Investing in Growth: Fostering Employee Development for Enhanced Productivity

Intro

Every business owner comes to the point when the business is well-formed and most of the troubles are, luckily, in the past. Now all you have to do is keep it growing steadily.

I know. It sounds like a happy ending to a fairytale.

Only this is real life; any ending in your business would not be good, and especially not

happy.

Helping your business grow can be a challenging but truly fulfilling stage of your journey in the business world. There’s so much you can do, and what's best is that not only will your business grow, but you and all the people around you will too.

What does it mean?

Well, your employees are your biggest asset; they are the ones who’ll have to grow if you want your business to expand. If your employees stay stagnant or worse, you can’t expect anything better for your business.

So, if you’re interested in watching your business grow, stay with us for a few tips on how to make it possible with just a few new ingredients.

What is employee development?

We’ve already mentioned employees as the main actors in this part of your business's journey. More precisely, their development.

But what is employee development?

It can be referred to as a process of helping your employees develop professionally and learn new skills through various trainings, learning opportunities, and chances for gaining experience.

It is as beneficial for your business as it is for them. Classic win-win situation. They get to upgrade themselves professionally, and you get more productive workers.

Even though it may seem like an expense, remember that you’re just investing in your business’s future.

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Ways to invest in employee development

Now, that you’ve decided to invest in your greatest of assets-your employees, how can you do it?

As they say, if you’re going to do it at all, do it right. Most companies provide just a minimal amount of employee development in the form of seminars or some basic courses. Employees are mostly left to invest in themselves.

The right kind of action to take here would be to research what your employees need and choose the best approach. Show that you truly care.

Here are some of the models you can use:

1. Training and development programs
2. Career pathways
3. Skill diversification
4. Feedback and coaching
5. Recognition and rewards

Let’s say a few words about each of them.

1. Training and development programs

One of the most common forms of employee development is through various programs and training.

Unfortunately, according to research conducted in 2023, almost 59% of employees said that they never received any workplace training and had to rely on self-taught skills. This implies that investing in employees is still considered an unnecessary expense.

To avoid becoming this kind of statistic, you first have to determine what skills and knowledge will be most beneficial for your business's future and take action. Determine programs that are developing those skills and make them available to your employees. You can do that through various online courses, seminars, or conferences.

These programs and training will give your employees a chance to improve, keep on track with new technologies, and therefore enhance their productivity.

2. Career pathways

If you provide clear career pathways, you can motivate your employees to self-improve. Also, this will keep them engaged and more committed when they see you’re offering them growth potential.

Here are a few tips on how to make your company’s career pathway available and interesting to your employees:

Transparent open positions

Keep your open position transparent, and make sure your staff is well-informed. When they know how they can advance to a better fit or better pay, they’ll be motivated to improve their skills and learn all they can.

Train on writing better applications

Most people get stuck when it comes to writing a cover letter for an internal position because they feel like they have shown what they know and that their managers already know them well. Giving them the option of training on writing better applications would be greatly embraced as a sign of your encouragement for them to advance in the company.

Networking

Create opportunities for your employees to meet. Networking is beneficial for creating a good working atmosphere and building relationships with other coworkers, supervisors, or other professionals. Through this, you’ll create better bonds between different sectors or teams, and help individuals gain the best insight into new career opportunities but also get support and guidance from more experienced colleagues.

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3. Skill diversification

We are way past the time when people had to specialize in just one area. New times bring us new measures.

One of the ways to get the best from your employees is to provide them with opportunities for diversifying their skills. You can manage that through training programs and initiatives for job rotations. That way, you’ll get the maximum from your workers, and they’ll get new skills and access to new positions.

4. Feedback and coaching

For the best results, it’s not enough to just give your employees learning opportunities. It’s also important to give them relevant feedback on their newly acquired skills. Also, through coaching sessions, you can help them define development goals and resolve any issues they’re having trouble with. Your constructive criticism and encouragement can enable employees to take responsibility for their professional development.

5. Recognition and rewards

And last, but certainly not least, reward your employees and give them recognition for what they’ve achieved. Everybody loves a little boost, and the fact that you are appreciating their effort is truly one.

You can choose the rewards you want, but they usually take the form of promotions, bonuses, or public acknowledgment. If you show that kind of respect for them, you can expect increased interest in professional development among your employees.

The importance of investing in employee development

Does having a team of dedicated employees sound great? But how do we achieve that? Through building great relationships with them, taking care of their well-being, and helping them improve their skill set.

And how do you manage that?

By investing in their professional and personal development. Yes, it’s an investment. And you should consider it that way.

With a team of up-to-date, skilled, and satisfied workers, your business can only grow. Remember, the workplaces of the present are far different from the ones of the past. It’s not all about what employees can do for you. Now it’s also important what you can do for your employees.