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Oct
20

Add value to your most valuable asset – Your people

If you could do one thing that increases your employee productivity by 200%, would you do it? Of course, you would. But you’d wonder whether it is possible to bring that kind of an impact to an organization, right? What if we tell you, it is. According to the Huffington Post, companies that focus on employee training enjoy a 24% higher profit margin versus companies who don’t. If you’ve got it now, you should realize that your employees are the most valuable asset for your organization and the best way to take your business to the next level is to train them to be more efficient in what they do, ergo invest in Executive Development Programs (EDPs).

Executive Development Programs focus on improving many aspects of business management and leadership skills. These help professionals enhance their old functional and soft skills and learn the latest skills needed to be more efficient in their work. Every individual needs to become 3-5% more efficient at what they do every year as that is the amount of increase in the cost of doing business every year according to Peter Drucker. That doesn’t mean the employees need to do more work, it just means they need to do it better. All of this information definitely says that it’s important for organizations to invest in EDPs. Now, if there are a lot of questions popping in your head about how you could leverage EDPs, let’s dive in to tackle some of them one by one.

What kind of Executive Development Programs Should I Invest In?

Organizations choose EDPs to address some of their wicked problems and these problems could be as diverse as the organizations themselves. While it completely depends on the type of organization and competence they have within, some of the skills that employees/managers need to be trained on are universal. The more established EDPs designed to increase the efficiency of sales, negotiation tactics, design thinking, training for emerging leaders, conflict resolution work well to skill up employees. On the other hand, the more topical EDPs such as mindfulness, work-life balance, workplace gender sensitization etc., add a much-needed edge to your managers to work well in the 21st-century world of work. At FIIB, we offer EDPs on a diverse set of topics ranging from Design Thinking to People Management to Functional Training. In addition, you can also customize the training programs according to your requirements.

💡Tip: To select the right EDP for your organization, perform a detailed analysis of the problems you want to solve, draw a wish list of skills needed to solve the problems and of the competence available within the organization. The gap in the two lists will bring out the skills you’d need your employees to be trained on.

What happens if my employees leave after I spend money to train them?

Well, what if you don’t and they stay? You don’t want your employees to be under-qualified or undertrained. It’s actually your people, who create and retain customers for your business. It’s important that they are trained well, they are working up to their potential, and are up to date with the trends of your industry. Training your employees is expensive, and it might seem scary if they leave after you spend your time and money but a lot of studies suggest that employees who undergo at least one Executive Development Program every year are the most engaged and are least likely to switch. 

💡Tip: Include your employees in the conversations, understand their perspective on the problems better, and tell them about your plans for them, especially about their development and growth. 

How do I choose my EDP training partner?

Choosing the right organization to partner with is as important as the topic of training itself. There are two things you need to keep in mind while making this decision. One, The expertise, experience, and background of the trainers and two, the background and trustworthiness of the training organization. The trainers’ background is important as your employees will be able to leverage their experience to become efficient while the trustworthiness of the partner organization is important as you want a partner who goes to lengths to give you the right solutions. 

It’s essential that you choose an organization that invests the same interest in your employee development as much as you do. 

💡Tip: You assess their worthiness during your conversations with training partners, try to find the one which promises to not just deliver the program but also help you drive growth in your organization. 

What are some things you should keep in mind while considering EDPs?

Some things you need to keep in mind are that while EDPs add value to the way your employees think and perform, you need to build a culture of continuous learning in your organization to reap the benefits of the programs. If you are training your employees in a new skill, plan for refresher programs after a while to ensure that they continue to apply the skill. Encourage them to highlight problems, and better yet with suggested solutions to you so that you understand where they need help. Keep pace with the industry’s trends and make sure you match pace if not stay a step ahead. 

💡Tip: Have a training and development calendar for your organization and plan for continuous development of your employees. This ensures your employees are well trained, engaged, and geared to drive growth in your organization. 

Ultimately, it is important to understand that when your employees grow, your organization grows. If you want to know more about Executive Development Programs or want to assess what training your employees need, write to us on ceeinfo@fiib.edu.in