Jacob, the vice president of Money-Makers, is reviewing the development program for the company's middle managers. He notes that management development includes psychological profiles and mentors, as well as lateral moves to positions that give managers a broader view of the company. Jacob would like to add a component of formal education. Which option could be included in this new component?

A) on-the-job training in the basics of managers' current jobs
B) opportunities to sign up for sessions with a life coach
C) a program of externships at local charities
D) workshops involving business games and simulations
E) 360-degree feedback

Employee development is is important because it helps to retain key employees, meet the challenges of competition, incorporate technological advances and improve overall employee performance.

Employee development usually involves four different approaches:

formal education: generally includes off-site or on-site education programs that are specifically designed for the company's employees and are dictated by consultants or universities, e.g. short term courses
assessment
job experiences
interpersonal relationships