Like any business investment, we look at the return we will receive. Some returns are more difficult than others to quantify and measure, others can be easily measured by reviewing Key Performance Indicators. For those business’s that toil with the constant challenge of enthusing their workforce to perform at a high level, then an investment into your workforce is the obvious solution. How an employer does this however, is often the question that continues to go unanswered.
Development Plans is the process of creating an action plan based on awareness, values, reflection and goal-setting within the context of career, education and self-improvement. A key retention tool used by successful businesses, development plans can incentivise employees with career development.
Employee Development Plans must be a collaborative approach between managers and employees, often resulting is assisting the building of close working relationships, creating a culture in the organisation where every employee is motivated to learn new skills and acquire new learnings. Employees gain confidence and feel they can contribute value to the goals of the organisation.
Tailored Development Plans are always preferable, as templates can only take you so far. So, the question is, what are the key factors of a good development plan, here is a brief guide to consider;
If this process is managed correctly, the benefits to both the business and employee will clearly define the future success of both parties. Performance reviews will be an annual process, that will be far more efficient, with greater value of contribution of fact to the process. The return on the workforce investment will be material.
So, like any business, large or small, an investment can take time, and at a cost, but the most relevant question is, can your business afford not to have Development Plans in place?