The training and retraining of employees can be pretty challenging. Even more, replacing an employee can be a problematic undertaking for most entrepreneurs. As a result, most business owners prefer to retain their existing workers. But, as the business world continues to advance and technology keeps evolving, are there strategies for you to skill up your workers?
Creating an employee development plan is one sure way to have your enterprise meet the demand in the market. Therefore, an employee development plan will save your company tons of dollars by refurbishing its existing talent.
Suppose you are about to expand your business or form an alliance with more prominent corporations. And yu need to boost the skill set of your workers. This article will discuss how to create an employee growth plan; keep reading to learn more.
What is an employee development plan?
An employee development plan is also known as an employee growth plan. In a nutshell, it is a plan or strategy to help existing workers in an enterprise skill up. The goal is to prevent the company from going through an entirely new hiring process by upgrading the skill set f their existing employees. Most times, this skill up is achieved by raining and retraining of qualified workers with prospects.
Essentially, an employee development plan is a laid down strategy and steps to enable a company to meet its ideal objectives. It is a vital tool to employe personal and professional growth. And the rationale behind an employee growth plan is to boost company productivity by improving workers’ output.
Why do you need an employee development plan?
A well-established employee development plan sets up an enterprise for success through improved output that will generate goodwill for the company. As a result, it becomes a worthwhile investment for the business owner. Suppose you wonder if creating an employee development plan is the right thing for your business. Here are a few benefits of an employee growth plan.
- A well-crafted plan Boost employee self-confidence
- It develops latent employee abilities.
- Workers output is enhanced for company profitability
- It sets the pace for company goals and how to achieve them
- It increases the employee retention capacity of a company to reduce unnecessary hiring.
Examples of an employee development plan
Employee growth plans can take several forms. And these forms depend on the nature and level of the company and company needs, goals, and objectives. Below are a few forms through which an employee growth plan can exist.
Continuing education programs
Continuing education programs as a development plan are excellent for people who at to acquire the higher qualification. Perhaps an advanced degree or certificate to qualify for a promotion. Sometimes, the company pays for the tuition. Other times, the employee will pay for the tuition, and later the company reimburses the worker.
This type of development plan does not require the worker to undertake special courses. Instead, the worker obtains hands-on training while on the job. Essentially, the employee in question gets to have extra responsibility added to the one at hand. In which case, the ideal candidate for an added responsibility is those who show promise of development. Usually, such added responsibility as a strategy to train and develop the worker comes with extra pay.
Professional body activities
This form of the development plan is usually peculiar to those belonging to a professional body. Examples include medical personnel or health workers, engineers, lawyers, and those working in the financial and banking sector. Depending on the company’s capacity, participation in professional body activities can be sponsored by the company or by individual attendees. Other times, the company might provide participation subsidies for attendees.
Six steps to creating an employee development plan.
Every plan needs laid down steps for proper execution. Therefore every employee growth plan requires steps for easy and effective execution. Here are six steps to effectively create an employee development plan.
Take note of your company’s needs.
Every company has its needs. And as an entrepreneur, you should be able to pin exactly what those needs are. Your company needs should always be in line with the goals and objectives of the company.
2. Analyze the employee in question
Choosing to expand the company through investing in staff for development is another form of investment. Therefore it is essential to be careful to ensure that the chosen staff is worth it. The whole essence of further training is to maximize output.
3. Decide on an action plan
Essentially, an employee development plan is an action plan. However, what we mean here is to craft out a sequence of execution. Would your growth plan be short-term, midterm, or long-term? These questions will help you figure out what is in line with the company goals.
4. Offer relevant opportunities
Because you will be spending some amount of money on employee development, you must be sure to offer relevant opportunities. Suppose the staff requires some retraining or course, it is essential to ensure that such is relevant to the beneficiary.
5. Review the progress
After investing in both your workers and, by extension, the organization, it is time for review. It means that you have to assess both individual works and the organization as a whole. The reason is that you want to see to what extent employee development has affected the company and the workers in question.
6. Figure out opportunities where the new skills are relevant
The goal of acquiring new skills is for organizational and employee development. Therefore, having created opportunities for retraining your workers, yu must ensure that the newly acquired skills are put to good use to avoid staleness.
How to incorporate automation as part of your development plan with paystubsnow
As part of your development plan, you can include automation by switching to online invoices for your clients. You can also generate online paystubs for your workers and have them get used to doing business digitally. Other automated services on paystubsnow are 1099 and w-2 forms. And all financial documents are sent straight to your email after creating them.
FAQ: What is an employee development plan?
What is an employee development plan?
It is also known as an employee growth plan and is relevant for empowering workers with the requisite skills to better service at work. They may belong, mid or short-term, and are designed to align with the company objectives and goals.
What is the purpose of a development plan?
The purpose of a growth plan is to improve the quality of workers in the company. It is done with a plan to elevate the company’s productivity and establish customer goodwill.
What makes a good development plan?
A good growth plan should include or capture the following: company goals, professional goals of the workers too. Also, it would be best to consider the workers’ talents, strengths, and weaknesses before spending on such plans.