In today's rapidly evolving business landscape, businesses face the ongoing challenge of keeping their workforce up-to-date with the latest skills and knowledge.
While hiring new talent might seem like an immediate solution to a knowledge or skills gap, investing in continuous professional development (CPD) to reskill existing employees can offer substantial long-term benefits.
Here are three reasons why professional development should be a cornerstone of your business strategy:
Cost efficiencies
With some reports quoting that reskilling can save firms up to £50K compared to hiring new talent, an increasing number of businesses are finding it more cost effective to hire external CPD providers, such as business schools, to upskill their current workforce.
Recruitment expenses, training, and the time required to get new hires up to speed all add up. The cost of sending your current employees on a short course is typically lower than the expenses associated with hiring and onboarding new staff.
Therefore, short business courses can be the perfect way to plug any gaps you have in your organisation, especially in today’s rapidly changing business landscape
Customised Skill Development
We’ve all heard the phrase ‘one size doesn’t fit all’ and the same can be said about the needs, interests, and capabilities of each and every member of a team. Everyone working within an organisation has their own unique skillset and aspirations for where they want to take their career, so it’s important that the professional development opportunities on offer to them reflect this.
Here at Alliance Manchester Business School, we develop bespoke customised programmes with tailored learning experiences. This unique style of learning can help identify business-specific needs and goals, foster leadership development, enhance employee engagement through personalised growth opportunities, reinforce company culture, and promote collaboration and knowledge sharing among employees. We will work with you to develop the best programme to help your business leaders develop and reach their career goals.
Talent Management and retention
In today's competitive labour market, attracting and retaining top talent is a significant challenge for leaders. Professional development plays a crucial role in addressing this challenge by investing in the growth and development of employees.
By offering opportunities for upskilling, mentorship, and career advancement, you can create a culture that values continuous learning and personal development. Our Senior Leader Apprenticeships emphasise strategic leadership development, equipping you with the essential leadership skills and practical experience needed to succeed in a senior position across any company size, sector, or industry.
In summary, reskilling your current workforce is not just a cost-effective alternative to hiring new talent; it is a strategic approach that offers numerous long-term benefits.
From retaining institutional knowledge and boosting employee morale to enhancing flexibility and fostering a culture of continuous learning, CPD is essential for sustaining business growth and success in a dynamic market.
