Fuel for Growth: How to Create Effective Employee Development Plans

Even before the World Economic Forum launched the Reskilling Revolution in January 2020, we were already answering the call —empowering our customers to create a future-fit workforce, skilled and ready for the jobs of tomorrow. And, as Skillsoft has worked to help close the skills gap, we’ve also recognized a new and urgent challenge: The Retention Crisis. Nearly half (46%) of working professionals say they are considering quitting their jobs in 2024, according to a new study from Microsoft and LinkedIn.

What's behind this?

Since 2010, lack of career development opportunities has consistently ranked as the top reason employees leave their jobs, according to data from Work Institute. This statistic highlights a key issue for today’s workforce: if employees don’t see clear opportunities for growth, they won’t hesitate to seek them elsewhere. Companies that overlook this demand risk losing valuable talent. 

But here's the conundrum: when it comes to learning, today's workforce demands both flexibility and structure. For instance, Gen Z workers crave self-directed opportunities to explore new skills, while millennials tend to seek career progression opportunities. Where do they see eye-to-eye? Both want access to employer supported learning and development pathways that are personalized, interactive, and flexible.

If you want to lead in your industry, empowering your workforce through thoughtful employee development plans (EDPs) is key. By creating personalized plans for career growth, companies not only meet the evolving expectations of their employees but also build skills and leadership from within — along with a culture of loyalty, engagement, and innovation that can dramatically boost retention. 

Let’s explore how you can create impactful, actionable, and lasting EDPs that will truly benefit both your employees and your business. 

An Employee Development Plan (EDP) is a structured framework designed to help employees improve their skills, grow in their current roles, and pursue long-term career goals. It provides a roadmap for professional development and helps align personal aspirations with company objectives.

The plan serves as a mutual agreement between the employee and employer, ensuring that both parties are working toward a common goal: personal and professional growth that drives business success.

An effective EDP should include specific goals, actionable steps, timelines, and measures of success:

Personalized Goals: Reflecting both the employee's short- and long-term career aspirations.
Skills Gap Analysis: Identifying strengths and areas for improvement.
Clear Objectives: SMART (specific, measurable, achievable, relevant, time-bound) goals that are aligned with company priorities.
Action Steps: Specific tasks, training, or projects to achieve development goals.
Resources and Support: Tools such as mentorship, training, or certification programs.
Regular Review: Periodic check-ins to track progress and adjust the plan as necessary.

EDPs offer a multitude of benefits for both employees and employers. These plans help unlock both individual and organizational potential, driving performance, engagement, and retention.

Clarity and Focus: Employees gain a clear understanding of their career trajectory and how to reach their goals.
Motivation and Engagement: With a structured plan in place, employees feel valued, leading to higher morale and a stronger work ethic.
Skill Growth: EDPs encourage the continuous learning of new skills that are essential for both personal and professional success.

Increased Retention: Employees are more likely to stay with a company that invests in their growth.
Better Succession Planning: EDPs prepare employees for leadership roles, ensuring a strong internal pipeline of talent.
Increased Performance: Employees with clear goals and resources tend to perform better, contributing more to the company’s overall success.
Consistency and Efficiency: With structured development plans, you’ll create a streamlined, time-efficient process that supports consistent employee growth across the company.

Let’s break down how to create a successful EDP that will both empower your employees and support organizational objectives:

Step 1: Assess Employee Skills and Goals
Start with a comprehensive assessment of the employee’s current skills and career ambitions. Conduct a skills evaluation and have a conversation about their goals. This ensures the development plan is aligned with both their personal aspirations and the company’s needs.
Pro Tip: Encourage employees to self-reflect on their strengths, weaknesses, and future aspirations. 

Step 2: Set Clear Objectives
Once you’ve established the employee’s goals, create specific objectives that align with them. These should follow the SMART goals framework to ensure they are clear and achievable. For example, if an employee wants to move into a leadership position, an objective could be: "Complete leadership coaching and lead a small team project within six months."
Pro Tip: Focus on actions that are trackable, realistic, and tailored to the unique qualities uncovered in the assessment.

Step 3: Outline Action Steps and Resources
After setting objectives, outline the concrete steps needed to achieve them, such as practical training sessions, gaining certifications, or participating in key work projects. Be sure to also identify the resources needed, whether it's access to learning tools, mentorship, or external courses.
Pro Tip: Break large goals into manageable steps to keep employees motivated and lessen workload stress.

Step 4: Review and Update the Plan Regularly
An EDP should be a living document, updated regularly as the employee progresses. Schedule regular check-ins to assess progress and adjust. Flexibility is key, especially as company goals or roles shift.
Pro Tip: Use reviews as an opportunity to celebrate successes and set new goals.

Remember, employee development plans require access to the right learning resources to succeed. For example, here's how one of our customers leaned into transformative learning at scale with Skillsoft Coaching:

Willis Towers Watson (WTW) is a global advisory, brokerage, and solutions powerhouse who are committed to the equitable professional development and personal growth of their people.

Based on their deep commitment to developing tomorrow’s leaders, WTW needed a streamlined learning platform that offered transformative, interactive learning experiences to empower personal development along with skill proficiency. Working with Skillsoft, WTW launched the Manager Effectiveness Program in 2023, in multiple languages and featuring over 100 offerings across five modules, translated into a digital format to reach thousands of potential new leaders. Utilizing Skillsoft Coaching, their program is now an integral part in key leadership development initiatives across the company, including their Women’s Leadership Program.

“Through Skillsoft’s personalized coaching and the integration of a women’s self-assessment tool, our leadership development program for women achieved remarkable success. The depth of the coaching, aligned with tailored assessments, empowered these leaders to navigate their careers, advocate for themselves, and overcome feelings of Impostor Syndrome," said Clark Backus, Global Head of Leadership Development, WTW.

Employee development is an ongoing partnership between employees and organizations, built on trust, mutual goals, and shared success. When you commit to guiding your employees on a tailored development path, you signal that their contributions matter, that their growth is valued, and that their success is linked to the company’s overall vision. This level of support translates into higher engagement, greater retention, and an empowered workforce ready to innovate and excel.

Start now — and watch as your organization thrives through the growth and development of your most valuable asset — your people. 

Here’s a simple template that you can use to get started: