A 2012 Global CEO Survey by PricewaterhouseCoopers found that 47% of company leaders expect growth in upcoming years, yet only 30% believe that they will have the talent they need to accommodate that growth. Focusing on employee training and development might be a solution to the shortage of talent in the workplace. Implementing a formal training program will enhance employee’s skills while improving performance, satisfying their needs and allowing the opportunity for further career development.
When constructing a development program, it is important to consider the level of management involvement and motivation of the employees to ensure success of the program across the organization. In addition, results should be measured regularly to identify opportunities for further improvement.
Manage
Before planning a development program for employees, it is imperative that leaders understand the value and relevance of ongoing training. For a formal development program to succeed, there must be buy-in across the entire organization—from leadership to management and down to the employees.
As often as possible, management should relate development opportunities to performance management benchmarks by defining short term projects, long-term goals, and career development opportunities for the employee.
Motivate
According to a HBR study, a lack of formal training in the workplace has left employees looking for greater opportunities elsewhere. In fact, a survey of 1,200 employees found that nearly 95% regularly update their resume and seek information on prospective employers. The majority of respondents indicated that their employer does provide opportunities for on-the-job development, but these young achievers place greater value on formal training, mentoring and coaching.
This gap between what the employer offers and what the employee desires may be attributed to the expenses associated with formal training and the fear that it may not be a legitimate investment if employees do not stay. However, providing the opportunity for formal development might actually be the answer to reducing turnover and sustaining talent in the workplace.
While this study revealed the fact that these young achievers desire formal training, the obstacle of motivating them to commit to development as an addition to their already busy schedules still exists. This is when management involvement and additional resources becomes important. When management takes a genuine interest in recognizing the motives of their employees, they will feel more engaged and encouraged to improve their skill set through training. With a thorough understanding of employee values, leadership is able to align the employee’s desires with the goals of the business. With this knowledge, they can create a program which will have a positive impact across the organization by increasing engagement and productivity while enhancing talent for a competitive advantage.
Measure
According to research by the ROI Institute, the vast majority of CEOs are interested in how their investment in development programs has improved business performance, yet a mere 8% of CEOs indicated that they measure ROI. Measuring ROI from year to year is the most effective way to represent results of the program, and might reveal that what worked well one year did not work as well the following year. Even when a business is experiencing obvious growth, measuring results against the initial issues and objectives of the program is necessary as a way to identify trends and plan for change.
In addition to ROI, consistent feedback from employees may provide insights for further development opportunities while keeping them satisfied, engaged and knowledgeable.
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