I work in the data center industry, which has precious little margin for error. Downtime is not an option – as the digital backbone of the economy, data centers must operate 24/7. Moreover, even a small mistake can to be a $150 million snafu.

Because the stakes are so high, we spend a lot of time and money training and developing the people who keep our facilities — and our company — running. Add to lack of talent in our fast growing industry and we can't afford it NO to invest in our employees and managers.

While not every industry faces this level of pressure, every company can benefit from embracing a culture of operational excellence and continuous improvement. This starts with talent development, which helps the business run smoothly and makes it more likely that people will stick around. A program that gets these results is one that is well spent. Too often, however, businesses drop the ball.

Only in the US, companies are pouring more than 100 billion dollars a year in training people. However, only 25% of survey respondents said their corporate training programs moved the needle on business performance. At the same time, alone four out of 10 workers feel that their employer is helping them improve their current skills or acquire new ones.

Clearly, when it comes to training and developing people, companies themselves have room for improvement. Here are some places to start.

Related: How to improve your leadership style with group-based leadership training

1. Hire trainable people

When it comes to nurturing talent, starting with a solid foundation is a big step. This means trying to bring in the right people for the job and those eager to acquire the skills they need. In fact, willingness to learn is one of the the three main soft skills that hiring managers consider essential.

I've seen that enthusiasm pay off in our operations team. For these roles, we often bring in military veterans and other people who feel comfortable high pressure situation and used to navigate complex new processes and systems. The best performers can come from different backgrounds, but a shared passion and desire are essential qualities. A notable example is a former bartender who quickly progressed within our organization to become a program manager in just a few years.

Related: Is your employee training program ready?

2. Take a personalized approach

External certifications can be important, but for many organizations, generic training won't cut it. Programs should be tailored to your business objectives with industry-specific protocols. Our COO, a Navy nuclear vet with deep management and teaching experience, has brought the same learning culture and rigor towards his team. He built a customized training program for our company where the first phase lasts up to a year, with internal qualifications at each subsequent level.

We are not the only company that follows this approach. IBM, for example, is known for its culture of continuous learning. The tech giant, which requires employees to do at least 40 hours of lessons per yeargives them access to an online platform that provides recommendations based on their interests and goals.

3. Run the simulations

In the real world, things don't always go according to plan. Simulation training – the effectiveness of which has been well documented — allows people to practice skills in situations that replicate being at work. We regularly run different scenario drills to see how employees respond. Since last year, our operations team has held more than 45 such exercises and 50 training sessions. This approach can give your people access to critical experiential and interactive learning opportunities – ensuring they are ready for real-time challenges.

4. Bring in executive coaches

The approach I have described should not only apply to technical people. It is equally important to train and develop people in leadership positions. To that end, we provide mentoring and executive coaching to members of our leadership team. Considering factors such as higher productivity and retention, such training can deliver a almost eightfold return on investment.

Related: 6 Ways Executive Leadership Coaching Pays Off

Remember: Training and development is not “set it and forget it”

Continuous feedback and evaluations are equally crucial to talent development. By constantly evaluating people's performance, managers can see who is adding value and who needs coaching or improvement.

This starts with leaders engaging with how their team is doing, which isn't necessarily achieved through tactics like annual or quarterly performance reviews. This is one reason why I am a proponent of management by walking around (MBWA). Being everywhere at once isn't possible in a large company, but getting out and talking to people helps leaders cut through the noise and identify top performers or those who may be struggling.

Another way to do this? Repeated internal audits. At the operations level, we have assembled a team of internal experts who lead ongoing and annual assessments to identify areas of improvement in operations, processes, maintenance and training.

Regular feedback and evaluations help identify future leaders – as we have done with several people who have risen to management roles. When people know where they stand, they are also more present: 80% of employees who say they have received meaningful feedback in the past week are fully engaged.

The true ROI of talent development

When a company puts employee training and development at the heart of its business, good things happen.

To begin with, the organization works well. The better their training, the less likely team members are to make mistakes that can cost a company money, customers, and even its reputation. In our case, this minimizes downtime and helps us maintain service level agreements with customers. Such preparation is vital in an industry where several outages last year cost companies millions – and where human error reaches 80% of such incidents.

Effective training and development also make a company more attractive to current and former employees potential employees. When people see that the business is willing to invest in them and support their career, it gives them a sense of purpose and a reason to stay. Word gets out, too.

For us, this translates to low turnover in a highly competitive talent market. And as a desirable place to work, we are less dependent on external recruiters to attract people. Other companies enjoy similar benefits. Organizations that invest strategically in employee development are about 10% more profitable than peers who do not, while their chances of retaining people are twice as high. AND three quarters of employees say they are more likely to stay with a company that offers ongoing training.

Ultimately, each company must create an employee training and development program that fits its needs. Just make sure it's not a box-ticking exercise. Instead, talent development should be at the core of the business and deliver tangible results. By encouraging operational excellence and continuous improvement, a company can motivate its employees, better serve its customers and attract the right people. Make no mistake.