All, Miscellaneous, Human Resource
According to a Gallup poll, Millennials care deeply about their development when looking for jobs and in their current roles. An impressive 87% of millennials rate "professional or career growth and development opportunities" as important to them in a job -- far more than the 69% of non-millennials who say the same.
In another recent national survey of over 400 employees spanning three generations (Baby Boomers, Generation X, and Millennials), 70% of the respondents indicated that job-related training and development opportunities influenced their decision to stay at their job. This leads us directly to designing/structuring the correct training program for these employees.
Now, what exactly is a correcting training program? Today, organizations across industries like project management and real estate advisory are keen on employing and grooming leaders at all levels. Although role definitions are important, in the present business scenario it is important to empower and encourage employees to explore roles that lie beyond their job description - in line with the strategic direction and vision of the organization. Development interventions should be designed to achieve this objective, moving beyond traditional ‘training programs’. Employees need to own the responsibility to remain updated and relevant; simultaneously organizations need to facilitate and support this process through training and development.
Take an internal poll – Your major critics are your employees and that too with the correct base. They know everything that is going on internally and also what kind of changes are required. Besides appreciating your interest in them and providing valuable feedback, they will also be receptive to the training that originally is being designed for them. Next will be your external stakeholders, your Clients. Review the customer feedback received through various online surveys. This shall give you clarity on what is working, what is not and what your Client’s preferences and requirements are. You can then develop a training program based on both these polls; turn the feedback into data and data into action and action into results with revenue. A study conducted by Harvard Business School found that an increase in your online rating of just one star can be tied to a 9% increase in overall revenue.
Run your training program as a business. Define your objective, include a SWOT analysis, define a budget with an understanding of the ROI, and market the program as if it is for your Clients. Conduct pilot classes initially; this will help you identify the gaps and allow you to refine it to customize it better, as per your employee’s expectation and the organization’s needs and long term goals.
Training programs need to be accurately calibrated at several levels. To begin with, they need to have the right content, and this does not necessarily mean that the most relevant content is to be only business-oriented. Employees also hope to gain knowledge about aspects such as more effective life management, language skills, personal finances, etc. With business-specific training, the content needs to be aligned with the existing experience levels and aim to create a smooth transition to the next level of proficiency. Also, the training module content should be delivered in the most engaging manner possible, not only to eliminate boredom but also to enhance knowledge retention. Apart from the mandatory training, employees must be given a fairly wide array of training modules to choose from basis their own preferences and interests.
Weave training programs into your company’s culture. As an incentive, every time an employee performs well after a training program, acknowledge him/her; market their growth via internal communications, speak about them in gatherings. This will increase employee engagement, resulting in productivity which will lead to the organization’s growth. We’ve seen this program be adapted in our own real estate advisory service and garner great results.
According to the Association for Talent Development (ATD), companies that offer comprehensive training programs have 218% higher income per employee than companies without formalized training. But it doesn’t stop there. These companies also enjoy a 24% higher profit margin than those who spend less on training. This definitely guarantees that designing and investing in a correct training program gives you two wins! Return on Investment (ROI) and ROO (Return on Objectives).
All, Miscellaneous, Human Resource