The Value of Professional Development
By Janet Treer
President of The Treer Group, a local company focused on developing strong leaders and supporting business success
Why is professional and leadership development such an invaluable investment in your business or organization? In a nutshell, effective professional development can:
- Attract more skilled and experienced employees by showing that you truly value your people, their personal and professional growth and their contribution to your organization.
- Improve employee retention and internal advancement by nurturing more engaged, satisfied employees.
- Position your organization for greater success in the future by enhancing your talent pool with people who experience consistent growth of both job expertise and soft skills, such as adaptability, communication, collaboration, critical thinking and more.
7 Key Benefits of Professional Development
1 – It can draw top-notch people.
Today, people want to work in an organization that views them as more than a resource for business success. They’re looking for an organization that values them as individuals who have professional aspirations of their own that should be respected and supported. According to Gartner, 82% of employees feel that way. (Gartner).
2 – It can increase employee retention.
In the LinkedIn Workforce Learning Report, it is revealed that 93% of employees would remain at their business longer if the company would invest in their careers. Reducing turnover provides an array of benefits from reducing costs and improving productivity to customer relations and team morale. (Workforce Learning Report)
3 – It can save money.
Losing good employees is very costly. A SHRM study states that the cost of losing an employee can be 6 – 9 months of their salary on average. When you do the math, it’s clear that professional development will almost certainly provide an excellent ROI. (cost of losing an employee)
4 – It improves employee engagement.
Engaged employees are productive, effective employees. Almost 70% of employees in the U.S. are disengaged at work, according to a 2023 Gallup study. Remote working adds complexity to this. Professional development can significantly build a feel of teams and connection, while reducing disenchantment, burnout and disconnection. (2023 Gallup study)
5 – It can build an internal farm team.
In addition to keeping employees longer, professional development continuously grows their soft and hard skill, positioning them for advancement, both personally and professionally. Wouldn’t it be great to reduce the number of outside searches that must be done when positions open up?
6 – It can develop vital soft skills.
Knowing the nuts and bolts of how to do a job is clearly important, but it goes much further than that. According to LinkedIn’s Global Talent Trends 2019 report, 92% of talent professionals believe soft skills are equally or more important than hard skills when making hiring decisions. 89% went on to say that when a new hire doesn’t work out, it’s due to a lack of soft skills. (LinkedIn’s Global Talent Trends 2019 report)
7 – It can enhance organizational agility. The past few years have demonstrated that organizations need to be change-ready. Professional development, especially soft skills, can provide individuals and teams with the skills and tools they need to effectively adapt to challenging situations, whether anticipated or not.