This week we will delve into another employee retention strategy: “Invest in Professional Development.” When it comes to reducing employee turnover, putting effort into developing skills and providing opportunities for advancement is essential. In fact, employees that have access to professional development opportunities have a 34% higher retention rate than those who do not. Today’s job market is highly competitive, and it is more important than ever to take necessary steps to hire and retain top talent.
What is Professional Development?
There are many times when an individual takes on a new career that provides opportunities for growth and advancement. They hope to be able to improve their skills and expand their knowledge in their current job or others. The idea of furthering one’s skill set through learning and training is known as professional development. According to research conducted by Better Buys, 78% of employees have access to professional development. Professional development typically begins on the first day of an individual’s new job, laying the groundwork for future growth and influence in the company or organization.
Benefits of Professional Development
Deciding to invest in professional development for employees will bring many benefits to them and the company as a whole. As stated previously, companies have a higher retention rate if they are investing in their employees and providing them with additional training and learning opportunities in the workplace. Career development and enhancement is becoming a widely sought after aspect of job positions for many individuals, and businesses that fail to take that into account might notice their employees searching elsewhere. Aside from increasing employee retention, professional development provides additional benefits:
According to Better Buys, employees with professional development opportunities are 15% more engaged at work. When an employee’s skills and knowledge are given room to expand in the workplace, they are more likely to feel like they have more of a voice in their company. Building employee engagement through professional development will, in turn, help even more with reducing employee turnover.
When company leadership invests in professional development for their employees, they are helping build their confidence. These individuals have the opportunity to build more skill, become better at their jobs, and feel as if they have more room to grow. This greatly improves overall job satisfaction, which then improves productivity and morale.
How to Implement Professional Development
There are many different options that company leaders can choose from to invest in the professional development of their employees. Perhaps utilizing more than one strategy or program is best for their teams. It is important to communicate with employees to understand how they feel that professional development would be most effective for them. This also shows them that the company values the future of their work. Here are a few ways to implement professional development in the workplace:
Company leaders that wish to enhance the skills of their employees might consider coaching or mentoring. Becoming someone that guides and connects with employees in order to help them grow will be highly beneficial in the workplace.
With technology being widely available and used in many aspects of the business world, it can be easy and affordable for employees to continue to learn. Online learning programs are a great way to take on new skills and knowledge.
Employees might find that they wish to learn more about a different aspect of the company, or a skill that another employee is highly proficient with. Having sessions where employees are able to teach each other new skills is a fun and engaging way to foster growth.
Employees hope to feel that they have room for additional opportunities within their organization, and being able to learn additional skills and knowledge is a huge part of that. There are many businesses out there that find that they are in competition when it comes to attracting and retaining talent, and professional development is one of the most important things that individuals are looking for. Employers that show their interest in enhancing their employees' careers will find increased productivity and retention in their workplaces.
Are you looking for a career that values continued growth within a company? At Sedna we take the time to find the best fit for each candidate’s company and career expectations. Send us a message on LinkedIn or Instagram or visit our contact page if you would like to work with us.