What is a Corporate Training Plan?
A corporate training plan or a professional development program is a detailed document that guides the planning and delivery of instruction in a certain corporate setting. Training your employees is a good investment, at the same time, it is important and significant to all companies.
How to Create a Corporate Training Plan
A study from American Society for Training and Development (ASTD) shows that companies who offer comprehensive training program have 218% higher income per employee and enjoys 24% higher profit margin compared to those who spend less on training. Meanwhile, in an article posted on go2hr.ca website indicates that around 40% of employees leave their position within the first year of employment due to lack of skills training and development. Training plans are vital in every corporate setting because it helps not just the employee, but also the company. Here are some guidelines for creating an effective plan for training employees.
1. Corporate Assessment
Determining the strengths and weaknesses of your business or organization should be the first step in creating your training plan. Assessment is the key component of learning because it determines whether a certain goal is achieved or not. Having a corporate assessment will enable you to make an effective management plan because it identifies the strengths, weaknesses, opportunities, and threats present in your organization.
2. SWOT Analysis
Now that you finally determine your SWOT analysis, it would be easier for you to create an employee plan or an action plan. Strengths and weaknesses are internal factors, while opportunities and threats are external factors. Internal factors are the things that you can control, change, and is under your jurisdiction—intellectual property, patents, location, and your team. On the other hand, external factors are the things outside your jurisdiction—competitors, shopping trends, and prices of raw materials. Analyzing and assessing the aforementioned factors will bring forth wise strategies.
The goal of training plans, action plans, or strategic business plans is to improve the status of your organization or business, therefore, it should include clever strategies. These strategies must correspond to the plan's vision and mission.
4. Include Managing Personnel
Never forget to include the management personnel that will be assigned to the training program. Putting their name will not just benefit the trainees, but also themselves. Seeing their name on the paper will make them aware of their responsibilities since written communication is more effective than the word of mouth.
5. Financial Plan
Budget plans and corporate training plans are always connected, since designing and implementing the training tools would require a budget. Having the financial plan visible in your training plan document will establish financial transparency.
6. Print and Implement
There are various plan examples present in a corporate setting such as action plan, business plan, financial plan, project plan, employee plan, and etc. However, the focus of this article is on training plans—plans that are involved in all aforementioned types of plan. Before you implement your plan, review and ask yourself or the team if the arrived plan is enough for the betterment of your organization.