The Role of Professional Development in Employee Retention

What kind of professional development opportunities does your organization currently offer? If options are limited or if you don't have professional development programs in place at all, now is the time to make this a priority.

But where do you even begin when it comes to designing and implementing professional development programs within your workplace? With a better understanding of the importance of professional development opportunities for your employees and how to overcome common challenges in implementing professional development, you and your organization can move forward with confidence.

Understanding Professional Development

What exactly is professional development, and why does it matter in today's workplace? In the simplest terms, professional development refers to programs offered through the workplace designed to help employees gain new skills, maintain certain designations, or pursue additional certifications.

Types of Professional Development Programs

There are many types of professional development programs used in workplaces across the globe, including:

• team projects or mentorship (often referred to as workplace development)
• self-paced study
• webinars
• seminars
• workshops
• courses

Importance of Continuous Learning

No matter what industry your business is in, keeping your employees committed to a lifestyle of continuous learning and development is so important because this ensures that they are staying up-to-date on the latest trends and innovations in your field. This may help them improve their own job performance while feeling more confident and capable in their respective roles.

The Link Between Professional Development and Employee Retention

Whether your business is struggling with employee retention or not, it is also crucial to recognize the link between professional development and employee satisfaction/retention.

Impact of Professional Development on Employee Satisfaction

First, consider the ways in which offering professional development opportunities could improve employee job satisfaction and overall morale. When employees have the opportunity to engage in specialized workplace training through their current employers, they tend to feel that they are truly valued and that their talents are appreciated.

Statistics on Professional Development and Retention

It is also worth noting that professional development opportunities have been found to have a strong link to increased employee retention. Specifically, one EdAssist survey found that 53 percent of respondents reported that having access to professional development opportunities would encourage them to stay at their current job longer. Meanwhile, 60 percent of respondents said that a job with professional development opportunities would be more enticing than a job with regular pay raises.

Key Employee Retention Strategies

So, what are some steps that businesses can take to improve employee retention, both through professional development programs and other comprehensive strategies?

Incorporating Professional Development Into Retention Plans

Many businesses and organizations already have retention plans in place, detailing the efforts they will take to retain employees and reduce turnover. Unfortunately, these plans rarely include professional development or career advancement programs. If your business doesn't have professional development written into its retention plan, now is the time to reconsider.

Comprehensive Retention Strategies

In addition to professional development opportunities, there are other measures businesses may be able to take to improve retention and reduce costly turnover. This includes:

• offering competitive wages and benefits packages.
• prioritizing effective onboarding and new employee training.
• offering flexible/remote work opportunities when possible.
• rewarding and recognizing employees for their accomplishments and efforts.
• focusing on employee engagement and enrichment opportunities.

Benefits of Professional Development for Employee Growth and Retention

Aside from the potential to increase employee retention, there are several other benefits that businesses and employees can reap from having access to continuous professional development opportunities.

Enhancing Employee Skills and Knowledge

First, consider how additional training and education for your employees could enhance their skill sets and industry-specific knowledge. This can help employees more capably perform their jobs with the potential for fewer errors. These employees may also work more efficiently and productively, which could enhance your company's bottom line.

Long-Term Benefits for Employers

In the long term, employers also have a lot to gain from employees that are better educated, more productive, and more engaged. For example, consider the improved sense of company culture that your business can achieve when its employees have access to the professional development and leadership training programs they deserve. Likewise, many employers will find that they can reap the benefits of their training programs in their bottom lines. When employees are more knowledgeable and perform their jobs well, customer satisfaction and productivity may increase. The brand reputation can also improve, which can bring in additional revenue and a competitive edge in the industry.

Creating an Effective Professional Development Plan

So, your business wants to start focusing on offering more professional development opportunities, but you don't know where to start. This is where it can be helpful to actually write out a professional development plan that aligns with your company's overall goals, values, and mission.

Steps to Developing a Professional Development Plan

Start by considering where your organization currently stands when it comes to professional development. Do you have any programs or opportunities in place? From there, you may be able to identify specific areas where you'd like to improve your offerings.

Next, it's time to decide on a budget and strategy for expanding your professional development offerings. What form will these opportunities take? Perhaps you’d make available online courses, in-person workshops, or even self-guided study opportunities. Regardless of the plan you implement, be prepared to revisit and make changes to your program as needed.

Aligning Development Plans With Company Goals

Also remember that your professional development plan should ultimately align with your company's short-term and long-term goals, as well as your mission and values. Before implementing any part of your program, take some time to ensure that this is the case.

Overcoming Challenges in Implementing Professional Development

No matter how carefully thought-out your professional development plan is, you will likely run into some challenges when it comes to implementing it. Fortunately, a number of these can be easily overcome with a little bit of foresight and planning.

Common Challenges Faced by Businesses

For most companies, cost is the biggest challenge faced when creating a professional development program. Courses, workshops, and other training opportunities can be costly and may not always be in the budget.

Meanwhile, some businesses will struggle with keeping professional development opportunities aligned with long-term goals. Unfortunately, this additional training doesn't necessarily benefit the company if the content being covered isn't directly applicable to the employees' everyday work.

Solutions and Best Practices

Fortunately, there are some measures that professionals can take to make implementing a successful professional development program more feasible in light of these challenges. First, businesses should be prepared to explore cost-effective options for professional development that include affordable online courses and even self-paced study programs. These days, there are so many options that can fit with just about any budget.

Likewise, businesses can benefit from working backwards when it comes to choosing professional development and training content. This means identifying areas where employees need more training or education and focusing on professional development opportunities on those specific topics. This way, everybody can benefit from the program.

Measuring the Impact of Professional Development on Employee Retention

Businesses are encouraged to revisit their professional development programs regularly and make changes as needed to ensure that the initiatives are always reflecting the company's changing needs and goals.

Key Metrics to Track

One of the best and most accurate ways to do this is to track some metrics both before and after implementing a professional development program. From there, it is possible to compare metrics from before and after the program was implemented to determine its effectiveness in certain areas. Some potential metrics worth tracking here include:

• Training return on investment (ROI)
• Employee engagement
• Retention rate
• Job performance impact
• Employee job satisfaction

Evaluating Program Effectiveness

By looking closely at these metrics as well as surveying employees on their experiences with professional development programs, it is possible to reflect on the strengths and potential weaknesses of the program itself. From there, decision-makers can consider potential changes that could further improve the effectiveness of professional development programs in meeting the company's goals while addressing employees' needs.

Sources

• Millennials Desperate for Financial Stability, in Search of Employer Support to Get There (Bright Horizons)
• Employee Retention Strategies (MarketWatch Guides)
• 8 Reasons You Should Invest in Professional Development Benefits (Benepass)
• Career Development: The Key to Improve Employee Retention (Nestor)
• Professional Development: A Key to Workforce Retention (ASCLS)