6 good reasons to invest in employee developmenton 20 June 2023 for Companies
If you’re not doing it already, it’s high time you make learning and development a focus of your company culture. Sure, it’s a bit of an investment, but it comes with great benefits: it helps you attract and retain top talent, boosts productivity and profitability, and helps you prepare your company for the future. Investing in your employees’ development not only makes them better equipped for their current roles, it also makes them good candidates for promotion so they can progress in their career path. And that, in turn, makes for engaged and loyal employees. Here are six things you will achieve by building a solid employee development programme.
1. Attract great employees
Employees nowadays are looking for more than a transactional relationship with their employer, i.e. getting paid to do a job. Learning and development opportunities tell job seekers that you value them and you care about their growth. By emphasising your investment in employee development, you’ll naturally attract workers who are looking to better themselves. And those are exactly the kind of people you want to hire. Finally, by investing in employee development, you’ll get the reputation of being a good employer. That’s not only great for hiring fresh talent, it will also improve the way customers perceive you, boosting your sales as well.
2. Boost employee engagement
Investing in L&D creates opportunities for employees to feel excited about learning and growing. Practicing new skills together also helps employees feel more connected to their co-workers. It’s the best medicine to combat disengagement and boredom at work.
Disengaged employees are less productive, more prone to burnout and more likely to leave. Since Covid-19 and the following ‘Great Resignation’, the number of disengaged employees has only continued to increase. All the more reason to invest in an employee development programme, that will keep employees engaged at work.
3. Increase profitability
Some employers are hesitant to invest in employee development, since you don’t always see returns on investment right away. However, you need to spend money to make money. By investing in your employees’ development, they will become more efficient and proficient at their jobs, which means that you will save money in the long run.
Learning and development initiatives not only makes employees more productive, it also makes them more likely to stay at your company longer. Knowing that the average cost of losing an employee is about a third of their annual salary, you can’t really afford NOT to invest in employee development, can you?
4. Grow your internal talent pool
Investing in employee development helps you create promotable employees. Who better to offer a senior position to, than someone who already knows your business and your customers? Additionally, showing that you care about the growth and development of your workforce will make them more loyal. And last but not least, offering trainings doesn’t just train employees for future promotions, it also shows you which employees are fit for such a promotion. Better to know someone’s capabilities before than to find out they’re not fit for the job after hiring an expensive senior profile from outside the organisation, right?
5. Retain top talent
Employees want to grow their skills and further their career. Investing in employee development allows your talent to grow their skills, which can in translate into promotions that will help you retain top talent. And if you don’t start investing in your team and developing your employees, they’ll find someone who will. In a 2021 report by Monster, 45 percent of surveyed employees said they would be more likely to stay at their current jobs if they were offered more training. So by investing in the development of your employees, you’ll be rewarded with improved performance and higher retention.
6. Make your organisation future-proof
Investing in employee development is more than just upskilling employees with technical skills and keeping them up-to-date with industry trends and new technologies. Soft skills like effective communication and adaptability are becoming increasingly important these days. Having a workforce that’s ready to face whatever changes come their way, will make your company more resilient to industry changes.
Additionally, having a well thought-out employee development programme forces you to look at the future. What kind of trainings will you need next year? To what end? Considering the future path of your business will make you think ahead of the curve.
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Employee development is a long-term investment that can help retain and grow your talent. It improves employee engagement, enhances productivity and boosts profit. Helping employees reach their full potential not only attracts top candidates, it also increases retention.
If you would like some expert support in developing a solid employee development programme, you can always reach out to us. We’ve helped big companies set up a customised training track before, and we can do the same for you!
Exellys is a Talent Incubator. We bring talent into the daily operations of the organisation of our customers and grow them for the innovations of tomorrow.
From the 1.500 tech talents we speak to annually, we select the top 7%. We intensively train and coach them on the right skills and competences. Our (scientifically based) training programs (Start Smart, Grow Smart & Lead Smart) accelerate the growth of our talents, and therefore also the growth of our customers.
We “unburden” our clients when looking for and retaining talent. We are committed to getting the best out of talent, while our customers can continue to focus on their core business.
We do this for organisations who want to strengthen their team permanently, as well as those who are looking for a flexible, project-driven solution. Get in touch with us today and find out how we can help.Tags: company culture , talent attraction