Companies need to stay on top of industry trends to keep ahead of the competition. That’s especially true now, as it feels like new technological advancements are being made every week.

But how can they do that?

Through continuous employee development.   Training employees ensures that the people who are there, working in — and on — the business every day know what’s happening and what’s to come for their department, the company, and the industry itself.

According to LinkedIn’s Global Talent Trends 2023, 89% of L&D pros believe that building employees’ skills will make it easier to navigate the future of work.  

What is employee development?

Employee development, sometimes called professional development or staff development, is the process of upskilling employees and teaching them new ones. This development helps employees and businesses meet their goals.

Employee development starts with HR professionals evaluating employees’ skills to look for areas where they need training. They then create an employee development plan around those needs and track key metrics to show the program’s ROI.

There are many ways employees can learn about new technologies and techniques. It can come from formal training such as webinars, online courses, or in-person classes. It could also come from mentorship schemes (either as the mentor or mentee), or it could be more experience-led, through on-the-job training.

Different types of training will suit different roles, businesses, employees and skills.

For example, copywriting works well as an online course. But feedback from a mentor can accelerate someone’s copywriting skills because they get tailored feedback, clearly showing them what works and doesn’t in the copy that they write.  

Why employee development is important

Businesses need highly skilled employees to reach their goals. And highly skilled employees only stick around if they’re motivated.

But Gallup’s State of Global Workplace Trends 2023 found that 59% of employees are quiet quitting. These employees only put in the minimum effort required.

This lack of a connection to their role can reduce an employee’s productivity levels. It can also have a ripple effect on their colleagues and the company culture, put them at greater risk of burnout, and ultimately make them more likely to leave.

Gallup estimates that disengaged employees cost the global economy $8.8 trillion a year.

Employee development could be the key to re-engaging those employees and improving retention rates.

Career opportunities are the number one reason employees change jobs, according to Recruiting Daily. So if you can provide employees with the right upskilling opportunities, they have more reasons to stay.

LinkedIn found that opportunities to learn and grow within a company motivate 35% of 18-34-year-olds, and 31% of that same group want to learn and develop new skills.

Jane Oates, president of WorkingNation and former Assistant Secretary, Employment and Training Administration at the U.S. Department of Labor, told LinkedIn: “Learning is not just a nice-to-have. Building an effective workplace learning operation is about asking each employee what their career aspirations are within a company as a way to retain them.

“As the economy changes, HR has to help get people on pathways to different jobs. We must collectively build a career lattice rather than a career ladder.”

Offering employees career development opportunities is also good for employee satisfaction.

After two years, 75% of employees who’ve made an internal move are more likely to stay, compared to 56% of those who haven’t made an internal move.

If an employee moves to a new department or role, professional development is key to them getting up and running in that role as fast as possible.

Regular training also improves employee satisfaction rates by making roles feel less monotonous. And when work feels less repetitive, it increases creativity and innovation.

When businesses support career development, employees feel valued and invested in. These employees believe they can make a genuine difference in the business’s bottom line. They’re more motivated, engaged and productive.

The higher job satisfaction is, the happier employees are – which means their overall well-being is improved. In turn, there is better employee engagement, further boosting retention rates.  

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