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What does it cost to replace an employee? In figuring the amount, some employers only consider money paid to the departing employee and the cost of advertising the position. Actual costs, however, are staggeringly higher – from 1 1/2 to 5 times the employee’s salary, according to several labor reports. When we think about the investment in recruiting, interviewing, hiring and training new employees, we can easily see how the numbers add up.

You might be surprised to learn that “one-quarter of the highest potential people in your company intend to jump ship within the year,” according to an article in the May 2010 edition of the Harvard Business Review. For employers, the cost of so many walk-aways can be exponential – in terms of both finances and morale.

What is the solution? Though the response to this question is as varied as job types, experienced leaders and successful CEOs agree on one common theme: Invest in your employees’ growth and development.

As a leader, manager or business owner, you can take immediate steps to build a better, stronger work force – one that engages high-performers and high-potentials as well. For example:

• Find out what your employees need and want. Many managers and executives make the mistake of assuming they know what employees want. As Daniel Pink reminds us in his latest best seller, “Drive,” our assumptions are often wrong and can even prove detrimental to employee development. Conduct a valid needs assessment and create initiatives with win-win outcomes.

• Provide opportunities for developmental partnerships. Whether through formal mentoring programs, internal or external coaches, professional associations or other methods, encourage connections that focus on growth with trusted sources. For years, top companies have recognized the sustainable benefits of one-on-one partnerships; now more and more small businesses and proactive individuals are reaping the marketplace benefits of investing in such efforts.

• Make employee development plans common practice. Support long-term planning and short-term action among all levels of employees. When employees create action plans they are excited about and invested in, the company benefits in myriad ways.

Focus your efforts and policies on what you want for your organization rather than on what you’re trying to avoid.

An appreciative approach, coupled with powerful initiatives, will swiftly bring about the change you wish to experience.

Christine Hegstad owns MAP Professional Development Inc., an executive coaching and training firm in Ankeny.