One of the most important levers a company can use to retain talent is to continually offer opportunities to grow and learn, according to Rebecca Ray, human capital practice lead for The Conference Board, in Distribution Remodel: Deepen Talent Development.

“If organizations fail to do that, people are going to go elsewhere,” she says.

Many employees are no longer satisfied with doing the same thing day in and day out for their entire career. But talent development extends beyond training on products and processes; it’s an investment in the culture and future of the organization. 

“Companies, particularly CEOs, are starting to recognize that innovation comes from people,” Ray says.

As the labor pool tightens, developing and retaining existing employees becomes more attractive and critical for business success. It’s not about promoting new hires to C-level positions in six months, but instead making them feel they are an integral part of the organization.

Read more about cultivating current employee's skills in Distribution Remodel: Deepen Talent Development.