Employee Development Training Critical for Retention

Companies that stay ahead of challenging economic times invest in their employees. The most successful organizations know that it is highly important to develop and to tap the knowledge of their employees. When employees are given the opportunity to learn and to develop creative ways to solve the organization's problems, exceed customer expectations, and increase productivity the company benefits as a whole.

There is no question that having the right technology benefits most companies but a sustainable competitive company will invest in employee development equal to if not more than technology. Employees are the biggest asset a company has and without them there is no business. The Society of Human Resource Management revealed in their 2006 U.S. Job Retention Poll that 52% of employees cite that career development is the most effective tool for job retention.

An issue that is looming in the near future is worker shortage. According to the U.S. Bureau of Labor Statistics, an estimated 22 million workers will leave the workforce by 2008 due to baby boomer retirements. The generation that follows isn't large enough to make up the loss which makes employee retention increasingly important. Older employees that intend to stay in the workforce want more training and companies that are smart will offer it to them.

Employee development training can lower turnover and groom future leaders. Companies that define a clear growth path and offer the opportunity for their employees to experience and be trained in multiple domains of the business will do well in employee retention.