According to the American Society for Training and Development (ASTD), companies with better training investments enjoy a 24% higher profit margin.
The research division of Miller Helman Group found that investing as little as $500 (£350) in employee development, yielded a 46.1% employee performance increase.
Back in the days when I worked in the recruitment industry (26 years in total) I remember asking clients what training they offered their staff.
Some clients would say, “we offer it but only after they have passed their probationary period!”
Others said, “I don’t want to waste money on training people for them to up and leave!”
And of course, a number said, “from day one, as we want them to be equipped with the relevant skills, to really enjoy working here and of course be a great reflection of our business!”
“The only thing worse than training and developing your staff and having them leave, is not training and developing them and then having them stay!”
If you are serious about growing your business or team, you must get serious about firstly hiring and promoting the right people, and then create a personalised development plan for everyone.
When it comes to training and development, one size does not fit all. So, they must be tailored for everyone’s needs.
Creating a Plan with the individual.
Step 1: Always create the plan with the individual. This creates real buy in as it came from them. Too often line managers tell the employee what they need to improve and wonder why they are not?
Step 2: Discuss what their personal goals are and why they are so important to them. People will only personally improve if it is essential to them achieving their goal. You do not have a personal performance gap, without a goal. You have nothing the benchmark it against. If someone says “to make money” dig deeper into their statement. What is the reason that money is so important? Money is very rarely the singular real reason. Where do they want to go and why?
Step 3: Identify one to three (no more than this as it is too much to handle and can leave some feeling useless) areas that they would like to develop, and they believe will have the greatest performance and enjoyment impact. Yes, enjoying your role is critical. We all want happy and productive employees.
Step 4: The line manager needs to make notes of the meeting but ask the employee to confirm in writing what areas they are going to work on and why. When “we” write things down they come from us and have a deeper meaning. A simple and well-known way of setting development plans is to use SMART development plans. Specific (role based) Measurable, Attainable, Relevant and Time based.
Step 5: Meet the individual when you have agreed. You must meet on the specific date you have agreed (unless a disaster stops you), as this shows them that you are equally committed to supporting them and it is equally important.
Your staff are the most important resource your business has and quite often the most expensive. So, treat them with the upmost respect and care and they will treat you the same.
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