While providing benefits such as healthcare and retirement plans is important, employee development is an investment that should not be overlooked. Both attracting and retaining talented professionals are critical for your organization.
According to Gallup, it can cost 150% or more of an employee’s annual salary to replace them. However, when an organization shows its willingness to invest in its employees’ skill sets, employees are often able to better envision their future with the company. Furthermore, employee development programs can provide the skills needed to grow within the organization.
Benefits of Employee Development
1: Retain top talent in your organization
Keeping talent in your organization is important—especially at times when unemployment rates are low. Checking in with your team members to ensure that they are satisfied with their current positions and projects can increase employee engagement and improve morale.
2: Improve employee skills and abilities
Not only does investing in continuing education benefit your employees, the resulting increase in expertise and new skills also benefits your organization. The more your team’s skills improve, the more productive and knowledgeable your team will be.
3: Improve organizational reputation and culture
Consider speaking to your team about the importance of professional development. Participating in these kind of conversations shows how much you value their job growth and satisfaction.
In a 2019 study, 74% of global respondents said company culture was important to them. Furthermore, being known as an organization with a good company culture can boost your reputation with customers and job applicants.
4: Promote from within
Do you have good employees that you want them to grow and become leaders in your company. Continuing education gives employers the chance to promote from within.
Opportunities for growth are important to individuals. Hiring internally presents a positive feedback loop for the staff to see. It shows that loyalty and dedication can lead to advancements. Therefore, making the team feel more involved and more likely to put in extra work to succeed. As previously mentioned, it can be very costly to hire and train someone new. Therefore, employee training is a great strategy for saving money and retaining talent.
Train your team to be leaders
What does your company do to provide your next generation of leaders with the necessary skill sets? We know that if employees feel empowered, they perform better and eventually may take on leadership roles within their companies. Understand how to bridge the gap between business and engineering as your team prepares for growth into management roles. Register for “Building Engineering Leaders in the 21st Century”, a complimentary IEEE webinar presented by Jennie Fine, Braun Keiss, and Dr. Ben Sopranzetti.
Date: 24 October 2019
Time: 12pm ET
Duration: 1 Hour
Milenkovic, Milja. (9 September 2019). Job Satisfaction Statistics: Keep Your Workers Happy and Your Business Healthy. SmallBizGenius.
McFeely, Shane. Wigert, Ben. (13 March 2019). This Fixable Problem Costs U.S. Businesses $1 Trillion. Gallup.
Craig, William. (31 July 2018). Making Strategic Investments In Employee Development Is Crucial For Success. Forbes.
Misra, Parth. (29 June 2018). Investing in Your Employees Is the Smartest Business Decision You Can Make. Entrepreneur.
Mattson, Dave. (13 March 2018). 4 Benefits of Investing in Employee Development. Sandler Training.