It's time to invest in your most important asset!
We all need help. Ok, maybe that was too personal. But we all know it, the more opportunities we have to learn from others the faster we improve at our jobs. Reading books, attending events, listening to podcasts, and participating in workshops have made me better at my role in leading the community. Together we can get smarter so much faster. Investing in our teams (and ourselves) can pay off big time for everyone. That's why this week we’re talking about setting aside money for professional development. So let's get smarter!
Budgeting for Professional Development
If someone told you they were investing in their company, what would you think that means? New office space? Upgraded equipment? Strategic hires? Those are all solid ways to put money toward your growth, but what about betting on what is already your most important resource?
Why Invest in Your People?
You’ve already invested significant resources in hiring and onboarding your team, but it’s important to realize that your work has only begun. One good reason for ongoing development is that it helps you keep your talent and recruit new quality hires. A survey from EdAssist found that 60 percent of workers would choose a job with good development over one with regular raises, and more than half said having access to learning opportunities would make them stay longer at a job.
It also benefits the company in other ways. As your employees gain more skills, it broadens what they can do for you. The work is done more efficiently, and developing leaders within the company gives you a known quantity to consider when management positions open up.
Getting the Numbers Right
But talk is cheap, right? How do you make the dollars work? The first step is to set a budget, either a percentage of your total payroll or a percentage of each employee’s salary. A good strategy is to set it between one and 5 percent of their salary. If you’ve got a small staff, it makes sense to look at each person individually. If you’ve got an employee making $50,000 annually, you could set it at 2%, or $1,000 in development funds for the year.
Of course, it’s not easy to come up with that extra money immediately, so you need to incorporate it in your annual budget if you haven’t already. You’ll want to do some investigating into what courses and certifications would benefit the different roles in your company. It’s also important to understand the total cost of the training, including travel for in-person training.
Find the Right Courses
To help make the most of your training budget, you want to focus on the best opportunities. Talk to your people and create goals with them, which will help identify the most beneficial trainings. Look into online courses wherever possible and you might be surprised just how much is offered for free or at a minimal cost.
If you want to go beyond specific courses and help your team with earning degrees, that's fantastic! You can incentivize them to follow through by offering reimbursement rather than paying for their schooling upfront.
There are endless kinds of development opportunities that go beyond individual training courses, such as team-building workshops and creative activities. By making the decision to support professional development, setting aside funds, and talking with your people about their goals, you can help improve their job satisfaction and give them the chance to learn new skills to benefit your agency.