Whereas specialist industry training and development is now an employee benefit offered in many jobs, especially at graduate level, management development training is not so prolific.
What proportions of managers in all industries have received management development, and should these opportunities be increased or cut back in the current financial climate?
Methodology
An online survey of 1,003 business managers showed their experiences of management development and how important they believed staff training to be in the current climate. Responses were divided by industry sector, location, sex and age.
Findings
Initial findings highlighted a general lack of specific management development in most of the industry sectors. Management development in travel and transport, the public sector and HR were rated highly while, in contrast, 62 per cent of legal professionals had not received enough development on how to be a good manager.
Almost half of all respondents (46 per cent) had either received no management development at all or felt that what they had received had not been sufficient.
Perhaps the most important finding was how far management development was seen as crucial to career development. Over a quarter of respondents would be “likely or very likely” to leave their organisations if training opportunities were cut.
Training and development opportunities rated very highly in all sectors in terms of retaining the most talented employees, on a par overall with financial rewards.
The good news is that most industries seem to understand the importance of investing in development and more than 70 per cent intend to maintain or increase current training levels.
Many companies are reassessing budgets in the current climate and looking for ways to motivate staff beyond bonuses and pay. Not only can spending on development help a company to retain good staff but the investment can generate the ideas and inspiration that will help it to refocus, innovate and ultimately prosper.
Learning Points
- Most businesses intend to maintain or increase management development.
- By industry, the public sector invests the most in management development and the legal sector the least.
- As an incentive, training is as effective as financial rewards.