3 Real Benefits of an In-house Career Development System
The fear of being underutilized at work or having their skill sets become stale is a major concern with both new and mature professionals. In fact, nearly half of the employees leave an organization due to a lack of recognition and career advancement opportunities. So, it isn’t a surprise that having a dedicated career development system that helps leaders understand what their employees are looking for as well as provides a systematic approach to management can be a huge benefit in today’s workplace. But the question is, should you set up in-house training?
If yes, why⁉️
What is in-house training?
In-house training or an in-house career development system is a form of corporate training that requires an organization to use its own expertise and resources to develop employees' skills. This type of training can be beneficial to both the employees and the company as it provides an effective way for employees to improve their skills, which, in turn, allows the company to acquire new knowledge and skills from its employees so that it can better serve its customers.
An in-house career development system is also a great way for leaders to give direct feedback to their employees about how well they are performing in their positions. Although in-house training can be more expensive than other options, it gives companies the power to design their own curriculum and select the most qualified instructors.
Individualized attention, a tailored curriculum, and hands-on learning are all benefits that make in-house training an appealing option for many large organizations. In addition, organizations can ensure that all employees are trained according to a certain standard, which gives them an edge over competitors who may not have such a standardized training program in place. Countless organizations also use in-house training for new employees who are entering the workforce for the first time. For example, an auto manufacturer might host an in-house training session on how to use tools and operate machinery, while a bank might offer in-house professional development courses on financial management, customer service, and marketing. This type of well-rounded development can help keep the employees motivated and engaged. In fact, a 2017 study conducted on the effectiveness of in-house training concluded that this form of training did facilitate an improvement in skills and learning attitudes among employees.
3 real benefits a custom in-house career development system can contribute to your organization
Understand your employees’ competencies
A successful career development system focuses on employee competencies and encourages employees to reach their full potential by:
● Finding new and interesting ways to recognize employees for their achievements.
● Providing relevant training that will help employees achieve their goals.
● Giving employees a chance to gain new skills through cross-training opportunities or mentorship programs.
● Providing additional support during times of transition so that people can successfully move into new roles within the organization.
In short, career development systems allow employees to grow and thrive in their fields. A custom in-house career development system is not a job description; it is a process that helps you understand what makes your employees tick and how to develop them as people and professionals. This knowledge allows you to better support your employees in meeting their career goals, increase their motivation and engagement, and retain the talent you have - all of which can help achieve the collective goals of the organization.
2. Retain employees and reduce layoffs
Employees are now more aware of their competitive worth and are now demanding continuous development opportunities. Building skills and competencies are foundational with in-house career development programs and this will strengthen the employer value proposition and employee engagement.
Why⁉️
Employees who feel they are improving professionally are more loyal to their company than those who do not. They are, therefore, less likely to seek opportunities elsewhere. On the other hand, employees who feel they have no room to grow professionally may decide to move on to greener pastures that offer greater opportunities for growth. Happy employees translate into higher company productivity and sales. Not only will developing your employees keep them happy but it will also help retain them in the long run. The result? An engaged workforce with higher morale that can lead to a better bottom line for the organization.
3. Boost employee confidence and improve job satisfaction
An in-house career development system is an organization-wide program designed to help employees understand what they can do now and where they can grow in the future. It provides a path for personal growth, and it helps retain talent because people feel their work is meaningful. Additionally, employees who understand how their job fits into the big picture and where they fit into that picture are generally happier and more engaged with their work. Similarly, when people know where their careers are going, it helps them feel more secure in their current position. This helps make them better at their job and can also help make sure that the best people don't leave the organization.
Summary
Your return on investment with an in-house career development system will be seen through an increase in employee engagement, retention and company branding. Book a complimentary 30-minute call and learn more about our whole person approach to career development.