Development is a process that involves learning and growing. It’s a part of human life and is studied by developmental psychologists, who study growth and development across three domains: physical, cognitive, and psychosocial.
Employees need to develop skills in order to keep up with the demands of their jobs, and businesses should provide development opportunities. Investing in professional development can increase employee engagement, reduce turnover and help your company reach its goals more quickly.
Strengths-based development encourages employees to focus on their strengths and improve them, leading to increased job satisfaction and a higher productivity rate. According to Gallup, this type of development results in a 9% to 15% increase in employee engagement and a 14% to 29% increase in profits.
Creating a culture of development at your company can lead to employee retention, reducing recruiting and hiring costs, as well as training and onboarding expenses. Additionally, development programs offer proof that your business values employee growth and development, which can attract the best talent to your organization.
In addition to boosting morale, employee development also improves performance metrics, like win rates and quota attainment, according to CSO Insights. They found that sales manager development improved quota attainment by 46% and revenue attainment by 51%.
There are many ways to make professional development an integral part of your business culture, and a few can be made easily without spending a lot of money. However, you need to create opportunities that are appropriate for your team members and that are tailored to their individual needs.