We just concluded our Washington, D.C. spring Global Executive Summit and it was fabulous. From the beautiful hotel (the Omni Shoreham is a grand old lady) to the incredible speakers and leading-edge content, to wonderful networking and connections made all week long, the Global Summit was incredible. We had leadership keynotes from Steve Ford, son of former President Gerald (Jerry) Ford and David Rowan, editor of WIRED magazine in the UK and columnist for GQ…and industry keynotes on everything from how to incorporate digital technologies into our daily jobs to learning from our successes (and failures). Forty-plus breakout sessions supplemented the plenary events with both groundbreaking ideas and tangible takeaways. And the Wednesday night entertainment was widely touted as being one of the best ever!
This Global Summit was also the kickoff for the SIG Innovation Accelerator where “short-listed” providers presented cutting-edge technologies to a room of 55 buy-side executives. The feedback from those in attendance was phenomenal, with input on how to make the technologies more relevant to those in sourcing/procurement and 59 requests to learn more (many chose more than one). Visit www.SIGInnova.com for more information.
Does this statement sound familiar: “We’re cutting budgets and unfortunately we need to reduce spend on professional development.” The balance of my professional career has and continues to be focused on helping teams improve productivity, longevity and deliver the right results. For more than 12 years people leaders have told me that their biggest obstacles to training their teams are that they don’t have enough time and dollars. Is this merely a symptom of a bigger challenge? Why is it that seemingly every time budgets are cut, a line item under the microscope is professional development?
In my experience, two primary reasons exist for cuts to professional development budgets. The first reason is that companies are fearful that if they invest in their employees through professional development, they will leave and go to the competition or somewhere else. Secondly, it has been historically difficult for advocates of professional development to demonstrate a return on investment (ROI).
Recent findings from a survey of chief procurement officers by Deloitte and research on professional development shed some light on those myths and support a business case for investing in your people and training them to be the best they can be.
“If we invest in professional development, people will take those skills and go somewhere else…”
Perhaps. The truth is that people will come and go at every organization; this is a reality that will always be the case. No company will ever experience 100% retention of their people. Besides, is that really what you want? The point is, worrying that you will somehow have a mass exodus of top talent as a result of investing in their professional development is unfounded.