Employee development is an essential prerequisite for any organization to be successful. It holds especially true at the present stage when the acceleration of scientific and technological progress leads to rapid changes and demands professional knowledge and skills. Nowadays, employees tend to be highly educated, strategic thinking, and goal-oriented. The development process has become one of the main functions of personnel management. Thus, companies should implement continuous improvement strategies to provide the professional growth of their employees.
Development is the acquisition of new competencies, knowledge, and skills that person uses in their professional activity. It is the process of training and retraining to fulfill firms’ upcoming tasks and responsibilities of new positions. The effective functioning of any organization is, first of all, determined by the qualification of its employees. Due to today’s advanced theoretical knowledge and practical skills, the ability of a company to make its workers progress is one of the most crucial factors in ensuring the organization’s competitiveness in the market. It is the central premise of updating and increasing the volume of production of goods and services.
The implementation of employee development tasks requires considerable resources. Costs for such processes are the basis for the increase of production and social indicators, the core strategy of the organization’s growth. Substantial investments in this sphere have a pronounced upward trend. Therefore, the economic aspects of development measures demand great attention to allocate funds appropriately. Moreover, the availability of qualified employees may lead to competitors’ attempts to lure them. In this regard, firms should undertake efforts to retain the best staff.
It seems reasonable to assume that employee development is an essential part of a company’s activity and maintenance of its competitiveness. It is a vital indicator of the productive and effective functioning of a firm. However, this process requires considerable resources and investments from an organization as well as employees’ willingness to improve. Nevertheless, if a company wants to perform its best in the severe conditions of global competition, it will consider the measures of employee development as a necessity.
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