Development opportunities crucial to staff retention
A recent report by Cubiks highlights that development initiatives are a very effective way of retaining staff – in fact 93% of those questioned would stay longer with an organisation that invests in their development.
The survey on development was conducted in March 2012 by participants – both HR and non-HR professionals – from across the globe. It provides some interesting insights into the role of feedback, development and talent management, perhaps most notably highlighting the pivotal role of development opportunities in staff retention.
Some of the other key findings include:
- Only 61% of respondents fill out a personal development plan and only 51% of respondents use the plan to review and monitor their development progress
- ‘Training on the job’ and ‘job-specific skills training’ are viewed as the most effective methods of development
- 40% of participants are not aware of the value of their personal development budget
- People of different nationalities have varying views on who is responsible for their development – for example French and Spanish respondents generally believe that the responsibility for monitoring their personal development lies with their line manager rather than with themselves
- Not only did 93% of those questioned say that they would stay longer with a company that invests in their development – the majority would even prefer a new development opportunity over a pay rise or more annual leave
What do you think? Do development opportunities play such a pivotal role for you in job satisfaction, or are other factors more significant?