According to the 2022 Training Industry Report, companies spent on average $1,207 per employee on training and development in 2022. But, just how far is your L&D budget going and how effective is your strategy?
We asked our audience what made the biggest impact in their professional development and the results were quite definitive.
Let’s take a closer look at what’s working and where you can allocate your budget to better serve your company and your people.
Conferences
The average cost to send an employee to a professional development conference is in the range of a couple hundred to a couple thousand dollars. Given the high price tag, this option is typically reserved for only a select few. And, logistically they are a nightmare to coordinate when you throw flights, accommodations and lost work time in the mix. Considering that only 5% of respondents credited conference attendance as making the biggest impact in their professional development, you may want to reconsider this budget line item.
Employee Resource Groups
We are big proponents of ERGs, but they only work when its members are active and engaged. ERG leaders often have to develop their own programming and events on top of their busy day jobs. Invest in resources and support them with budgets and continuous professional development content. Save this post for six inexpensive ways to boost your ERG engagement.
Executive Coaching
According to a study by the International Coaching Federation (ICF), 86% of companies that used professional coaching reported a positive return on investment.
Executive coaching serves to:
- Promote personal and professional development
- Increase employee engagement and productivity
- Build internal community
- Attract, develop and retain talent
But for most midsize companies, executive coaching is cost prohibitive averaging in at around $400/hour - meaning it is also typically reserved for high-potential positions. However, with online resources like TONE Networks, all employees can access the benefits of coaching earlier in their careers which can lead to an increase in productivity and retention and grow the pipeline of employees who are ready and eager to move into more senior roles.
Mentoring
70% of survey respondents reported mentoring as the key to their professional development. Mentors typically hold senior roles within the same organization and serve to coach their mentees on achieving established goals.
We love the idea of mentoring circles because they are quick and easy to implement.
- Gauge interest by determining who would like to participate as a mentor/mentee.
- Next, match the groups according to interest.
- Arm your mentors with a resource like TONE to initiate conversation around topics pertaining to personal and professional development.
- Finally, set expectations around the frequency of meetings.
Proven, Practical and Cost-Effective Professional Development
TONE Networks is the only online micro-coaching and mentoring platform designed to connect, grow and retain your early to mid-career employees at scale. With over 2,000 bite-sized videos and live-streamed coaching events from over 90 diverse coaches and experts, TONE supports your DEI and ESG programs by:
- Advancing your early to mid-career employees through on-demand mentoring support
- Developing your underrepresented communities including women, people of color and allies
- Supporting and connecting your internal communities and Employee Resource Groups
And, the best part? It’s budget-friendly at only $120/annually per employee!
Don’t just take our word for it, check out this testimonial from a TONE user.
Join companies like Comcast, Coca-Cola and Bank of America and contact us today for your no-obligation team trial.