08/06/2020

Daily Buzz: Supporting Employee Development, Minus the Budget

Employee development is a branch that bears fruit for your organization

Employee training and employee development aren’t necessarily the same thing—and you can develop employees even when training budgets have been cut.

“Employee development is a branch that bears fruit for your organization—it can have a massive impact on the long-term health of your employees and business,” said Vibhas Ratanjee at Gallup. “Virtual learning and courses are becoming a popular option, but beyond ‘formal’ training (that probably doesn’t really help you cut costs), there are everyday opportunities at your disposal.”

Given that Gallup research shows that organizations that have strategically invested in development are twice as likely to retain employees—and that the average cost of hiring a new employee is $4,129—organizing a development program may even be a cost-cutting measure.

Among the principles Ratanjee lays out are continual coaching and support, building a virtual network for education, and actively promoting a culture that embraces learning. Also, organizations may want to focus on behavioral skills in addition to essential skills, as an IBM study shows that the top two sought-after talents are “soft” skills.

Organizations may also benefit from training managers on providing better feedback for employees.

“If you provide training for your managers on how to give more meaningful feedback and develop people’s unique strengths, it cascades into providing growth to all of your employees on an ongoing basis,” Ratanjee said.

Please select this link to read the original article from Associations Now.