Updated: Nov 1
The common adage is a company’s greatest asset is its people. Business owners, co-founders, leadership, and workers help create and shape what a company is all about. A company’s success will depend mostly on how these individuals connect, overlap, and work together towards common goals. Strong and effective management recognizes the need for employees to continuously develop their skills and grow with a company.
CEOs and management teams in small to mid-size organizations often believe that career development programs are only feasible and affordable in larger companies. However, investing and implementing a career development program within a company of any size is a possibility and worth consideration.
What is the benefit of exploring and investing in a career development program?
In established organizations, career development programs are often put in place to develop and create the next wave of leaders. However, the decision to invest in creating a career development program within a small business allows companies to grow an established and reliable team because it helps prepare employees at all levels for the changes that come with growth.
As your team members become more skilled, they increase the organization’s human capital value. Career development is a long-term investment in individuals and the company. Without a career development program, your organization is more susceptible to a turnover of employees, leading to a lack of stability and high expense and effort in rehiring key positions.
5 Benefits of investing in a Career Development program
Career development strategies focus on individualized programs to assist employees in mastering skills, honing experience, and strengthening interpersonal relationships. Naturally, the most obvious benefit of setting up a career development program is expanding your company members’ knowledge and skill set, but what other benefits does it bring?
Long-term commitment from employees:
In an era where more and more employers are cutting costs for opportunities like training, your organization can stand out from the rest by offering and promoting some professional development options.
Evaluation process simplified:
From the perspective of a manager, having parameters by which you can measure your employee’s progress is incredibly useful. With objectives set, managers have a much better understanding of how to track progress.
Internal teaching opportunities:
Rather than needing to provide dedicated training days, having staff who’ve worked towards set goals in the past means they’ll be able to pass on their knowledge.
Stronger leaders in the making:
You need strong leaders to run a strong organization. A succession pipeline is pivotal to the future of your organization, providing your organization with a sense of security for the future.
Setting and reaching career milestones:
Many mentees do not know how to set realistic career goals. Having someone to help them through the goal planning process is crucial to their success and will boost their confidence.
After going through these benefits, you can see the value that comes with investing in a career development program despite the size of a company. It can help massively on both a personal and corporate level and sets your company apart from its competitors. It is time for you to go over our curated list of the best career development firms in Egypt to help you set up an effective brand strategy to give you a major edge over your competitors.
If you are still in the need of further guidance, our UNLOCK service is designed to specifically guide you through the process by offering free 1:1 assistance to find the right service providers for you. When you complete the form, we do the research & put you directly in touch with the most suitable service providers for you.