As it happens, we are in a budget crunch and so the budget for my team’s professional development has been cut by 75%. I’ve often heard leaders bemoan this circumstance, saying that there is nothing they can do to build organizational talent, if they don’t have funds to invest in conferences, courses, or certifications for their staff.
While having few professional development funds can be limiting, there are other strategies that leaders can employ to ensure that their staff are continuing to build their knowledge, skills, and abilities and grow in their careers. In fact, research conducted by the Center for Creative Leadership in the 1980s demonstrated that 70% of learning by successful managers comes from job-related experiences, 20% from interactions with others, and only 10% from formal educational events. It’s called the 70:20:10 model for learning and development.
Think about it. When did you learn the most in your career? Was it by taking a course? Or was it by tackling a new job or assignment that had a steep learning curve? I know my most challenging assignments have produced the greatest learning for me. The times I learned from my own mistakes, while humbling, also were the most valuable. And the times when I had caring mentors who were willing to give me good feedback increased my learning.
Using the 70:20:10 model as a guide, leaders can mine opportunities to develop their staff by making sure that they have stretch assignments or goals that help them expand or refine their job-related skills, make decisions, and address tough challenges. Giving staff increased opportunities to interact with influential people, cross-functional teams, and mentors can also build their skill and confidence. And giving staff immediate performance feedback and encouraging them to learn from their mistakes provides invaluable growth opportunities that can’t be replicated in a conference or a course.