Professional Development Gets Professional Results
Professional Development Gets Professional ResultsI am passionate about Professional Development, and I often drill into it when interviewing anyone who will manage people. Too many companies short circuit investing in employee professional development because they either don’t believe in it, don’t know how to do it, and/or don’t understand the benefits of it. While professional development can be difficult to measure and plan for, the benefits to your company are numerous Recent statistics tell us that professional development is key in attracting and retaining high-quality employees. Consider these statistics compiled by Access Perks:
- • 68% of employees say their managers aren't actively engaged in their career development (Right Management)• Only 59% of employees say they can "grow and develop" at their organization (Modern Survey)• Only 34% of companies focus on developing and retaining current employees (American Management Association)• Employees who get the opportunity to continually develop are twice as likely to say they will spend their career with their company (Gallup)
Consultants InsightIf you run the numbers for your business and look at turnover and employee engagement only, what is the cost? Depending on the size of your organization, these figures can be staggering; some estimate that employee disengagement can cost you $3,400 per every $10,000 you pay an employee. If you haven’t run these numbers, you should, and there are plenty of calculators you can download for free and use specifically around turnover and engagement. Remember, adjustments of just a couple of percentage points can have a dramatic impact on your bottom-line.I believe that smaller companies tend to think that professional development is expensive and impossible to accomplish—and it can be if you are paying for employees to get their MBA’s, but many other options are incredibly simple, cost effective, and can drive real results. You would be surprised at how just implementing a few small additions in professional development can create a positive impact for your company.4 Major Ways Professional Development Can Help Your Business
- • Collective learning can reduce errors across the company.• Attracting of better talent.• Driving a stronger culture.• Decreasing ramp-up time of new talent.
GCE Key Deliverables for Professional Development
- • A mentoring program.• Recommended reading materials and group learning.• A coaching plan for individual employees.
If you’d like more help in this area, please reach out to me here https://gcestrategicconsulting.com/contact. Stay tuned for our next article on “Communications,” and how it increases employee engagement.