People development means suitable strategies and measures to implement the company goals through appropriate qualification of employees in technical and methodological terms. Thus, people development serves to secure the need for specialists and executives to improve the profitability and efficiency of a company. It enables a company to be prepared adequately for future challenges. This way companies are empowered to achieve greater independence from the external labor market which in the end improves competitiveness of the company.
In essence, people development is a controlled process of development measures which enables employees to manage their tasks and achieve their goals. In doing so, the aspects of the company strategy and business development agenda provide the people development agenda. In addition, the development needs of different employee groups, such as executives, junior leaders, specialists as well as high-potentials are considered as well. People development is about empowering employees and teams to master their job and function effectively and successfully and be prepared to master new challenges in a motivated and self-confident manner.
People development plays also an important role securing employee retention aiming to retain employees the best employees and talents to sustain long-term success. Employees who are given the opportunity to develop and thus seeing new career perspectives will remain with the company in the long term. Securing and increasing employee satisfaction and motivation leads to a reduction of employee turnover which in turns reduces significantly turn-over and recruiting costs.