Today, the successful competition of any domestic enterprise in the market of goods and services is conditioned on the use of new technologies and production processes. Such activity is innovative and plays a leading role in its life. Exacerbation of competition and decrease of competitiveness of domestic enterprises necessitate their innovative development. Information, intelligence, knowledge and innovation, which are the backbone of the country's human resources, are of particular importance in this context today. Therefore, the driving factors in the way of formation of personnel component of innovative development of the state economy are the training of innovative personnel – skilled workers, capable of creative work, professional development, introduction of high-tech technologies on the basis of development of the system of lifelong learning. The issues of professional development of employees are becoming especially relevant in the context of globalization, as well as the European and innovative integration of Ukraine. The author investigates the peculiarities of transformations of modern theoretical and legal approaches to professional development of employees in the context of European integration, human-centered and innovative approaches to doing business, in particular, the following tasks are solved: (1) the essence of the concepts of ‘professional development’, ‘functions of professional development of employees’, ‘professional training’ as legal categories is revealed; (2) leading functions of professional development of employees are generalized; (3) the vectors for further reform of the legal regulation of professional development of employees are determined; (4) the prospects and problems of influence of professional development of employees on the innovative development of individual enterprise and Ukraine as a whole are established. The author substantiates that the professional development of employees produces its direct impact both on individual enterprises and on the state as a whole in the sphere of innovative transformations. Undoubtedly, the gradual introduction of European standards and requirements, the adaptation of foreign legal regulation to the domestic realities and features of the legal system will allow to increase the economic potential, innovative component and competitiveness of Ukraine in the world market, as well as to bring the prospects of gradual accession into the European Union.