Today's leaders need to constantly innovate and meet the evolving needs of their workforce, and their employees must build their value by acquiring new skills and staying on top of industry trends. However, employees cannot grow or advance without the support of their employers.
Lack of career development and advancement is the primary reason why people leave their jobs, according to a recent McKinsey study.
In this blog post, we will discuss the importance of employee development and its impact on employee retention and productivity. Additionally, we will share how Bundle can be your best kept secret - a virtual solution that can help HR professionals retain employees and boost productivity with professional employee development opportunities and well-being benefits for your managers, employees, and their loved ones!
The Importance of Employee Development
Employee development involves employees pursuing professional training or learning opportunities to enhance their careers and grow their skills. It helps employees stay engaged and motivated, and provides a clear path for advancement. But first, they need to have access to such opportunities.
According to CNBC, 94% of employees would stay longer with their employer if the company invested in education and development.
Uncomfortable truth: No one wants to work at a company that doesn’t appreciate their employees and the value they bring. The employees that end up being the top performers are ones that have a clear path for growth, whether it’s upskilling, promotions or raises.
Employee development is essential for the growth of the individual AND the company, so its undoubtedly an investment worth making.
Impact on Employee Retention and Productivity
Lack of employee development can lead to disengagement, which results in problems with work quality, productivity, and customer satisfaction. 92% of employees claim that well-executed training programs have a beneficial impact on their overall engagement, according to a report by Sprout Social.
How HR Professionals Can Make Development a Priority
As HR professionals, it's crucial to make development a priority in order to keep employees engaged and motivated, which leads to better retention rates and increased productivity. One way to do this is by assessing your current workforce and identifying areas where employee development is needed. This could involve conducting surveys or one-on-one meetings with employees to better understand their goals and aspirations. Once you have identified the areas where development is needed, you can then work to create a comprehensive employee development plan that includes both short-term and long-term goals.
Meet Bundle: Your Professional Development Partner
In a world where balancing work and life can be a daily challenge, today's employees require personalized support. Bundle is the premier 1:1 live skills development solution, dedicated to human-centered skills. Our expert-facilitated, interactive instruction delivers curated content that empowers learners with the techniques and perspectives they need to confidently navigate the future of work.
Investing in employee development is an investment in the growth of a company. Employees who feel valued and supported are more engaged, productive, and satisfied, which ultimately leads to better retention rates.
