A boat sails as far as the materials that compose it will take it. Likewise, a business’s potential success is only limited by the quality of the employees who work in it. However, many executives find it difficult to show in concrete terms how funding professional development translates into an improved bottom line. When they cannot show the explicit correlation, they often lose the ability to advocate for it. But you should keep fighting for it even if findings are not explicit. In an article for Inc., Andy Lothian, cofounder and CEO of Insights Learning and Development, shares three points about funding professional development to help the bottom line:
- Personal breakthroughs enable business breakthroughs.
- People development underpins enterprise strategy.
- C-speak can help you get through the C-suite.
When you fund employees’ individual development, they will develop new knowledge not just about skills but about themselves too. And that can translate into a more profitable business:
In 2013, a study by Korn Ferry analysts David Zes and Dana Landis titled A Better Return on Self-Awareness confirmed the “direct relationship between leader self-awareness and organizational financial performance” through an intensive multi-year study. Through analysis of the stock performance of 486 companies and administering 6,977 self-assessments to the professionals within those companies, the authors found that “public companies with a higher rate of return also employ professionals who exhibit higher levels of self-awareness.”
The questions on funding professional development need to shift away from “why” and toward “when.” Better employees with wider skill sets should become a non-optional aspect of organizational strategy. But to really sell this principle to the business, those leading the charge for professional development (likely HR leaders) will have to speak in terms that are enticing to the C-suite.
You can view the original article here: https://www.inc.com/jeff-haden/3-reasons-investing-in-professional-development-drives-bottom-line-growth.html