Many organizations are finally realizing that employee development is critical when it comes to retaining top talent, and keeping employees engaged. A survey of millennials showed that 63% believe their leadership abilities are not being properly developed, and 71% are dissatisfied with how their leadership skills are being developed in the next two years.
These numbers which are on the rise shows that neglecting to invest in staff development can severely affect a firm, with that, here are five ways employee development can help your business today and in the future.
1. It aids in the recruitment of top talent:
Employees in the modern workplace want more than a transactional relationship, they want to feel like they are more than just a labor resource for a business. When a prospective employee sees that a firm invests in employee development, they know that the company values them and wants to see them improve professionally and personally.
2. It is a long-term investment:
Companies may be cautious to invest in staff development because the results are not always immediate. Having said that, creating avenues for staff development pays off big time in the long term. Even one person staying because a company provides career development makes it worthwhile. Consider the investment return assuming majority of the staff stays with the company for several years.
3. It strengthens the internal talent pipeline:
Beyond retaining staff, investing in professional growth gives a clear path for people to advance. Building a strong internal talent pipeline, as opposed to continually seeking outside the business for more high-level employees.
4. It improves to your organization’s future readiness:
Investing in employee development entails more than simply providing staff with technical training. A focus on skills such as effective communication, adaptability, and others helps to prepare them for whatever changes may occur.
It is easy to become engrossed in the day-to-day operations of a firm, but staff development should be an element of every modern organization’s business strategy. Follow us across our various social media platforms at VFD Group.