Most of the time, professional development is much overlooked and underappreciated as a team member retention and recruitment tool. In fact, it’s often one of the first things to go when budgets get cut. Here are some reasons why investing in the growth and development of team members is a smart idea that contributes measurably to the bottom line.
Offering professional development training programs allows our people to perform better and prepares them for positions of greater responsibility. But it can also help organizations attract top job candidates, retain their best workers, and identify future leaders. Moreover, ongoing professional development is very appealing to many today who are looking to keep their skills relevant in a rapidly changing world.
Investing in each team member is beneficial to the whole organization and can boost the bottom line. Following are five (5) bottom-line benefits you can realize if you support or provide intentional professional development training initiatives:
- INSPIRATION – You can inspire your team. One of the primary reasons for disengagement in the workplace is anonymity. As we get to know our individual people, their strengths, and how they want to grow, we can acknowledge them by breathing into their professional desires. This is especially true with targeted development that is consistent with what is needed on our team. Whether it is technical training or leadership training, matching the “wiring” of our people with the needs of our business can have an immediate positive effect on productivity.
- SATISFACTION – You can boost overall satisfaction. When your team is equipped to do their jobs more effectively, then overall confidence grows. In addition, you create more bandwidth for more work as team efficiencies grow as well. This ultimately leads to greater job satisfaction.
- RECRUITING – You can increase the ability to recruit. As you increasingly offer training and development opportunities, the reputation of your organization increases. You build a narrative of care that extends beyond your workforce as you increasingly desire to help them grow. Your customers and clients will benefit because those same team members become very passionate about their work and keep increasing promises to colleagues and customers. Your people ultimately become the best brand ambassadors you could ever have.
- RETENTION – You can increase retention. When people are being cared about and fed, they simply do not want to leave. Your people will increasingly feel like they’re appreciated and are making a difference. They also will feel like they are gaining expertise and becoming more well-rounded. If your team members do not feel challenged or sense stagnation in their careers, they will seek advancement opportunities elsewhere. Lifelong learning inspires loyalty.
- SUCCESSION – You can build the next leaders. Scaling a business is difficult, especially when you fail to have the next leaders ready to engage in the business. Intentional and targeted training right now can help you ensure your best and brightest are prepared for the forthcoming growth.
Continuous learning that nurtures professionals and helps them progress on their individual career path is one of the best investments organizations can make. While it is ultimately the individual’s responsibility to “own” their professional development, it is also crucial for organizations to encourage continuing education by providing or facilitating both internal and external learning opportunities.
Helping people hone their strengths and grow their skills better equips them for their current role and encourages them about the future. Making learning and development a focus of your company culture helps improve employee engagement, increases retention, and attracts top candidates. Remember the following about the importance of employee development:
- 74% of employees believe they are not reaching their full potential due to a lack of professional development
- 70% of American workers would leave their current job for one that has a reputation for investing in employee development
- Employees who have opportunities to participate in professional development are 37% more effective in their roles
- Organizations that invest in professional development and skills training see 24% higher profit margins
Failing to provide employees with professional development opportunities can easily convey a lack of worth and suggest that current roles may plateau without any view of the future. Really good professionals desire more than that. If you don’t currently have any professional development strategies in place, it’s time to implement a plan for your team.
For more on DREAM4 and our impact on organizational wellbeing and leadership development, please schedule a call today.
