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Henry Ford said it best, “The only thing worse than training your employees and having them leave is not training them and having them stay.”
People—and the talent they bring—are the most important asset to any organization. Investing in their professional development yields dividends on several fronts, including:
- Increased Engagement: Professional development tailored to an individual’s unique needs and objectives is substantially more beneficial than a blanket solution. Largely because individualized solutions require greater communication, and communication both builds trust and conveys recognition of value and worth in the individual.
- Reduction in Turnover: LinkedIn’s 2018 Workplace Learning Report reported that “94 percent of employees would stay longer at a company if it invested in their career development.”
- Attracting Better Talent: Organizations with a culture of learning have a competitive advantage over those that do not. As Heide Abelli pointed out in a February 26, 2021 article in Forbes, “Learning lies at the root of competitive advantage, fueling innovation, adaptivity and retention of the most skilled and capable talent.”
- Addressing the Skill Gap: Nearly every organization benefits from addressing skill gaps via professional development. In The Expertise Economy Kelly Palmer and David Blake show how both big and small companies can partner with their current workforce to prepare for future needs.
- Improved Succession Planning: Aligning professional development programs with succession plans ensures that an organization’s talent at every level has the right opportunities and resources to grow and succeed within the organization.
Each organization should tailor their professional development programs to both their size and industry. That said, the following are a few universal suggestions help to both inaugurating and growing programs:
- Reading:
- Share insightful articles and encourage conversation on the topic whenever the organization regularly convenes—a weekly/monthly meeting, coffee or lunch.
- Establish a (physical or virtual) Learning Library with resources available for check out.
- Start a company book or content club. John Coleman points out in an HBR article advocating the benefits of book clubs for business people that, “At Harvard Business School, one of the primary reasons for the case method of learning, where students read a case, or story, collectively and then debate it, is to make students more aware of the different perspectives people bring to any discussion and the ways in which those perspectives can deepen understanding and help a group reach a more rounded decision.”
- Courses: Establish a budget and policy with regard to allowances and reimbursement for professional development courses and certifications, and then invite all qualified persons to engage this benefit. To the extent possible, encourage participants to share their learnings with peers.
- Networking: Similarly, establish a budget and policy with regard to allowances and reimbursement for professional development in the form of conferences and seminars.
Do you and your company need help creating or elevating a Professional Development Program? Are you seeking an HR Leader who can help bring your organization's culture and talent to the next level? 360 is here to help!