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Developing People: A worthwhile investment
Featured Author:
Carol McCoy
Carol P. McCoy is president of McCoy Training and Development Resources, a Maine-based consulting firm dedicated to improving organizational and individual effectiveness. She has over twenty-five years experience in Human Resource Development (HRD) in the insurance and financial services industry and in post-secondary education in psychology. She is also president of Find-Your-Roots.com , a genealogy and family research business, which helps people to discover their roots.
Prior to starting her own businesses, she managed small training (HRD) departments for UNUM in Portland, Maine and for Chase Manhattan Bank in NYC, where she managed a one-person training department serving 15 countries. She also taught psychology at the college level for many years. Her specialty is helping small training departments make the most of their resources. She authored Managing a Small HRD Department—Your Can Do More Than You Think (available from author, you can buy here._ (Buy here) She has taught numerous train-the-trainer workshops for ASTD and for the University of Southern Maine Center for Continuing Education. She received her Ph.D. and M.S. in psychology from Rutgers University, and her B.A. from Connecticut College.
While her current focus is on genealogy research and genealogy education, she still helps HR clients through coaching, education, workshops, and her books and tools. For more information, visit either of her websites: McCoy Training and Find-Your-Roots.
More articles from this author:
By Dr. Carol McCoy
April 08, 2009
Recently I went shopping at one of the mega-stores to get a bargain on perennials. When I asked a nearby worker for help on selecting plants, he actually said to me, “All people with knowledge of plants have left the building.” I heard similar comments about lawnmower knowledge when I was trying to buy a new mower.
No one wants to say to customers, “I’m sorry I don’t know that. I’ll have to call my supervisor.” Even worse, “my supervisor doesn’t know either.”
Studies by the American Society for Training and Development show that companies who are willing to invest in the developing people tend to have better business results and better stock performance. Furthermore, training and development can help companies meet one of today’s biggest challenges — attracting and retaining competent people.
People on the fast track want an opportunity to grow, and want to know that they can keep current by learning new knowledge and skills.
Carol Ryan Ertz, Co-Director of UnumProvident Leadership Development, explains why investing in people is so important:
“Any company that is not developing its people is in danger of losing its competitive edge and its institutional knowledge to a competitor. According to a recent Gallup survey, two of the 12 key requirements of a Great Place to Work point to the value of investing in employee development — ‘Is there someone at work who encourages my development?’ and ‘This year, have I had opportunities at work to learn and grow.’ If the company is not providing developmental opportunities, employees leave and prospective employees never sign on.”
Unlike workers who expected to stay with one company for their entire career, today’s workers expect to change careers and employers several times. They are looking for ways to make themselves more marketable by learning transferable skills.
Some companies are afraid to invest in training and developing an employee, because that skilled worker becomes more attractive and marketable to other companies. On the other hand, investing in an employee’s development tends to increase the worker’s positive feelings and loyalty about their company as well as their ability to contribute to the company’s success and to assume increased responsibilities. Development also gives them feelings of job satisfaction because they can do a competent job, enhance their skills, and move up in the company.
Jean Whitney, Director of Education and Training, Banknorth Group, Inc. is a strong proponent of the value of training and development. Jean explains the benefits of training this way: "As organizations grow, positions become more complex and job responsibilities increase in their scope. Training and development of employees is critical to success in achieving business goals and it also helps to attract and retain top notch people. People want to feel good about what they’re doing and be able to take on new projects and initiatives. Development helps people to succeed in their jobs and supports their growth both in their current positions and in new positions. "
So, the next time you think of cutting the training budget or skipping personal development, think twice. Next month’s column will focus on ways to develop your skills and knowledge.
Carol P. McCoy, Ph.D. is President of McCoy Training and Development Resources, a consulting firm in Falmouth, Maine. Her mission is to help organizations and individuals increase their effectiveness in a constantly changing world. Click here to email Dr. McCoy.
