Employee development initiatives are important for retaining valuable employees and ensuring a company maintains its competitive advantage. There are several benefits to employee development, including identifying employee strengths and weaknesses, helping employees meet personal growth goals, and ensuring employees have the necessary competencies to perform their jobs. An effective employee development plan identifies the type of development needed, sets goals, and determines the best approach. There are various types of development initiatives an organization can implement, such as formal education programs, assessments, developing new job experiences through rotations or promotions, building interpersonal relationships through mentoring or coaching, and more. Overall, employee development leads to a more skilled workforce that can accomplish more and helps companies retain top talent.