A strong workforce not only improves overall business operations, but it also can save the company money. According to the University of Minnesota, it costs the company more to hire a new employee than it does to retain and develop an existing employee. Implementing an effective employee development plan involves assessment, review and communication.
Developing an Individualized Plan
The purpose of an employee development plan is to groom employees from the novice/trainee to an expert in their respective fields. Since each employee in an organization is likely to be at different stages of her career, the management must carefully assess each employee individually and develop a personalized development plan. Additionally, the training and development must be specific and undertaken in order to further the organization’s goals and objectives. Careful planning at the management level is required.
The University of Minnesota points out that mentoring is an important part of employee development. In the course of identifying the individual needs of each employee, the management ought to consider pairing up less-experienced employees with those who have more experience and fostering a mentoring relationship.
Communication and Assessment
Throughout the process, management must communicate and assess the employee’s progress. Regularly scheduled meetings, even if brief, are essential to keeping close track of how an employee is coming along. At the meetings, work should be reviewed, the management and employee should discuss goals and objectives and plan for any outside training or workshops that might benefit the employee.
Importance of Effective Employee Development
Taking time to plan the development of each employee in the organization helps instill a sense that the management actually cares for the employee enough to take time to ensure that the employee is properly trained. Employees will be able to rely on each other and the management to ensure that business operations continue to go smoothly. Overall, morale should improve, and the company may be able to experience boosts in profits.