The value of professional development spend can sometimes be invisible or difficult to calculate: it can be a slow moving and challenging process. But with Q4 upon us, many are looking at their development budget. To make the most of the time left in 2018, leaders are looking for fast returns on their team development spend. Here are three top areas where you will see fast response times if you invest in great training and development for your team:
1. Focus on engagement
Low employee engagement is one of the major challenges faced by business leaders. Countless studies from all over the world have shown that companies are losing out on many fronts as a result of disengaged employees: losing revenue, losing employees to high turnover, losing opportunities to innovate.
In the short term, a more engaged team will be more collaborative and proactive, focused and productive. In the longer term, retention rates will improve, and attracting top talent becomes easier as the companies employee value proposition improves.
Some ways to improve engagement include:
- Learning more about your team’s motivational preferences by assessing their Fingerprint for Success
- Develop an inhouse engagement program to make sure each leaders & employee has their Maslow’s human needs met.
- Teaching mindfulness skills to improve the ability to stay in the moment
- Investing in team communication and collaboration trainings and workshops
2. Make your top performers more productive
In my experience, the top 20% of performers (particularly in sales teams) bring in 80% of the revenue. Want to accelerate profitability? Identify your top performers and give them the tools they need to be more productive and profitable.
Investing in high performers is an effective way to get a high ROI from your professional development spend. It’s important to take a two-pronged approach: by identifying their strengths and working with them to improve on them, and identifying where they are held back and helping to overcome any roadblocks.
Directing professional development spending towards high performers is a highly targeted and effective way to grow profits, fast.
3. Improve your own leadership skills
Finding out more about yourself as a leader and improving your own performance is a key way to inspire, motivate and improve performance within your team. Here are three ways leaders can invest in themselves:
- Make sure you’re maintaining your health. Health is an essential component of performance that is often overlooked, especially for those in high-stress situations.
- Build a practice of mindfulness. Mindfulness and meditation have clear and proven benefits to leaders, because they foster the ability to be in the present moment.
- Learn how to play. It relieves stress and anxiety, promotes good mental health and stronger relationships, and creates a fertile ground for creativity and innovation.
Timothy Carroll is an executive coach and business consultant with 20 years’ experience training and developing leaders, athletes and teams. Get in touch on firstname.lastname@example.org to find out how you can maximize your team’s professional development spend and set yourself up for success in 2019.