The Biggest Benefits Of Focusing On Employee Development

Companies of all sizes can benefit from placing a greater emphasis on employee development. Whether you work in a small, 10-person firm, or you’re the HR director for a multinational company, using eLearnings and development courses to invest in your employees is a great idea.

Why should you take the time to invest in your employees? We’re glad you asked. In this article, Schoox will take a look at just a few reasons you should use eLearnings and interactive corporate training to develop your employees.

Turnover Reduction

Turnover is one of the biggest issues for HR departments. Human resources management is very complex – but decreasing turnover reduction is one of the best ways to cut costs and increase employee loyalty and satisfaction.

High rates of turnover are often present when workers do not feel properly valued. If a worker just feels like a “cog in a machine”, they are unlikely to have any kind of bond or loyalty to your company. Because of this, they’ll feel free to look for better work opportunities – and they won’t feel bad about leaving your company.

Very high turnover rates can also lead to general employee dissatisfaction. As coworkers and team members leave, their coworkers may become resentful, or be unable to do their jobs properly – further increasing the problem of turnover and employees leaving the company.

If you can invest time and money into educating and developing employees, however, they are much more likely to stick around. They will feel valued, and like your company has a stake in their future. This reduces turnover rates, and helps your company stay more profitable and efficient.

More Opportunities For Internal Promotion

External hires are always a risk. If the person you hire is not right for the job, you may eat quite a few costs if you end up firing them shortly after they start, or if they leave of their own accord.

Because of this, most companies prefer to promote internal employees to high-level positions. Since internal employees have a deep knowledge of what your company does, and how it functions, they are almost always more effective.

If you spend a bit of money and time training potential candidates for internal promotion, you can create a viable pool of candidates for high-level positions – and never run the risk of hiring the wrong person.

Employees Stay Engaged At Work

Employee engagement is absolutely essential for worker satisfaction, and better workplace performance.

Employees want to feel as if they are working towards a career, and that you are aiding them in the development of employee skills that can help them in the future.

If you provide your employees with the tools they need to become better at their jobs, and advance in their career, you can benefit enormously.

Not convinced that employee engagement is valuable? Here are some statistics that prove otherwise:

• Teams with high employee engagement rates are 21% more productive (Gallup)

• Employees with high engagement are 27% more likely to self report feeling “excellent” about their workplace performance (Gallup)

• Increasing workplace engagement by as little as 10% can result in $2,400 more profit per employee per year (Workplace Research Foundation)

• Customer retention increases by 18% when you have highly engaged employees (CVENT)

• Low employee engagement rates lead to 18% lower productivity, 16% lower profits, 37% lower job growth, and 65% lower growth of shares over time. (Queens School Of Business)

You Can Look Towards The Future

A great employee development program forces you to consider the future of your business. When you’re planning an employee development program, you can ask yourself questions related to your workplace culture, and the future of your business, such as:

• What kind of leaders will our company need in a year?
• How is the industry changing, and how should we adjust our education and development programs?
• Are we equipped to be competitive in the future?
• How are customer expectations changing?
• What innovations are on the horizon for our company, and our industry?

Your employee development program will have to address all of these issues and many more. For that reason, we recommend consulting with C-suite executives when developing your development program, to ensure it meets their vision of the future.

Follow These Tips For A Better Company, And Better Employees!

With just a little bit of investment of time, effort, and money, you can create a truly great employee development program that has a larger, positive impact on the business.