thinking that developing employees only helps them move on to another employer sooner.
In fact, a development plan can help you retain your top talent and save money on turnover, recruiting and training costs. In addition, your business is likely to thrive with more engaged and involved workers.
To ensure your development plan is targeted to actual needs consider the following:
Link development plans to business goals
Identify your business goals and align their development plan with your business needs. As your company grows, your needs will change. Identify the skills you will need in one to three years will help you develop internal growth plans to support those goals.
2. Connect with your employees
Learn about your employee’s career aspirations? What do they love about working for you and what would they change if they were in charge? Ask about the areas they struggle in as well as areas they would benefit from additional training or mentoring.
3. Understand the value of high potential employees vs. high performers
There is a difference between a high potential employee and a high performing employee. Most high potentials are high performers but not all high performers are high potentials. An employee might be great in their current role e.g. sales but may not have the potential to excel in a leadership role. Doing versus managing require different skill sets that can be developed.
4. Conduct a readiness assessment
Readiness encompasses desire, skills and experience. Someone may need progressively more complex assignments, training or mentoring before they are ready to step into the next role.
5. Determine the training, learning and development needed
There is no one fits all when it comes to training, learning and development. The most benefit is likely to be a combination of classroom or online training, special projects, a rotational or stretch assignment and coaching and mentoring. Giving someone a special project will build their confidence and gives them opportunities to work with others in a new way.
6. Create a development plan
The best development plans contain specific and timely goals that are achievable and measurable. Create a plan that identifies a specific outcome along with howand whenthe outcome is expected to be achieved.
The Result
Creating a development plan withyour employees (not forthem) will help your team be more effective, engaged and likely to stay with you longer. To get your return on investment create some opportunities where employees can quickly leverage their new skills and help your business thrive.
Aisling Byrne, SHRM-SCP, CEBS, CMS is the CHRO at Artemiste Consultingwhere creating great places to work is our passion. Ms. Byrne is a frequent contributor to the Artemiste blog on many topics including onboarding, talent development, performance management, compensation planning, employee engagement, total rewards and learning and development.