Strategic Employee Development Plan: Goal Setting Guide

It’s not easy filling those empty seats with the right talent. Did you know that over 76% of hiring managers still struggle to attract the right candidates? And the worst thing is that the best talent is usually off the market in less than 10 days. [1] This is where an employee development plan comes in as a solution. Instead of constantly looking outside for new talent, a more cost-effective and efficient solution lies within. 40% of Fortune 500 companies stay competitive using Learning Management Systems (LMS.) At the same time, 39% of employees in the US believe that the potential for future growth in the company is a key factor that leads to job satisfaction. In this article, we will explore an employee development plan, how you can create one, and more. Let’s get right to it!

What Is An Employee Development Plan?

An employee development plan, also known as a professional development plan, is a structured and strategic approach to enhancing an employee's skills, knowledge, and abilities within an organization. Essentially, it is a roadmap that outlines goals and objectives for an employee's growth and development in their current role or for future career advancement opportunities. The primary goal of an employee development plan is to ensure that your employees have the necessary tools and resources to excel in their roles while preparing them for future opportunities within your company.

Implementing employee development plans comes with a lot of benefits. First of all, these plans can boost employee engagement and morale by showing that you are investing in their growth and success. This, in turn, can lead to higher levels of job satisfaction, motivation, and retention. Plus, employee development plans can help you attract top talent by demonstrating a commitment to investing in your employees' growth and development. At the same time, these plans also lead to improved performance and productivity, as employees acquire new skills and knowledge that enable them to perform their roles more effectively.

How To Create An Employee Development Plan In 5 Steps

Step 1: Identify Development Needs

You can start by assessing the needs and goals of the employee. For example, conducting performance reviews, gathering feedback from managers and peers, and discussing career aspirations with your employees. Understanding what skills and areas of improvement are necessary for their growth helps you tailor the development plan to meet those specific needs.

Step 2: Set Clear and Specific Goals

Once you have identified the development needs of your employees, the next step is to set clear and specific goals. These goals should be tied to the overall objectives of the organization as well as the career aspirations of the employee. Make sure that the goals are achievable, measurable, and trackable to monitor progress effectively.

Step 3: Create an Action Plan

With clear goals in place, it’s time to create an action plan that outlines the steps needed to achieve those goals. This plan should include specific tasks, timelines, and responsibilities for both the employee and the manager. It’s a good idea to break down the development goals into smaller, manageable tasks to make progress more achievable.

Step 4: Provide Resources and Support

You hold the key to your employees’ success when it comes to achieving their development goals. So, provide them with the necessary resources and support wherever you can. It can be access to training programs, workshops, mentors, coaching, or other development opportunities. It’s important to encourage continuous learning and growth. Offering support and guidance throughout the development process is one way you can do it.

Step 5: Monitor Progress and Evaluate

Finally, don’t forget to regularly monitor the progress of your employees and evaluate how well your development plan works. Schedule check-ins and performance reviews to assess how your employees are moving towards their goals. Make sure your employees are staying on track by giving them feedback and guidance. Also, celebrate achievements and milestones along the way to keep your employees motivated and engaged in their development journey.

Types Of Employee Development Plans

Skill-Based Development Plans

Skill-based development plans focus on enhancing specific skills and knowledge so that your employees shine brighter in their current roles. This type of plan may include training sessions, workshops, mentorship programs, and online courses aimed at boosting technical skills, communication skills, problem-solving abilities, or any other skill relevant to employees' responsibilities.

Career-Oriented Development Plans

Career-oriented development plans are designed to help employees progress in their careers within the organization. These plans typically involve setting clear goals, identifying growth opportunities, and creating a roadmap for advancement. This may include promotions, lateral moves, additional responsibilities, or cross-training in different departments to broaden the employee's skill set and prepare them for future career opportunities.

Leadership Development Plans

Leadership development plans are tailored for employees who show potential for leadership roles. These plans focus on developing key leadership skills such as communication, decision-making, conflict resolution, strategic thinking, and team management. These programs usually offer coaching, workshops, team-building exercises, and opportunities to lead projects or teams to practice and enhance leadership traits.

Cross-Training Development Plans

Cross-training development plans aim to broaden your employees' skill sets by training them in different areas of the organization. This type of plan helps employees become more versatile, adaptable, and knowledgeable about various functions within your company. Cross-training plans open the door for your employees to better understand the interconnectedness of different departments and contribute more when cross-functional teamwork and collaboration arise.

Performance Improvement Plans

Performance improvement plans are designed to help underperforming employees improve their skills, address areas of weakness, and boost their performance. These plans may involve setting specific performance goals, providing feedback and coaching, offering additional training or resources, and establishing a timeline for monitoring progress and evaluating improvement.

Conclusion

It’s safe to say that a strategic employee development plan is the key part of preparing your employees to step up and take on bigger roles. As we’ve run through the steps to implement an employee development plan, make sure that you assess the current skills and competencies of employees, identify areas for improvement, and establish measurable objectives before you initiate the plan. Also, don't forget to communicate with your employees about the plan. Getting their input and feedback leads you to a successful implementation.

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Citations:

1. LinkedIn

2. Finances Online

3. Research.com