Are your people really your greatest asset?
Would your balance sheet attest to your answer?
Do you invest as much in developing your people as you do developing your physical assets, your market share, your R&D?
More & more I find that companies that use personal development plans are finding a long term edge in the marketplace. Ken Blanchard & Spencer Johnson’s classic “The One Minute Manager” held many gems that I have used from the day I first read the book. One of my favourite quotes is “The best minute I spend is the one I invest in people.” This marries nicely with 2 of my favourite Richard Branson quotes:
“Train people well enough so they can leave, treat them well enough, so they don't want to.” and “Learn to look after your staff first and the rest will follow.”
PD’s allow people the chance to honestly assess themselves and consider where they want to progress to in their life. Done well, they ensure people are more engaged, feel invested in and are more loyal and productive. If you do not use personal development plans, here are my top tips on what they should include:
Part One - Personal Self Analysis and Reflection - This can include a brief description of words that shows “who they are”, their education, employment history (not a copy of their CV but rather a short synopsis to show life experience), a space to share their personal preferences, their values and any areas they identify as limitations. Noting current competencies, skills, knowledge, experience is the last part of this section.
Part Two - Goal Setting - For some employees this will be the first time they have done this. I encourage companies to have goal setting split into 3 time periods - Short term / 1-2 years; Medium term 3-4 years and Long term 5years+. Each time period should include a section on Personal/Home goals and Work/Business goals. The purpose of goals is to give people something to aim for and measure themselves against and to help people know when they are winning. Clarity = Action so do ensure goals are SMARTER.
Part Three - Identify, Define and Create Action Steps - Once there is clarity on who a person is and what they want to achieve/who they want to become then the stage is set to work out what the first steps are, when they need to be done and the resources required to make this happen. By comparing Part One with Part Two the gaps will be obvious and this facilitates discussion on development needs and skills required for current job and future goals.
Once discussed and agreed clear action steps need to be written up and signed off. Ideally these will be reviewed at least every quarter noting if team member is on track/off track with notes and new action steps.
PD’s take time to implement and maintain. The return on invested time is akin to compound interest - the longer it is done the greater the return. I conclude with a quote often attributed to both Henry Ford and Zig Ziglar, “The only thing worse than training an employee and having them leave, is to not train them, and have them stay.”