It’s hard to think of an important aspect of management more overlooked than Employee Development- helping your employees improve their skills and increase their knowledge. Yet for a variety of reasons, this essential initiative is often ignored. Due to this, companies pay a high price: the loss of top talent.
One of the main concerns of Employee Training is the possibility of investing in an employee who might eventually leave. However, as Henry Ford once said, “The only thing worse than training your employees and having them leave is not training them and having them stay.” The belief that hiring an experienced employee trained by someone else is less expensive than training employees yourself is mistaken.
So, why should companies invest in Employee Development instead of hiring trained ones?
- It attracts and keeps great employees.
Employee retention is a big challenge for any business, large or small. So is the hiring process. Practicing a formal Employee Development Program can decrease this burden. By training employees and investing in their career development, you can make them feel valued and will remain within the company.
- It helps builds loyalty and productivity.
It’s a basic rule, taking an honest interest in someone’s career builds loyalty. As research indicates, loyal employees are more engaged and motivated. Additionally, engaged employees are more productive and require less supervision.
- It creates promotable employees.
Hiring managers and other upper-level employees from within the company is always a good idea. They are already familiar with the daily activities of the business, its culture, and the customers. Employee development trains your current employees for possible future promotions and shows managers which employees have the necessary aptitude for such promotions.
- It forces organizations to look to the future
It’s important to be aware that employee development is a continuous process, companies always have to have an eye on the future. Managers will be asking themselves, “what type of leadership and skills do I need?” That forces them to think ahead since employee development programs can’t happen without formal planning. The training that worked last year might not work next year. Companies must consider future trends and paths when defining an Employee Development Plan.
- It helps companies save and earn money
Confident, loyal, and well-trained employees are going to do a better work in the long run. They will bring fresh ideas to the table, and have the right tools to execute them. That’s going to help the organization save money, as employees become more efficient and proficient. Plus, companies would avoid recruitment and hiring costs, which can amount to thousands.
Employee development doesn’t have to be elaborate or costly. It’s mostly a matter of managers taking the time to understand their employees, recognizing their skills and needs, and guiding them to fill in the gaps. Employees are a company’s most important asset. Training and developing them could be critical to the future success of the organization.