Employee development is a powerful and critical success strategy that companies can adopt to reduce their entry-level turnover costs. Employees who are offered growth and development opportunities are more productive, perform better and are more likely to stay longer within the organization. When executed properly, the benefits of employee development are fruitful and a factor of employee retention, especially among Millennials.
Employers should create professional development programs that are offered to everyone regardless of the position, title or level of experience, by changing professional development programs to a deliberate effort rather than a checkbox exercise. This increases employee engagement and retention and creates a talent pipeline for the future, therefore, addressing turnover in remarkable ways.
Growth opportunities may differ from company to company. They include educational assistance programs, mentorship programs, coaching and support for career advancement. These will benefit your culture, engagement, and employee retention rate in your company. This prepares your organization to pivot and shift focus as needed in order to improve efficiency and focus on being a forward-thinking organization that can have a positive impact on the team and develop into a highly sought-after employer.
The “Next Generation” workforce, is rooted in decades of field research, experimentation, evaluation, failure, and success. We can help sharpen the strategies and practices in response to unprecedented economic growth and income inequality in our companies by implementing employee development.
Organizations that understand the true value of professional development, culture, innovation, and creativity also recognize the value of continuously educating their employee base. These organizations are the ones that will be better positioned to adapt to the rapidly changing demands of today’s work environment.