Employee development and retention are critical to an organizationÆs ability to meet its goals and challenges and retain profitability. This paper discusses the factors that affect employee development and retention: effective training and development programs, components of effective retention and career development, human capital development, a career development planning model, and an employee relations program.
In any modern industry, employee development and retention are among the key factors in a companyÆs success. In the cable TV industry, this is even more the case, since employees who do not progress with technology and stay with the company to share their knowledge can have a serious impact on the companyÆs profitability. In fact, a Louis Harris and Associates survey found that the cost to a company of losing a typical worker is $50,000 (Abassi & Hollman, 333). Furthermore, turnover is estimated to cost the U.S. economy $5 trillion annually, as well as resulting in reduced earnings and stock prices (Finnegan et al., 12). Retention, on the other hand, reduces turnover costs and increases productivity, as well as engendering high customer loyalty and greater profitability (Finnegan et al., 12). Therefore, employee development and retention need to be carefully thought out and planned for by cable TV human resource (HR) managers. Employees that are not given the opportunity to develop are likely to leave, so development and retention are allied to a certain extent, and should be considered in tandem.
Employee development, or the growth and progress of the employee and his career after being hired, is not only critical for job satisfaction but also for the level of the employeeÆs contribution to the company. Employees that continue to receive training and education, guidance, and expert leadership can reach their full potential and offer the company much more than they could on their hire date. Retention depen...