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The Benefits of Professional Development Initiatives in Business

Many have read the adage where the CFO asks the CEO, “What happens if we invest in developing our people and they leave us?” To which the CEO responds, “what if we don’t, and they stay?”

Post Covid, businesses across all sectors are racing to refill positions in a scarce hiring market. The production and capabilities of an organization’s current staff play a vital role in successfully returning to business. Developing your team is no longer a perk, it’s essential – and there are just as many benefits to the organization as there are for employees.

Improved efficiency

Not only does professional development offer new skill sets but also allows your staff opportunities to learn from others in the training. As other professionals and industry stakeholders share their experiences, your staff can pick up new ideas and perspectives. Cross training is one of the most effective ways to discover efficiencies for your organization.

Build confidence and credibility

Many younger employees have a technical skillset but lack the old-fashioned business acumen of reading people, initiating conversations or projects without guidance and learning by trial. Providing professional development training opportunities allows employees to build confidence in a risk-free environment where mistakes become learning experiences without being a detriment to the organization’s reputation or production.

Maintain industry trends

Young professionals often have a pulse of the latest tech trends but lack the connection on how to implement them to your company’s advantage. One way to help this is to empower them by asking what and how they would like to learn. Development programs are most effective when employees return with an understanding of how to utilize their new skill or perspective in their everyday job.

Increase retention

The best way to maintain a good employee is to provide a path for advancement and show them your organization is invested in their career progression. Professional development options increase your organization’s long-term commitment to building a staff that enjoys coming to work, challenges them with new responsibilities and rewards their personal interest in expanding their own skillset.

Succession planning

The most successful leaders of your organization are those that understand the history, culture, and internal process. Developing your future leaders from within reduces the knowledge gaps that are inevitable with turnover and external hiring. Professional development initiatives are a great way to help shape your future leaders that already demonstrate positive workplace traits and intangibles.

The purpose of professional development training is to help future leaders gain a more complete understanding of how the business operates, and to acquire a broad set of skills that will help them guide the organization through change. All success requires adaptation, so set a good example. Reinforce your commitment to professional development training by seeking educational opportunities for leadership and staff members. Promotion of professional development training to employees is one of the most impactful examples leadership can use to demonstrate they practice what they preach.

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