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Developing the Talent You Have: Training and Development (HOW MENTORS…
Developing the Talent You Have: Training and Development
THE RETENTION BENEFITS OF CAREER DEVELOPMENT
career ladder approach is most effective when it avoids plateaus
employees should feel that they are always learning and being challenged
FORMAL AND INFORMAL APPROACHES TO SKILL TRAINING
2 aims of skill training:
to keep the skills of employees current with advancing technologies and business practices
to help employers master the skills they need to advance within the company
Informal :beer:
on the job (OTJ) training
least costly & most common
OTJ training formal in Japan?
Formal :wine_glass:
classroom or e-learning setting
company specific and transferable skills
more costly
"corporate universities" :school: popular for 2 reasons:
they align employee training with business strategy
they assure a continual upgrade of internal knowledge
WHY TRAINING PAYS, WITH TIPS FOR REDUCING COSTS THROUGH ONLINE LEARNING
Motorola :phone: found that training return investments highly dependent upon reinforcement and management support [$33 return per dollar spent on training]
productivity increase 8.6%
advantages of online training:
elimination of travel costs and lost production time
scalable to any level of demand
lower cost to supply
on-demand availability
However, best to use in conjunction with in person learning methods :warning:
HOW MENTORS BUILD BONDS BETWEEN TALENTED EMPLOYEES AND THEIR COMPANIES
set high standards
make themselves available to their charges
orchestrate developmental experiences
create positive bond between employee and firm
WHAT TO DO WITH C PERFORMERS
do barely acceptable work
3 step approach
2) agree on explicit action plans- skill training
3) hold managers accountable for improvement or removal
1) identify c performers
WHY EMPLOYEE TRAINING AND CAREER DEVELOPMENT REPRESENT A DILEMMA FOR EMPLOYERS
free riding poaching- people receive training then leave for positions with other companies
less of a deterrent to training than thought
3/4 of employers undeterred by free rider prob and looked to training to retain and increase value of their people :muscle::skin-tone-2:
BENEFITS OF EMPLOYEE DEVELOPMENT
assures that competent people will be ready and able to move up as vacancies appear
creates a pool of individuals who understand the company/industry and are prepared to assume leadership as it grows
increases the value of the company's human assets
contributes to effective retention (employees who receive training are more satisfied and more likely to stay)