Why your business needs a professional development plan
Photo by You X Ventures on Unsplash
If you’re a regular on LinkedIn, you will probably have seen the quote where the CFO asks the CEO “what if we invest in developing our people and they leave?” to which the CE replies “what if we don’t and they stay?”
Professional development is a two-way street, you expect your employees to invest in their own knowledge and development, but employees also expect the same dedication from their employers.
A robust employee development plan is an essential part of any organization in today’s economy. It can help you attract and retain top talent and reap the benefits as an organisation. A study by The Conference Board revealed that only a third of employees were happy with the training and education systems where they work.
If you don’t already have a professional development plan in place, here’s why you really need one.
What is a professional development plan?
In its simplest form, your employee professional development plan supports employees to grow and develop their skills, not only for their present position but to grow and advance within the organization.
Many organisations make the mistake of taking a one size fits all approach to employee development plans. Some employees might want to be the future leaders of the organisation, others may want to specialise and advance their technical skills.
There are many ways to deliver this plan, through internal training, professionally delivered courses or online training and assessment. Depending on the type of business you run, it may be a combination of all three, visit website to find more information on your training options.
The benefits
There are no downsides to investing in your employees. It can be the cornerstone of a well engaged, productive workforce. There are a number of benefits to the organisation, including:
Attracting top candidates for positions
- Increase employee engagement and motivation
- Reduce employee turnover
- Improve efficiency and profitability
- Save money on recruitment costs by promoting internally
Developing your organisation’s plan
Each organisation’s plan should be tailored to their specific needs. Take a look at your organization and evaluate:
- Skills gaps
- Talent analysis
- Current training programmes
- Employee engagement and turnover
- Succession planning within departments
- Competitor personal development plans
- Balance the needs of the company and the individual
While the overall aim of your plan is to benefit your company, you need to focus on the individual during your planning. Management should work with employees on a one-to-one basis to assess their career aspirations, goals and current skill levels.
They should then agree upon the goals for their professional development and what options are open to them to achieve this. Management should then be able to monitor and support their teams to reach their goals.
Conclusion
Competition for the best talent is fierce and you need to do everything you can to attract and retain the right people. By being committed to developing your employees, you’re demonstrating that you value them and their skills and that they have an important role to play in the future of the organisation.