A key role of the manager is not only to develop individuals on your team to keep them engaged, but to prepare the organization for the future. Most orgs now realize that they will need totally different skills in at least a few areas every few years. You most likely don't have years to ramp up those skills once you need them, so you better start ramping up before you need them.
Part of this is to constantly challenge your team to upgrade their skills. What are the new skills that they see coming in their field? This not only prepares them, but it also creates the culture of constantly learning (and unlearning old ways).
Part of it is you taking the time to look at the department 2 or 5 years from now and say "what do I need to be starting to do today to be prepared".
The risk: Your organization may suffer and you may need to let people go because they don't have the skills you need. That is painful and expensive for all involved.