The business landscape is in a constant state of flux, and to stay competitive, today's companies must continuously evolve and innovate. While technological advancements and effective recruitment strategies often fuel innovation, overlooking the significance of employee development can have detrimental effects on both your business and your workforce.

Employee development plays a pivotal role in enhancing efficiency, engagement, and professional growth. Investing in your employees not only boosts engagement and job satisfaction but also helps retain your most valuable talent. This is especially crucial given that approximately 64% of employees would consider leaving their jobs if they didn't see opportunities for skill development.

Let's delve into the world of employee development and explore its relevance to businesses today and in the future.

What Is Employee Development?

Employee development involves enhancing your team's skills, knowledge, and competencies. Tailored training and development opportunities empower employees to explore their talents, nurture their professional passions, and elevate their existing skills to new heights.

It's important to note that training and development are not synonymous. While training provides resources for learning, development is a process that enables employees to progress and upskill. The ultimate goal is to strengthen the business and achieve organizational objectives, and in doing so, both employers and employees stand to benefit, creating a win-win situation.

However, it's worth acknowledging that development necessitates an investment of time and resources, much like many aspects of business. While this might deter some employers, those who embrace professional development will reap long-term rewards.

"Learning experiences are like journeys. The journey starts where the learning is now and ends where the learner is more successful. The end of the journey isn't knowing more. It's doing more." – Julie Dirksen

Take inspiration from Julie Dirksen, a workshop facilitator specializing in talent and learning organizations. Her wisdom underscores the simple yet effective formula that the more knowledge your employees acquire, the more they can contribute, ultimately leading to the improvement of your company.

Why Is Employee Development Important?

In recent years, the business landscape has undergone significant changes, presenting new challenges, concerns, and a heightened need for growth and stability. Employees now seek greater flexibility, job satisfaction, and a genuine sense of purpose in their roles. This underscores the enduring importance of employee development, as it enables both businesses and professionals to achieve their best potential.

The employment landscape has transitioned from a "demand marketplace" to a "talent marketplace," with 90% of employers foreseeing significant skills gaps in the coming years. Companies are not only eager to recruit top talent but also individuals equipped with the requisite skills to hit the ground running. In such scenarios, developing existing talent in-house can often prove more effective.

Consider a situation where no external candidates possess the specific skills your organization requires. This underscores the critical importance of employee development, as it empowers you to build a team of experts who are already committed to your company, well-versed in your processes, and driven by their personal growth.

Tailoring Your Employee Development Plan

Employee development plans are designed to impart new skills, capabilities, and insights relevant to current roles while also considering future career progression. This approach benefits both employees and the business, allowing employees to advance in their careers while the company gains internally cultivated talent.

Before diving headfirst into creating your employee development plan, keep the following considerations in mind:

1. Skill Gaps: Start by identifying skill gaps within your organization. Analyze the current skill sets of your employees and pinpoint areas where improvement is needed. This will provide clarity on absent or underdeveloped skills and help identify employees eager for growth.
2. Aligned Goals: Ensure that your employee development plans align with both the learner's aspirations and your business objectives. Alignment is crucial; otherwise, your investment may lack purpose. Bridging the gap between personal and organizational goals can significantly enhance impact and productivity, fostering mutual commitment to each other's progress.
3. Identifying Leaders: Employee development plans serve as a valuable tool for identifying future leaders. These are individuals who are motivated to evolve, refine their skills, and take on new responsibilities. The journey of development often reveals those employees who are ready to shoulder greater responsibilities and contribute more to the company.
4. Future Talent: Understand that employee development is a process that evolves over time and may involve some trial and error. As you gain deeper insights into your employees and the skills required to achieve your goals, you'll gradually develop a blueprint for success. This, in turn, facilitates more creative and consistent talent growth.

Creating a Robust and Valuable Employee Development Plan

Establish a Learning Culture

The term "culture" might be overused, but it holds considerable significance in the workplace. A strong company culture motivates employees and encourages them to go the extra mile. The same principle applies to employee development.

According to an IBM study, 84% of employees in top-performing organizations receive the training they need, compared to only 16% in the worst-performing companies.

Rather than imposing simplistic and mandatory training programs, create a learning culture where employees are genuinely excited and energized by the development process, not just the prospect of a pay raise. Integrate training and development into employees' work schedules and encourage them to practice and share their newfound skills with colleagues. Learning on the job can often be more effective than traditional training methods and can lead to higher engagement.

A study titled "The State of Learning in the Flow of Work in 2022" revealed that 47% of respondents didn't have enough time to benefit from structured or tailored training. Avoid the mistake of burdening your team with additional tasks that disrupt their workflow or personal time. Instead, establish a holistic culture where learning, working, and continuous development are integral to your business.

Invest in Employee Development

As emphasized throughout this article, employee development demands an investment of both time and resources. If you are genuinely committed to equipping your employees with new skills, you must be willing to allocate the necessary financial resources.

An allocated budget isn't just money; it sends a clear message to your employees that you value their future. This is not about compliance training or cybersecurity tips; it's about genuine employee development that yields tangible results.

Encourage Ownership and Progression, Not Perfection

While striving for excellence is commendable, it's important to recognize that perfection is rarely attainable, nor should it be the expectation when it comes to employee development. Learning is fueled by mistakes and the ability to overcome challenges. In the words of Nelson Mandela, "I never lose. I either win or learn."

Encourage your employees to take ownership of their professional development with an emphasis on progression, not perfection. Embrace the notion that a culture of continuous improvement involves taking risks, learning from failures, and pushing boundaries. Creativity and innovation flourish when employees are not held to unattainable standards of perfection.

Employee Development and Beyond with Remoly

While employee development is undoubtedly a critical aspect of managing a global workforce, it is just one piece of the puzzle. Businesses that employ talent from around the world face a multitude of challenges, from navigating complex tax documentation to managing global payroll and more. Handling these tasks consumes valuable time that could be better spent on employee development and future growth.

Remoly's platform is designed to help businesses effortlessly hire global talent and act as their employer of record (EOR). We handle the intricate aspects of global employment, including taxes, payroll, visas, benefits, and insurance, allowing you to focus on what truly matters – nurturing and developing your employees for future success.