Just like chocolate chip cookies need sugar, flour and eggs, your business needs a product or service, customers and employees. But many businesses are missing a key ingredient in their quest for success and sustainability: employee development. Yes, employee development costs money. And yes, there are dozens of other important areas in your business that need your attention. But if you don’t make an investment in employee development, you’ll miss out on one of the most effective ways to drive business growth.
Employee Development Program
Employee development is a top priority for our firm. And having recently overhauled our own employee development program, we’ve learned a thing or two. If you want to implement such a program in your company, here are some key ingredients we recommend you add to the mix:
- Make sure someone owns it. We tapped a firm leader to create and execute our employee development program. She has full ownership of it. Even if your company can’t sustain such a position full-time, it’s crucial you make sure that someone is charged with overseeing your efforts.
- Have a plan. Outline the areas in which you want to develop your employees, and be sure to include any training or education that are required in your field. Remember that leadership and soft skills development are just as important – if not more so – than technical curriculum.
- Never stop giving feedback. Regular, timely feedback is absolutely critical to employee development. Create a performance management program that includes goal-setting and regular performance evaluations, as well as upward evaluations so that your employees can evaluate company leadership too. We also host an annual training for our performance coaches to hone their skills and ensure that our coaches are conducting evaluations under the same set of standards.
- Fill the pipeline. Implementing an internship program is a great way to introduce new, fresh talent to your company. Not only does an internship program give you access to possible candidates after graduation, but it also provides an opportunity for some of your up-and-coming employees to put their leadership skills into action as mentors.
Employee development should be top of mind every day. If it’s not, you run the risk of your employees going elsewhere. And if you can’t keep good employees, you probably won’t be able to keep good customers, either. As you’re planning, budgeting or forecasting for the year ahead, consider how you can incorporate employee development into your business.
Check out episode 30 of unsuitable on Rea Radio, “don’t just make a hire, build leaders for a lifetime,” to learn how a structured training and development program can help strengthen your organization and your employees. Listen on iTunes, SoundCloud or at www.reacpa.com/episode-30.