It used to be that most people stayed with the same company for life. They got the job right out of school and then stayed until collecting a pension when they retired. Things have changed on both sides as the economy has changed, however. Employees no longer stay on that long and employers don’t expect them to. Many no longer offer pensions.
Millennials in particular are thought to job hop every few years or so. So why is it worth a company’s time to develop employees who are only going to leave anyway?
Whether employees stay or leave, developing and training employees while they’re in your employ will make them more valuable workers. The time and effort put into that development provide your company with better workers while those employees work for you. Some might leave, but many will stay, whether they’re developed or not.
Employee retention can be a challenge at the best of times. But when it comes to training and development, it’s best to assume employees will stay and develop them accordingly. All of your employees can then work to their full potential.
Many that might have left may actually decide to stay because they want to be as invested in the company as the company is in them. Employees who have been developed are more loyal to the company that invested that time and energy in their skills. Loyal employees are less likely to leave.
Attracting Top Talent
Employee development is a benefit. Offering training and development can give your company an edge over the competition in attracting top talent. Employees like to feel valued by their company and will be more likely to consider a company that invests in them.
This also means that you’ll attract employees who want to improve themselves. In addition to taking advantage of company training and development, these employees will seek to improve themselves on their own time as well.
Planning for the Future
Another advantage of developing employees is that you’ll have a ready pool of promotable talent already working for you. Succession planning is easier when you’ve got employees who’ve already been trained. You can plan their development so that they have the skills they will need to move up within your company.
Both your company and your employees can plan together for their future with your company.
While employee development does cost some money, it can actually help your company save in other ways. Loyal, developed employees can be more productive and produce higher quality work. Employee turnover costs a lot of money. With employees more likely to stay, you’ll save on turnover costs.
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