Employee Development Is a Critical Company Asset 3 Reasons Why You Should Invest

Employee Development Is a Critical Company Asset 3 Reasons Why You Should Invest Employee development Its a concept commonly invoked in HR and recruiting, but little action is ever actually taken to implement or improve it within an organization. Very few companies invest in strong employee development programs or effective software.As a company leader or business owner, you cant ignore that a lot ofcandidates are explicitly looking for development opportunities when they search for new jobs. Moreover, your existing employees likely crave it, too.Employee development, when implemented correctly, does not just help a small group of employees in your organization. It makes waves in your recruiting efforts, your onboarding strategies, your employee engagement, and yourretention.Are you wondering what employee development can really do for your team and your company? Here are three reasons why its time to invest inyour newest and most powerful company ass et1. Attract and Retain More Top TalentOn average, itcosts 33 percent of a workers annual salary to hire a replacement. So, if an employee makes $45,000 a year, their replacement will cost $15,000. It is in your best interest, then, to keepretention high and replacement costs down.To cut down on turnover, you have to understand why employees leave. For many, its because they arent getting career development. According to a study from Work Institute, 22 percent of employees name career development as their main reason for leaving a job.A good employee development program can help stem the outflow of employees in search of more opportunity. For maximum effectiveness, you also need the right software to manage that program. With the proper employee development software, you can gain immense insight into your employee development program, allowing you to track results and tweak approaches as needed. The right software can also help you set and manage goals for employees, which is key to any employee development strategy.2. Ignite EngagementDo your employees seem to lack connections between one another? Is performance low? Are workers unmotivated and unmoored? Employee developmentcan helpreignite engagementby offering your team members insight into their careers, opportunities to enhance their skills, and a sense of appreciation and respect from the company.Again, software is key here. When employees have a portal to set goals, track performance, and solicit real-time feedback from managers, they feel moreconnected to their jobs and more confident in their career progression. This translates directly to increased engagement, which boosts company performance and retention rates.3. Improve Performance for Today and for the FutureThink about how your employees currently receive training and performancefeedback. What are relationships like between managers and employees in your company? Chances are there is a disconnect somewhere, but employee development can help bri dge the gap. A robust employee development program brings managers and employees closer together by engaging them both in the employeesperformance journey.How is your company preparing for the future?If it is not investing in employee development, the answer is It isnt. The business landscape is constantly evolving, and companies must cultivate talent now to ensure performance tomorrow. With a formal system of coaching, training, and management, employee development prepares both the employees and the organization tomeet the challenges of the future.Performance reviews and employee development go flosse in hand. By investing in the right tools and resources, you allow your managers to track each employees path, conduct better reviews, and foster the growth of both the team and the organization overall.Whetherformal employee development programs are new to your companyor your current strategy hasnt been delivering, its time to invest in a high-quality, effective platform. Thats the b est way to see performance results, keep engagement high, and attract and retain the right talent.A version of this article originally appeared on the ClearCompany blog.Sara Pollock is head of the marketing department at ClearCompany.