Is Professional Development Worth the Investment?
Sir Richard Branson famously said “train people well enough so they can leave, treat them well enough so they don’t want to”.
We are often asked by Leaders about the benefits of professional development for their employees. Generally, these questions focus on the cost associated with the training, and what happens if the employee leaves the organisation after completing their professional development?
Whilst these are both logical questions, there is one question leaders neglect to ask: What will happen if we don’t support the professional development of our employees?
As we enter a ‘new normal’, providing employees with a competitive remuneration for their time is no longer enough. To complete with similar organisations for the best talent within the industry, build strong company culture and create a sense of social cohesion between co-workers’, organisations need to consider and explore opportunities for professional development.
We are (at our very core) realistic, and understand that professional development is generally a costly venture, particularly when you engage a new employee. Outlined below, for your reading pleasure, are the benefits of professional development, which seek to justify the investment.
A significant part of an employee’s job satisfaction is their confidence in their ability to perform their role. Therefore, training an employee to effectively undertake their role is likely to improve employee engagement and retention across the business.
Whilst some training can be costly, professional development such as mentoring programs are cost effective and allow both mentees and mentors to learn more from one another throughout the process.
Attracting the best candidates is a challenge many organisations face. These days, potential employees consider the reputation of an organisation before they would consider taking up a position. Potential candidates who value ongoing learning and progression in their career will align themselves with an organisation who supports professional development. Attracting the right candidates is important as it reduces the risk of hiring an individual who is not the right fit and therefore reduces the cost associated with recruitment.
Finally, the risk of not supporting ongoing professional development places your organisation at risk of developing significant skills gaps and falling behind your competitors. Whilst there is a risk that supporting your team with ongoing professional development may make these individuals more attractive in the labour market, not providing further training, either formal or informal, places your organisation at risk of not benefiting from the potential skills and experience these individuals can provide to your business.
If you are seeking further information on where your organisation may benefit from professional development, or support on undertaking a gap analysis we can help. Contact one of our Consultant’s at solve@fiveseven.com.au to discuss a tailored approach to your specific organisational requirements.
