Introduction
What is Employee Development?
Employee development is a process in which employees improve their knowledge, skills and career prospects with the support of their employer. This can be achieved through professional training and skill development opportunities, mentoring, job shadowing, stretch assignments, employee upskilling and more. Employee development goes beyond acquiring skills for current roles to help employees move forward on their individual career path.
Why is Employee Development Important?
Today’s hybrid workplace is a fast-paced, competitive environment, and people are seeking a new kind of employee development to meet their personal and professional needs. In light of the Great Resignation/Reshuffle and trends of ‘quiet quitting’ companies can’t remain passive about employee development programs. Employee development and the cost of losing talent is too high. On average, every lost employee costs about six to nine months of that employees’ salary to replace. And that doesn’t count the indirect costs of lost productivity.
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