A report by LinkedIn shows that 64% of learning and development professionals believe reskilling their current workforce to fill skills gaps is more of a priority in a post-pandemic world. Furthermore, employee development has been recognized as one of the most important factors in organizational development by various Fortune 500 companies.
Annually, US organizations spend over $180 billion on the formal training and development of their employees. The focus on employee development has increased since the pandemic. It created a need for a dynamic and skilled workforce to handle critical and unprecedented business challenges.
As organizations are competing for the right talent in the global marketplace, it is becoming important to nurture their current employees as well. It has been observed that organizations that invest in employee professional development programs see a substantial increase in employee productivity, higher engagement, mitigation of critical loss making risks, reduced turnover, and increased revenue. Moreover, it gives employees opportunities to understand their career growth and become attuned to the organizational goals. Engaged and productive employees stay longer in the organization and help in achieving better results.
Many organizations are now emphasizing the importance of performance management software to develop and engage their workforce. Employee development is at the core of performance management. It incorporates a performance management program that helps organizations scale up their workforce effectively and methodically. – Read more
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