February 14, 2023

The Benefits of Investing in the Development of Your Current Employees

Employee development is an important aspect of human resources that is often overlooked. Many organizations focus on recruiting new employees, but investing in the development of current employees can have numerous benefits. These benefits include improved employee retention, increased job satisfaction, and higher levels of productivity.

By investing in the development of your current employees, you are ensuring that you have a skilled and knowledgeable workforce. All of these factors can lead to a more productive and successful organization. In order to maximize the benefits of employee development, there are a few key things to keep in mind. Here are some tips for getting the most out of investing in your employees’ development:

Investing in employee development can lead to a more engaged and productive workforce

Discovering new skills and honing existing ones helps to create a more engaged, enthusiastic and productive workforce as employees are enabled to perform with greater efficiency and accuracy. Recent evidence has indicated that implementing employee development schemes can significantly reduce employee turnover, while providing companies with access to improved talent in the workplace. With investment in employee training programs, businesses have acquired an invaluable asset which provides valuable benefits for all involved stakeholders.

A Gallup report stated that engaged employees can even increase sales by around 20%. Satisfied employees lead to satisfied customers.


Developing your employees can help them become more skilled and knowledgeable in their roles

Training and upskilling staff can result in better understanding of their roles, enabling them to develop their skills and knowledge. This investment can have tangible results, with employees taking on additional responsibilities, helping to grow their career paths and boosting the overall performance of the organisation.

Gallup found that 87% of millennials say professional growth and career development are very important.

Overall, investing in employee development whether through formal training or more informal methods such as mentorship schemes and encouraging lifelong learning, pays dividends for both employers and employees alike.

Employees who feel valued and supported are more likely to stay with your company

Investing in your employees is key to retaining them for the long-term. Developing a positive work environment with support structures and concrete examples of investment in professional development demonstrates to employees that their contribution is valued and appreciated. This investment will be beneficial as the employee feels supported, experiences job satisfaction and develops their skills, increasing the chance that they will choose to remain with your company instead of seeking employment elsewhere.

A study conducted by IBM found that staff members were 12 times more likely to leave a job if the company wasn’t helping them grow in their careers.


Training and development programs can be customized to meet the needs of your business

Offering this type of program to your employees gives them the opportunity to develop skills and knowledge that are tailored to their individual positions and can strengthen their contribution to the organization. With a customized approach, learning outcomes are maximized, giving you the best value for investment. By making sure your employee learning program meets specific goals and objectives, your business can benefit from sharper skills and improved performance throughout all areas of operation.

Investing in employee development is an investment in your company’s future success

Investing in employee development is an investment that yields a high rate of return. Strategically focusing on upgrading the skills, knowledge and abilities of your employees can have a positive ripple effect on the overall success of your company. By investing in developing existing talent, you allow your team to become the best versions of themselves through internal growth, improvement and progress. This investment facilitates long-term sustainability, profitability and scalability for a business, as well as instilling loyalty and engagement from staff members who recognize their value within their team and organization. Ultimately, investing in employee development is truly an investment worth making in your company’s future success.

As we progress through 2023, you can expect more businesses to put a focus on the training and development of their employees. Papillon & Partners are here to help you build high-performing and positive teams to empower leaders with Vision, Understanding, Clarity, and Agility! Contact us today to see how we can help you.
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