How Much Should You Invest in Professional Development?
If you and your team are not learning, you’re losing – in results, culture and talent retention.
Look at any global workforce survey over the last 2-3 years (Deloitte, Gallup, LinkedIn, Google, APAC) and you’ll hear the same story everywhere. People are looking for employers who will support them to meet future job requirements. And that means training that helps them grow their capacity, skills and knowledge.
A massive 93% of staff say they would stay longer with a company that invests in their careers (LinkedIn 2018 Workforce Learning Report). Learning and development opportunities are expected by today’s talent. It signals that you value your people and are actively interested in their success as much as your company’s.
Soft skills top the list. Leadership, communication and collaboration skills rate well above role specific skills every time. If you don’t have a line item in your budget for this kind of training, you’re already falling behind. If you’re coasting, you’re going down hill.
So how much should be paying?
A simple rule of thumb is between one and three percent of overall salary costs.
If your paying more than 3% for learning and development, fire your training provider.
If you’re paying less than 1%, fire yourself.