In the modern workforce, the realities of turnover and the increasing prevalence of the “gig” economy have employers focusing on employee retention more now than ever before. It’s becoming critically important to retain existing workforces and grow executive and managerial talent from within the ranks. However, professional development programs are expensive, and unless an organization is large enough to have its own internal training programs, they must bring in consultants or send employees to outside training events. “The key today in this world is being able to attract and retain talent in your workforce,” says Venky Venkatachalam, dean at the University of South Dakota Beacom School of Business. “It is equally true at the managerial levels.” Employees tend to stick around when they feel valued, and they tend to leave organizations that do not invest in employees’ professional development. There are really three options when it comes to this development: internal development of leadership programs, seeking outside help, or doing nothing. But as many businesses are finding out, doing nothing is no longer an option.
Neglecting Employee Development No Longer an Option