In the past, training has been viewed as an expense, but that idea is giving way to the truth of what employee development actually is: an investment in your organization’s most valuable resource. Top-performing employees leave when they feel there’s no potential for professional advancement, and replacing lost talent costs exponentially more than retaining current employees. However, when employers take an interest in employees' development and actually invest time and resources into it, the return on investment will be significant. To successfully develop employees, achievable and relevant goals should be set so that progress can be measured and corrections made. Additionally, new skills should be nurtured. Traditional employers typically prioritize competency above innovation in new areas, resulting in a severe drought of new skills in the workplace. Consider asking employees how they’d like to progress and what their interests are, and offer them the tools to be successful. Not only will this make the employee feel valued, that employee will then add value to the organization as a whole.
The Return on Investment in Employee Development