In this economic environment, some agencies are cutting professional development investments to save money, while others are committed to professional development programs. Firms that invest in professional development position their organizations to capitalize on growth opportunities when the economy rebounds. They are investing in a knowledgeable, loyal and passionate workforce.
According to Deloitte's 2009 Shift Index study, “The best and brightest employees are attracted to firms that are rich in relationships, generate knowledge flows, and provide tools and platforms to help them grow and achieve their fullest potential.” I would assert that professional development is a critical “tool” that helps both employees and employers to succeed.
The Rule Co., a regional broker with offices in Pasadena and Newport Beach, Calif., understands the benefits of professional development, said Betsey L. Brewer, CPCU, partner and senior vice president. “In late 2008 we noticed that many prospects were seeking more than price,” she said. “They needed real help with their insurance decisions. They valued knowledge and expertise; we were able to provide both.”
In addition to her production responsibilities, Brewer is the agency's education director. She arranges in-house classes on current issues, new coverages, forms and other topics. The brokerage also has held in-house classes in INS 23–Commercial Insurance (Program in General Insurance) and plans to offer classes in AU 65–Commercial Underwriting: Principles and Property (Associate in Commercial Underwriting designation).
Brewer said these classes help their account managers better understand the business, which in turn generates new agency revenue. Because their account managers are up to date on the latest issues and trends and possess greater technical knowledge, they can deliver superior service that sets them apart from the competition. They can “think outside the obvious,” listen to client concerns and solve insurance problems. Not only does professional development help Rule generate revenue, but it also reduces turnover costs by improving employee retention. With this combination, it is easy to see how an investment in professional development can yield tangible bottom-line results.
In today's global labor market, firms must continue to invest in professional development in order to remain competitive. By investing in their employees, firms help ensure that technical skills are up to date to meet their clients' ever-changing needs. More important, they position themselves for future growth by retaining experienced, knowledgeable employees who can think creatively and bring real value to the firm and its clients.
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