An employee development plan should be considered at every level. If executed well the plan can provide many beneficial outcomes to your employees, management, leadership, and the whole company. This includes many other advantages including:
1. Cost savings
Let’s start with the most powerful consequence of a good professional development program for any professional company. It saves you money on many fronts - you avoid replacing employees, enjoy greater retention (which translates into the cost), and enjoy a more motivated workforce with the exact expertise you need to deliver to your clients.
2. Greater competitive advantage
Sure, you want to run a profitable business. But you can’t do that without your top talent employees. And there’s a lot of competition for top talent in IT.
3. Lower staff turnover
Employee development plan gives a boost to employee retention. Not only because you’re literally not firing workers with lacking skill sets (and choose to enrich their skill sets instead throug training programs) but also because those employees are going to stay with you longer, as they can fulfill their development goals right where they are.
4. Increased employee engagement
A more engaged and motivated workforce is more productive.
5. Stronger company culture
Employee development programs increase retention, allowing you to build a strong company culture (instead of building it from scratch whenever a bunch of new employees joins your business).