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An employee development plan is a critical retention tool, incentivizing top employees with career development and strategic planning. Examples of three types of employee development plans include performance-based, management by objectives and succession planning. Choose the right type of plan for specific employees to increase motivation and job success.
Performance-Based Plan A performance-based plan is very much like a report card in school. Either you hit the metrics or you don't. Failing to reach objectives sounds negative, which is why these plans are often the most laborious for managers and staff to deal with.
However, it is a useful plan for those in sales positions who must always focus on performance numbers.
These plans often fail at providing real development goals, focusing heavily on performance. If you are using performance-based plans, make sure there is a section that asks employees what their goals are and what obstacles might be in their way. Determine if training or mentorship would help.
For example, a life insurance agent is not hitting the numbers needed to continue his contract with your agency. Just looking at the numbers won't tell you that he doesn't understand certain nuances in the computer quoting system and he is not getting the most competitive quotes. His employee development plan, though performance is poor, would be to go through a training on the system to increase his knowledge in quoting.
Management by Objectives Plan Management by objectives plans also review whether or not goals were met. These plans go into more detail about employees' strengths and weaknesses.
They mix both positive and negative to let the employees know that not everything is bad, even if goals aren't met. For example, a customer service representative is given a three-minute target to resolve each customer issue. Upon completing her employee development plan, it is clear that her average phone resolution is four minutes; she is not meeting goals.
But when considering her strengths, it is also clear there is value in what she provides. Customer feedback states she clearly wants to understand the problem and find the right resolution.
She gains customer trust and loyalty. Her weakness is not being able to complete the task faster. Her development plan could include training through role-play scenarios about keeping her rapport while speeding up the conversation.
Succession Planning Program In situations where one employee is being groomed to step into a new position of authority when a superior retires or is promoted, a succession planning program helps ensure the rising employee is prepared for the position. It reviews his current strengths, weaknesses, knowledge and abilities and compares them to the job duties required in the new position.
Over the development period, anywhere from one to five years, the employee receives a combination of training and mentoring in preparation. The employee development plan marks the milestones of achievement, giving everyone confidence for a smooth transition of power.
An example of this is a business development and proposal creator who plans to retire in two years. A stellar field representative is being groomed to take over but doesn't have a lot of the office skills required for the position. The development plan is part mentoring and part training.
Mentoring includes shadowing to understand workflow. Training includes new computer skills and potentially budgeting tips and tricks.Business Plan Sample - Great Example For Anyone Writing a Business Plan Great Example For Anyone Writing a Business Plan It is able to support itsgrowth plans with its current borrowing and does not anticipate any need for further loan orequity rutadeltambor.comg to date“Company A” have been funded to date from equity investment of £.
Get inspired with our gallery of over example business plans. Choose the category that is closest to your own business or industry, and view a plan you like. LivePlan includes all business plan samples, so you can easily reference any of them when you’re writing your own plan. If you’re.
The purpose for segmenting a market is to allow your marketing/sales program to focus on the subset of prospects that are “most likely” to purchase your offering. Our business plans can give you a great sense of what a finished plan looks like, what should be included, and how a plan should be structured - whether you’re building a plan for investment or just to develop a better strategy for your business.
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