Looking to find out what are the benefits of professional development? Look no further than retention, succession, and attraction. It’s important to understand why you or your organization are affected by professional development and the professional development training options available.
If developing strong leaders is a top priority for your organization, you’re not alone. According to Gartner’s 2020 Future of HR Survey, 63 percent of learning and development leaders believe that developing both their current and future leaders is a top priority in 2020.
Good professional development training delivers specific ways to close the skill gaps identified in the planning stage and engages learners through consistent insight and education. Organizations can nurture leadership by offering training programs that help employees with:
- Making decisions under pressure
- Constructive conflict management
- Planning for the effects of technology and automation
- Soft skills required of a good leader
With these skills in tow, organizations can reap endless benefits, including:
Increased Retention Rates
Employees who do not feel they can achieve their career goals at their current organization are 12 times more likely to consider leaving than employees who do feel they can achieve their career goals, according to IBM. What’s more, LinkedIn reported that 94 percent of employees would stay at a company longer if it were to invest in their career.
The benefits of improving employee retention rates are significant—especially from a cost perspective. Finding a replacement for an employee who leaves becomes expensive. There are costs associated with posting jobs, interviewing, and background screening, not to mention signing bonuses and relocation costs. There are also costs incurred when you on-board the new employee, along with lost opportunity costs when a position remains unfilled.
Better Succession Planning
Promoting from within has some obvious benefits. Current employees are familiar with day-to-day operations, they know your customers, and they have bought into your organization’s mission.
The right professional development training does not only help you instill a stronger skill set in your employees. This type of training also helps you identify the strengths and weaknesses of your employees. You gain insight into which people have the aptitude for leadership and which ones may need additional development. When the time comes to fill an important position, your training program can provide you with a pool of candidates groomed for success.
Attracting Top Talent
To attract top talent, organizations need to offer professional development opportunities and ways for employees to gain skills to advance their careers—a reality backed up by results from the 2018 Career Interest Survey from the National Society of High School Scholars.
However, offering professional development training courses is not the only thing to consider if you plan to reap these benefits. Determining what should be included in a professional development plan is as important as the decision to offer professional development training in the first place. The earlier you start, the sooner you begin to see the positive impact professional development training brings to your organization.