Want to Keep Great Employees? Develop Them Without Breaking the Bank

We all know turnover is expensive. But do you know what’s even costlier in the long run? Failing to develop your people.

According to Gallup and Pew Research, employees who have professional development opportunities are:

• 3 times more likely to stay at their company

• 34% more engaged

• One of the top reasons people quit
  

Here’s the key: growth doesn’t have to mean promotion. In fact, in many small or flat organizations, promotions may be limited, but growth is not. When employees feel like they’re building new skills, taking on challenges, and becoming more valuable, they’re far more likely to stay motivated and engaged.

The good news is that professional development doesn’t have to be pricey. If you're a small business or nonprofit, you can still offer meaningful growth opportunities without blowing your budget.

Here are 5 cost-friendly ways to invest in your people and strengthen your organization from the inside out:

1. Develop Career Paths

Show employees what growth can look like inside your organization. Transparent career paths not only boost motivation but also provide people with a reason to stay and grow with your organization.

2. Get Them a Mentor

Mentoring doesn’t require a big budget. Pair team members with more experienced colleagues who can help them navigate challenges, offer perspective, and support their development.

3. Transition Managers into Coaches

Gallup says this is the #1 driver of engagement. Train your managers to stop being just taskmasters and start being growth partners. Coaching-based leadership empowers employees and encourages continuous learning.

4. Offer Workshops & Other Learning Opportunities

Whether it's soft skills or technical training, workshops can be offered in-house, through consultants, or via community colleges. They don’t have to be expensive, but they do have to be relevant. Book studies are another learning opportunity which costs very little.

5. Use Stretch Assignments

One of the most powerful (and free!) tools in your development toolbox. Assign projects that push employees just beyond their comfort zone—research shows that 70% of development comes from these types of experiences.

💡 At InfluenceHR, we specialize in helping small and mid-sized organizations build people strategies that work. Want to explore ways to develop your team without draining your budget? Reach out for a complimentary consultation.

📩 leslie@influencehrconsulting.com🌐 www.influencehrconsulting.com📞 (336) 830-2081

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