Developing your staff is key to retention

As a people manager, you understand that it’s about much more than just ensuring your employees perform effectively in their role. Influenced by the rise in social sciences, the workplace has a greater holistic focus than ever before.

Caring for your staff is now just as important as meeting productivity or financial KPI’s and targets – and in some organisations staff wellbeing is now a measurable metric.

Employees are more informed about what a great career looks like – and as financial advisers your staff work with clients to help them achieve their financial goals. So, it makes sense that there is a need for them to explore, plan and track their own developmental goals.  Providing this opportunity to your employees goes a long way towards their satisfaction levels. According to LinkedIn’s 2018 Workplace learning and Development Report1, 94% of the 2,200 employees surveyed said they would stay at a workplace for longer, if it invested in their career.

You may already have a formal professional development process in place within your practice. But if it is centred purely around meeting regulatory CPD requirements then perhaps it’s time to explore expanding the scope - enabling your staff to develop a well-rounded skill set. If you don’t have a structured process in place, consider how you might embed this into your business.

We spoke to our Education Capability team on what a best-practice Professional Development Plan (PDP) looks like. Here are some helpful tips on how you can get started.

1. Set expectations through shared work values

Work values are the identity of your practice. Making these the starting point for any PDP helps to ensure aligned development.

2. Identify development goals to plan for their future

Brainstorm potential growth areas and turn that thinking into tangible and focused development goals to work towards.

3. Align personal and practice targets to set up for success

Good performance targets can drive professional success. Work together to decide what those targets look like and the steps needed to reach them.

4. Document the plan

Having the plan formalised visually helps to set accountability. It will act as a reference guide making it simpler to track progression.

5. Communicate

Have regular, meaningful conversations throughout the year. A framework such as this can be helpful:

  • Planning - what new, practice relevant skills do they want to learn and how will they get there?
  • Setting up for success - what are the performance targets and how will they get them done?
  • Progressing the work – are they on track to achieve their targets?
  • Reflection – are they performing against the shared work values? Have they achieved their goal?

With the changes to education standards, staff retention is going to become vital in helping to ensure your clients are consistently well-cared for. Through committing to understanding your staff’s development needs – you’ll not only be setting up their future success but ensuring the same for your practice too.

Jigsaw practices have access to a comprehensive PDP Toolkit via Portal>Services>Education>Training and Development Programs>Professional Development Toolkit.

1 https://learning.linkedin.com/resources/workplace-learning-report-2018#

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Jigsaw Support Services are provided by Jigsaw Support Services Limited ABN 21 005 799 977 (Jigsaw). Jigsaw is part of the AMP group of companies and can be contacted on 1800 812 987.