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Last updated October 14, 2007 4:12 p.m. PT
Wise companies in today's competitive marketplace invest in their most valuable asset -- their people. Talent management and the looming shortage of qualified management personnel are hot topics. Most senior managers identify finding, developing and retaining high-performing employees as a key challenge and priority.
The most successful high-growth companies support and promote a culture of learning and development. High-performing employees understand they need to continuously improve to maximize job performance, grow into new roles and responsibilities, and move up the corporate ladder. They also understand their worth and often leave companies who fail to support their development and career path.
How can a company foster employee development? One way is by providing direction and a personalized development plan to support an employee's career aspirations. These plans are commonly referred to as "employee development plans." Their success hinges on effective sponsorship and resource support from the top down and whether or not the employee's goals are aligned with the goals of the boss.
The best employee development plans include an assessment of the employee's development needs (technical, managerial and interpersonal), specific performance goals for improvement, developmental strategies and a timeline for the manager and employee to assess progress.
Some best practices:
One of the most rewarding aspects of leadership is helping others achieve their potential. When properly leveraged and managed, the employee development tool can be a highly effective and strategic advantage in attracting, retaining and developing valuable talent and resources.
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