We have all heard the statistics regarding the costs associated with employee turnover. From an intuitive sense and in terms of the bottom line, it’s good business to keep employees on board. In a strong job market, though, that can be a challenge, so retaining good employees is even more imperative. That’s why companies turn to various incentives to keep employees engaged. One type of incentive that tends to get overlooked in favor of advancement and monetary rewards is employee development.
Here are five ways your company and employees benefit from a robust employee development program.

1. Develop New Leaders

Of course, promotions are the ultimate carrot to keep employees achieving. However, promotions are not the only way to motivate them, and when you have a lot of people on your team, it’s just not possible to offer a promotion to everyone. Employee training and development programs help your employees stay engaged as they learn valuable new skills. Your company also gets the benefit of strengthening its internal talent pool, so that when the time does come for promotions, your people will be more prepared for their new responsibilities.

Employee Retention
Engaged employees are stronger performing employees. When members of your team see that you are willing to invest in them and their development, they have more reason to stay on board. That is vital to the strength of your team when so many other opportunities are out there calling.

Inspire Communication
Another great benefit of a strong employee development program, especially self-guided programs utilizing the latest learning technology, is that employees have something new to talk about. They can share with each other and with their managers the things they have learned, both in conversation and when tackling projects that might require their new skills.

Generate New Ideas
As employees gain new skills and knowledge, they can look for ways to apply them to the job. They benefit from finding tangible ways to apply their training, and the company gains creative new ways to do things.

Develop a Dynamic Work Environment
A larger benefit of implementing strong employee development programs is that you create a positive company culture that prioritizes investment in people. This is key for retaining employees and for attracting new talent.
Providing your employees with ample opportunity for training and development is a great way to keep them engaged and serves as a strong motivator. It also helps your company in return.