Employers are awakening to the importance of employee development for keeping workers engaged, building internal talent pipelines, and retaining top talent. The evidence is clear: a Deloitte survey of millennials found that 63% feel their leadership skills must be fully developed. In comparison, 71% of those likely to leave within two years are dissatisfied with their leadership growth opportunities. Ignoring employee development can hurt a company’s bottom line and lead to higher turnover rates.

Justin Stratton, CEO of Southwest Geotechnical, smiles with three of his employees who have either graduated
or is currently enrolled in NextGen Evolution

Here are five key reasons why investing in employee development can benefit your organization both now and in the future:

Attract Top Talent

Today’s employees seek more than just a paycheck; they want to be valued as individuals with unique goals and aspirations. According to Gartner, 82% of employees expect their organizations to view them as people, not just as resources. Companies that offer robust employee development programs signal to job seekers that they care about growth and are more likely to invest in their employees’ professional and personal development. The University of Phoenix Career Institute’s 2022 Career Optimism Index shows that 68% of respondents would be more likely to stay with their current employer if they had access to more upskilling opportunities.

One such program that exemplifies this approach is BOAR’s NextGen Evolution. It was designed to empower employees with the skills and knowledge required to thrive in a constantly evolving workplace. By providing learning paths and mentorship, NextGen Evolution has become a motivator for job seekers looking to join a company that prioritizes growth and development. This program helps attract top talent and keeps them engaged throughout their tenure.

Boost Engagement with Employee Development

2023 Gallup study revealed that nearly 70% of U.S. employees are disengaged at work, leading to lower productivity and higher rates of burnout. Employee development can counteract this by providing opportunities to learn, grow, and connect with colleagues. When employees are engaged, they’re more productive and less likely to leave.

BOAR’s NextGen Evolution program contributes to higher engagement by offering various leadership development experiences. By encouraging employees to participate in the program, companies can help them build meaningful relationships with their peers and a greater sense of purpose in their work.

See Long-Term Returns on Investment

While the benefits of employee development might take time to become apparent, they pay off in the long run. LinkedIn’s Workforce Learning Report found that 93% of employees would stay with a company longer if it invested in their careers. A study by SHRM reported that the cost of losing an employee could range from 6 to 9 months of their salary. Keeping one employee longer through a robust development program can make a significant difference, and the benefits grow with a higher retention rate.

BOAR’s NextGen Evolution was built with this long-term view in mind. With over 200 graduates, the program touts a 92% retention rate of millennials after two years.  By providing continuous training and opportunities for career progression, the program encourages employees to stay with the company. This retention reduces hiring costs and helps build a more stable and experienced workforce over time.

Strengthen Your Internal Talent Pipeline

Investing in employee development keeps employees engaged and on board and creates a path for internal promotion. Developing talent from within reduces the need to hire from outside for more senior roles, leading to a more cohesive team with employees who understand the company’s culture and values. Therefore this internal talent pipeline also means quicker onboarding and a stronger sense of loyalty.

BOAR’s NextGen Evolution is pivotal in strengthening the internal talent pipeline. It offers customized career paths and leadership training that prepare employees for advanced roles within the organization. As a result, companies can rely on a steady flow of qualified candidates for promotions, fostering a sense of growth and belonging among employees.

NextGen Evolution’s first graduating class in 2019

Prepare for the Future

The workplace is evolving, and adaptability is critical to creating a resilient workforce. LinkedIn’s Global Talent Trends 2019 report found that 92% of talent professionals believe soft skills are equally or more important than hard skills; with 89% stating that new hires often fail due to a lack of soft skills. Employee development isn’t just about technical skills; it’s about building soft skills like communication and adaptability to prepare for the future.

BOAR’s NextGen Evolution focuses on developing leaders. By offering a balanced curriculum that includes emotional intelligence, leadership, communication, problem-solving, and financial acumen, the program equips employees to navigate the complexities of a rapidly changing workplace. This holistic approach prepares employees for future challenges and builds a more resilient and adaptable workforce.

In conclusion, it’s easy to focus on the day-to-day demands of business, but integrating employee development into your business strategy is crucial. Investing in your employees is investing in your company’s future success. BOAR’s NextGen Evolution provides a comprehensive framework to help companies meet this goal, ensuring they are well-equipped to thrive in an ever-changing business landscape.

For more information or to enroll your up-and-coming leader into the next NextGen Evolution program in Las Vegas, click here or call 855-922-2627.