Companies are often happy to pay for their employees to get up-skilled through courses related to their profession. However, the challenge is that these courses are not free and you can end up paying up to 20% of the salary for these courses. The cost of doing so for a junior, mid-level, and senior-level employee adds up to a few thousands per employee. The situation is different for startups, where, to meet the challenge of tech advancement, they have to adopt best practices from other parts of the world.
Highly skilled employees are not only expensive to hire but expensive to retain as well. Hence, business has started investing a lot in acquisition and development of knowledge and skills for their employees. They are constantly upgrading employees with emerging technologies. However, the limited expertise of a large chunk of their workforce results in poor overall experience for the business. This coupled with the exorbitant costs of acquisition and retention has led to numerous organizations to accept the status quo. Even though knowledge and skills acquisition through external courses may help in developing employees for specific roles, I believe it is not enough.
The most important problem in the acquisition of knowledge and skills through external courses is that it is a one-time exercise. It may solve your immediate problem but when it comes to retaining knowledge and skills, the fact is that external knowledge and skills will not be useful beyond a period of time. Companies pay a huge sum to hire employees with expertise but as the employees gain experience, the benefits of acquiring those skills in the initial years of employment are quickly lost. Hence, when it comes to achieving an optimum balance between acquiring knowledge and developing skills, organizations have to focus on better development training.
Think about the following key points while developing employees:
Do not just focus on acquiring knowledge. Develop skills which add value for your company.
Spend the bulk of your employee development budget in learning and development.
Shoot for a mindset that sees knowledge and skills acquisition as the only mode of employee development.
These are the key aspects to achieving excellence in employee development and employee engagement. Organizations that take these principles seriously will enjoy both.
Find out about business schools that provide high-quality courses in business management. Take a look at their list of courses that will help in learning about important trends, issues, and solutions.
Quantity is not important in learning and development. Quality of knowledge and skills will ultimately determine the outcome of training for your employees.
Designate a new employee development team in your organization. Keep track of who is learning what and when. Utilize tools such as attendance or skill-deposit cards to track training progress and record it in the system. These are the best tools to track the progress of training progress of your employees. Make sure the implementation of new knowledge and skills is tracked, for instance if you’re part of the group of employees who’ve been funded to complete botox courses, take the initiative within the organization to propose creating documentation based on the newly-acquired knowledge.
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