Training and development of staff is a vital part of a talent management strategy of reducing turnover and increasing retention rates within a company. If the company employs human resources management software (HRMS), the capability of a learning management system, or LMS, can help from both the standpoint of employee access to ongoing training and tracking of the training by the HR department.
Training and development has three main aspects which are similar but distinct. Training is focused on and evaluated against the job that the employee currently holds. Education is focused on jobs that the employee could possibly hold in the future and can be evaluated against those jobs. Development is focused on activities which may take place in the future and the employee's potential for these activities, and is difficult or impossible to quantify.
Training and development programs include but are not exclusive to both talent development and career development. Talent development is often used to describe the grooming of upper management positions, while career development is generally considered an important program for the retention of any employee in the company, regardless of their level.
From the standpoint of the employee, continuing training and development provides both a greater sense of self-worth and an increase in their value to the company and to the job marketplace. For this reason, it is important for the company to not only invest in the training of employees, but also in effective retention practices to prevent employees from taking their increased value to the open market to shop for better compensation and opportunities elsewhere.
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