How Much Training? How to Quantify Professional Development

by Dave Kahle

Question:

I’ve read your ideas about the need to invest in developing myself. Can you quantify that? How much time and money should I spend on my own education?

Answer:

Now that‘s a question I’m rarely asked. Its refreshing to receive it.

I’m assuming that you are referring to your education beyond formal schooling.  After you’ve finished your degree and you’re done with your academic education, how much should you invest in your continual growth and development?

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       Let me share some research with you.  ASTD, the association for training and development, does an annual survey of its member companies.  While the numbers vary a little bit from year to year, generally good companies spend about 3 – 3. 5% of payroll on training their employees.  The Distributor Research and Education Foundation found that high performing distributors spend 3.2% of payroll on training, while average distributors spend 1.5%.

So, if you are asking from the perspective of your company, figure somewhere around 3% of your sales payroll will put you in the general area.  In other words, if you have five sales people, averaging $50,000 each, that’s $250,000 in sales payroll.  Three percent of that would be $7,500 spent each year in continuous development.

       If you are asking from a personal perspective, the answer lies in how serious you are about developing yourself.  A good way to gauge this is by...CLICK HERE TO READ FULL ARTICLE.