Here at alterniq inspired growth we champion employee development. And a recent article in the Harvard Business Review has emphasised the importance of personal development in relation to staff retention.
The Harvard Business Review states that “professional development is a nearly perfect solution to many of the problems facing companies today”. We couldn’t agree more.
The recent LinkedIn Global Trends Report revealed that employees believe that professional development is the number one factor when it comes to good company culture.
This point was emphasised in a report carried out by the Execu|Search Group, which stated that a huge 86% of employees said that they would switch jobs if a new company offered them better personal development opportunities than their current employer.
A recent survey from Better Buys also added that employees who received good professional development opportunities were 34% more likely to stay in a role than those who did not.
These figures obviously show the importance of personal development in helping businesses retain their top talent. However, good quality personal development also helps businesses in a number of other ways.
Statistics from Deloitte show that businesses that offer good quality personal development are:
- 92% more likely to develop innovative products and processes
- 52% more productive
- 56% more likely to be the first to market with products and services
- 17% more profitable than their peers
What all of these numbers show is that good quality professional development helps galvanise and motivate staff, building loyalty. But, not only this, good personal development also dramatically improves the way the company operates, helping to make the organisation more efficient and profitable.
So where should you start?
There are a number of ways businesses can embrace personal development and allow their team members the chance to learn and grow.
Set an individual learning budget
It’s vital that individuals are given the time and space to learn. One thing that we’ve seen a number of companies do, is give all their employees an individual learning and development budget to spend on their own personal development.
This means that at a certain time each week or month, team members can stop working and actively pursue development opportunities. This can be in relation to anything and doesn’t have to relate to their job role specifically. By allowing people the time and space to focus some attention on something personal to them, you’re able to ensure that each individual feels valued.
And the numbers show that individuals who are given the time and space to pursue their own learning whilst at work are more engaged and more loyal!
Offer coaching to all staff members
We’re delighted to see how many innovative businesses are embracing coaching. And it’s even better to see that modern companies are offering coaching to all members of their team. Business coaching is no longer reserved for those at the top of the ladder.
By providing coaching to each team member, a business can ensure that everyone feels engaged and able to develop over time. By having each team member fully on board, you can boost retention, boost morale, and make everyone’s day more rewarding.
Get in touch
If you are interested in offering your people development opportunities, then why not get in touch?
Working specifically with fast-growth organisations, we offer specialist coaching and development programmes, together with assessment and selection centres, designed and facilitated by experienced and qualified coaches. Our aim is for both your business and your people to grow together.
Written by Adam Rowden, creative copywriter at alterniq inspired growth
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