Follow Robert Facebook
Email Robert Email
Education
Jun 15, 2018

The Ultimate Professional Development Cheat Sheet for Organizations

Sponsored Content provided by Robert Burrus - Dean , Cameron School of Business - UNC-Wilmington

This Insights article was contributed by Laura Gail Lunsford, PhD, Director of the UNCW Swain Center
 
Investing in professional development can yield big dividends for the individual and the organization.
 
Skip to the front of the line on developing and investing in high-quality professional development by checking off the items on this cheat sheet to make sure you will have an engaged and talented workforce.
 

1. Engage And Retain 

Your best employees can always get paid more somewhere else. Thoughtful professional development opportunities engage employees and increase their loyalty to the company.
 
For example, a recent Deloitte report found that millennials who have mentors are twice as likely to stay at their organization. There are a lot of millennials in the Wilmington workforce.
 
Do you have formal opportunities for employees to:
  • Develop technical skills (project management, business analytics, Six Sigma)?
  • Learn managerial essentials (accounting, finance, HR, operations, sales excellence, customer delight)?
  • Develop leadership (self-awareness, strategy, leading change)?
  • Coach and mentor (develop coaching and mentoring skills)?
If you are lacking in these areas, then consider how you can start conversations to formalize these opportunities. Even small organizations can take advantage of external consultants or university executive education centers. 
 

2. Develop Internal Talent

Promoting employees means you retain their knowledge about your organization and your customers. Organizations typically promote the best performers to be the leaders, yet the best performers may not have the skills to bring out the best in others.
 
Professional development for talented aspiring managers and leaders will create a pool of talented individuals who are ready to lead when needed. Many organizations an annual performance review process but it is important to look beyond one year when developing talent. 
 
Does your organization:
  • Ensure managers ask, at least annually, about employee professional goals in five and 10 years?
  • Have transparency in how employees are selected for opportunities?
  • Connect professional development back to the job, e.g. managers ask how learning will transfer back to the employee's work? 

 
3. Save Money

Hiring employees is expensive. Estimates are that it costs 1.5 times the salary to bring in a new person. Creating professional development opportunities that support employee growth saves money by keeping them engaged and reducing the time it takes for employees to learn the business – especially when they are promoted.
 
Does your organization:
  • Have a succession management plan that ties to professional development?
  • Co-create opportunities for professional development with the employee?
  • Survey employees about skills gaps?

 
4. Plan For The Future

Where does your organization need to be in five years? Ten years? A formal and well-developed universe of professional and executive development requires you think about the company's future.
 
Recently, New Hanover County developed a new strategic plan. They are really building on that plan by mapping professional development to their strategic goals.
 
Does your organization map professional development to strategic plans?
 
If you answered yes to all these questions, then you earn a 100!
 
Partnering with UNCW (or other universities) can be a cost-effective way to supplement professional education offerings. Check out the Swain Center for our open enrollment and custom program offerings.

Robert T. Burrus, Jr., Ph.D., is the dean of the Cameron School of Business at the University of North Carolina Wilmington, named in June 2015. Burrus joined the UNCW faculty in 1998. Prior to his current position, Burrus was interim dean, associate dean of undergraduate studies and the chair of the department of economics and finance. Burrus earned a Ph.D. and a master’s degree in economics from the University of Virginia and a bachelor’s degree in mathematical economics from Wake Forest University. The Cameron School of Business has approximately 60 full-time faculty members and 20 administrative and staff members. The AACSB-accredited business school currently enrolls approximately 2,000 undergraduate students in three degree programs and 200 graduate students in four degree programs. The school also houses the prestigious Cameron Executive Network, a group of more than 200 retired and practicing executives that provide one-on-one mentoring for Cameron students. To learn more about the Cameron School of Business, please visit http://csb.uncw.edu/. Questions and comments can be sent to [email protected]. 
 

Other Posts from Robert Burrus

Csbwbjmbaad300x250px 4151594621
Ico insights

INSIGHTS

SPONSORS' CONTENT
Webilm julieformal kellystarbuckcom mg 5471

Business is Growing at the ILM Business Park

Julie Wilsey - Wilmington International Airport
Leath 683x10242

Post-Flo Stress and Anxiety Management  

Lisa Leath - Leath HR Group
Mc2 56882

Building Insights: Mark Johnson

Scott Byers - Majestic Kitchen & Bath Creations

Trending News

Pier 33 Apartments To Start Construction In February

Johanna Cano - Jan 16, 2019

State Eyes $31M For Cape Fear Crossing In New Draft Plan

Christina Haley O'Neal - Jan 16, 2019

Marsello’s To Offer Casual Italian Dining On The Riverfront

Jessica Maurer - Jan 16, 2019

Serpentarium Building Could Shed Its Past, Become Dental Spa

Cece Nunn - Jan 17, 2019

Phun Pop-up Dinners Kick Off Countdown To Food Hall Opening

Jessica Maurer - Jan 16, 2019

In The Current Issue

Hurricane Delays Aquarium Exhibit

Construction has been delayed for one year on a new exhibit at the N.C. Aquarium at Fort Fisher....


MADE: Building For The Designer Market

A family-owned furniture manufacturer, Lester Furniture Manufacturing Inc. concentrates in high-end, custom and hand-crafted furniture for i...


Apartments Top List Of Sales

Investors snapping up apartment communities, as well as a rental townhome property, represented New Hanover County’s highest real estate sal...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Health Care Heroes 2018
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties