Workforce Development Reimagined: Elevate Corporate Performance and Growth

When businesses engage in corporate strategy, they typically consider the standard elements like their vision, objectives, allocation of resources, and risk management. To increase the success of their strategies, organizations also ought to incorporate workforce development. The right approach to workforce development translates into better employee engagement, skills enhancement, and a boost in performance. As a result, organizational outcomes improve.

The trouble is that business leaders sometimes have a limited understanding of workforce development that impedes their ability to implement it effectively into corporate strategy. This guide provides a comprehensive overview of the key components of a successful workforce development program, helping executives reimagine the concept as a strategic imperative.

The Role of Workforce Development in Corporate Strategy

Workforce development may be confused with skills development, but the two are different. Standard skills development strategies typically can't keep pace with technological innovation, new approaches to training, labor market changes, and other factors that redefine what it means to maintain a skilled workforce. A workforce development program tied to overall business strategy is the more effective tactic as it can be regularly evaluated and adjusted as your company grows.

To devise such a workforce development program, businesses need the mindset that their talent puts them at a competitive advantage. A strong program recognizes that workforce development enables the business to bring more strategic goals to fruition and explores the various needs of all employees.

For this reason, the best workforce development program personalizes opportunities to meet the needs of employees at different stages of their careers. For instance, entry-level employees benefit from apprenticeship programs, internships, and other training opportunities to increase knowledge. For promising employees you intend to promote, programs that help them attain the necessary certifications set them on the path toward advancement.

Types of Workforce Development Strategies

Which workforce development programs are best for your organization? The answer will depend on your corporate objectives and the career development needs of your employees. In general, workforce development efforts should positively affect business growth and employee retention. Some examples of effective programs include:

• Onboarding and orientation
• Training and skills development
• Internships and apprenticeships
• Mentorship and coaching
• Performance management (feedback and reviews)
• Internal mobility (ability to explore other roles and departments)
• Succession planning/promotions
• Rewards and recognition
• Digital transformation
• Work-life balance
• Continuing education and professional development

The Benefits of Workforce Development

Workforce development isn't just an advantage for employees. Businesses benefit in that supporting employees' career development enables sustainable growth. It's why leaders are encouraged to ensure every new workforce development initiative aligns with the company's mission and organizational values.

Consider some of the following benefits of implementing workforce development:

• Shows employees that executives are invested in their career development, often increasing motivation
• Increases employee engagement in their roles
• Boosts worker resilience to adapt and problem-solve as new challenges appear and avoid burnout
• Reduces turnover rates and the costs of hiring and training new personnel
• Strengthens economic development through on-the-job training programs
• Stresses the competitiveness of your company to both job seekers and customers

Key Elements of an Effective Workforce Development Strategy

The benefits of workforce development are evident, but how can business leaders go about them to maximize efforts? The following details the essential elements of an effective workforce development program:

Personalized and Employee-Centric

Take the time to get to know your employees. What are their strengths and skills gaps? How can you help them get to where they need to go? Employees will know you care with customized learning pathways that support their development.

Focused on the Skills Application

Workers often need a theoretical basis for understanding concepts, but a successful program shows them how to apply those skills in their current roles, as well as positions they one day hope to attain.

Soft Skills Development

While the emphasis should be on competencies related to the field, programs may also involve building soft skills, such as communication, conflict resolution, and leadership. This is especially important for employees projected for executive roles.

Subject to Frequent Evaluation and Updating

No workforce development program is perfect, but regular examination of quality can ensure it responds to employees' needs. It also keeps programs dynamic as employee attitudes and roles evolve.

Leveraging Technology for Learning and Development

One method for keeping workforce development fresh is utilizing digital learning platforms. These solutions not only make learning experiences more engaging but also ensure training services are flexible and accessible. This feature is beneficial for workplaces with remote or hybrid models.

Two key technologies to consider are e-learning platforms and gamification. E-Learning simply refers to a range of software services that deliver learning experiences digitally. It may encompass webinars, video content, interactive elements, tests and quizzes, and similar materials that employees can access via the internet with any device. In addition to being an ideal solution for remote and hybrid workers, e-learning also allows employees to develop skills at their own pace and at times that work best for them.

Gamification is the concept of adding games or game-like aspects to training modules to boost engagement. It's often a part of e-learning software. Examples of gamification include friendly competitions that help employees deepen their understanding of concepts, as well as simulations where employees apply skills in virtual settings.

Upskilling and Reskilling for a Dynamic Workforce

At the core of any workforce development program is enabling employees to acquire new skills and competencies. These capabilities can make their current jobs easier while preparing them for future opportunities, as well as augment company-wide productivity. Leaders can accomplish this through upskilling and reskilling.

Upskilling and reskilling are similar but distinct ideas. With upskilling, an employee learns new techniques to enhance existing competencies. An example includes a healthcare professional gaining certification in using a new technology required for their role.

Conversely, reskilling involves training an employee in the skills they'll need to be successful in a new position. Reskilling is often required for workers whose jobs are becoming obsolete but whose talent the company doesn't want to lose. It sets employees on new paths toward success within the organization, often boosting their morale.

The driving force behind upskilling and reskilling is often technological advancements and shifting industry trends. For example, artificial intelligence is expected to cause considerable changes in leadership and business operations in the coming years. Both strategies enable employees to adapt to these new circumstances and meet increasing job demands.

Leadership and Managerial Development

Executives must think about whom they want to take over their positions one day. These professionals should have a clear understanding of and commitment to the mission, vision, and overarching corporate strategy. Workforce development programs centered on leadership and managerial skills can give executives more peace of mind about the transition.

One of the best approaches to leadership and managerial development is mentorship and coaching programs. These initiatives allow emerging leaders and supervisors to learn from seasoned executives. These potential leaders gain meaningful feedback to continually improve their skills, building their competency and confidence for when they take on the position.

Government Assistance With Workforce Development

Business leaders should also be aware of government efforts to stimulate workforce development. A key legislation is the Workforce Innovation and Opportunity Act (WIOA) of 2014. Created to bolster the national workforce system, WIOA assists American job seekers of all backgrounds in gaining access to the education, training, and support services they need to pursue rewarding employment opportunities.

WIOA is beneficial for businesses, as well. It matches employers with the talent they require to stay competitive in global markets. It also helps by obligating states to align workforce development programs with the needs of job seekers and employers. It fosters greater accountability to state governments through standardized performance goals.

Other government initiatives aiding with hiring and workforce development include the Work Opportunity Tax Credit (WOTC) and Registered Apprenticeship Programs. Learn more about these programs at the United States Department of Labor website, https://www.dol.gov/.

Measuring the Impact of Workforce Development Initiatives

Just as you would with any corporate strategy, workforce development requires frequent evaluation to measure success. There are numerous metrics companies use to calculate the effectiveness of such programs, including:

• Number of full-time employees (or employees within the target for the program)
• Contract type/salary scale and tenure distribution
• Average absenteeism and employee turnover
• Time-to-hire rates
• Employee Net Promoter Scores (eNPS) and Employee Satisfaction Index (ESI)

These are just some of the key performance indicators used for workforce development programs. Businesses may consider other metrics specific to their corporate strategy. The data gleaned from these formulas and percentages empowers leaders to refine workforce development programs and increase their impact.

In addition to these quantitative measurements, you may also think about qualitative benchmarks, like employee satisfaction. Techniques for evaluating satisfaction include soliciting feedback through surveys, conducting one-on-one meetings with employees, and hosting exit interviews.

Workforce Development as a Talent Magnet

Beyond helping businesses retain their current employees, workforce development programs are also beneficial for attracting new talent. Think of the goal of an initiative to increase customer satisfaction. When the customer experience improves, it drives loyalty and enhances reputation. In turn, customers are more likely to refer the brand to family and friends and praise it on social media.

A similar dynamic is at play with workforce development and talent acquisition. Supporting employees through personalized programs that consider their unique needs for professional development often builds morale. Workers know business leaders recognize their achievements and wish to reward them accordingly. They realize the company will support them as they explore different roles and complete additional training and certification for higher-level roles. All these elements contribute to greater employee loyalty.

Workforce development metrics and feedback from employee surveys become useful because employers can use them in recruitment marketing efforts. When job seekers begin evaluating their options, they'll see your company's commitment to its employees. This can help you stand out to applicants who share the mindset you most desire in a recruit.

Manage Workforce Development Strategies with Spider Impact

Workforce development has significant implications for employee engagement, performance, and retention, and business leaders should always consider it when devising corporate strategies. By supporting the skills and overall professional development of employees, businesses reap a more adept and adaptable workforce capable of navigating advancements in technology, changing industry trends, and other factors.

For workforce development programs to be effective, businesses must have a system in place for managing corporate strategy. Otherwise, it will be difficult to gauge the full impact of such programs, as well as detect gaps. For performance management software that gets everyone on the same page about your strategic goals, trust Spider Strategies. Our platform, Spider Impact, contains the features you need to bridge the gap between strategic planning and execution.

Ensure all team members understand big-picture objectives and their role in helping the company achieve them. Discover if your workforce development initiatives are successful by comparing them to your KPIs. Leverage insights from business intelligence that reveal what's happening beneath the surface with workforce development programs to facilitate better decision-making. All this and more is possible with Spider Impact.

To achieve sustained success, integrating workforce development into corporate strategy is crucial. Contact Spider Strategies to see how our platform can help you ensure your initiatives work as intended. You can also schedule a live demo or free trial.