#TLDR: Professional development is a critical differentiator for companies of the modern workplace across all stages of the employee life cycle
Almost 5 million new non-farm jobs have been added to the US economy in 2022, that is 570 new jobs every hour of every day in 2022! At the same time, there has been a steady volunteer job quitting of about 4 million private employees every month in 2022! That is almost 100 resignations for every minute of every day in 2022.
The cost of such churn is staggering at 1.5 million dollars or more for every 100 employees as per PB JAM research. How can we reduce these costs?
Apart from the obvious solutions (that are not working very well given the continued 4 million voluntary resignations per month in 2022) like higher compensation and more benefits, the industry leaders are looking at professional development across the employee life cycle to create a sustainable differentiator to attract the right talent and then engage that talent for higher productivity and growth.
Here is a graphic on how professional development links to the employee life cycle in the modern workplace.
I feel that promoting and highlighting professional development efforts makes for an attractive value proposition to prospective applicants.
Think of short employee video clips narrating their experience on how the company has helped them to engage, grow and thrive on your company's LinkedIn page or hiring portals.
Ask for recommendations from your alumni about their experience with professional development opportunities while they were with you on platforms like Glassdoor.
Emphasize the professional development opportunities for the new hires during the onboarding (remember, that 30%+ new hires leave jobs within the first six months of their employment!).
Even when an employee is leaving you, ensure their off-boarding is a positive experience (yes, it can be done!). Offer professional development opportunities as part of EAP and severance benefits. Your alumni will remember and amplify such gestures, which will help you to build a positive brand image for being an employer of choice!
Every dollar invested in professional development will provide a 3-4x return as per PB JAM research on RoI of Professional Development. If you build a holistic approach toward your professional development frameworks, you will build a sustainable business advantage beyond the boom-bust business cycles and market volatility.
Engage with us and unlock the human potential in your organization!