If you had a choice of investing $1,000 in a hot stock tip or in improving yourself, what would your choice be?
I recently read a report that said in many companies, training and development budgets have been cut 20% to 40%. The reasons are numerous, but three major reasons are:
- Expensive Y2K projects are eating up the training budgets.
- Higher salaries result in training budget cutbacks.
- Companies choose not to train employees who are considered short term - that is, contractors or other temporary types (We are all temporary, aren't we?).
If you are impacted by these cuts, what will you do? Will you use the absence of company-funded training as a reason for not acquiring career-enhancing skills? Or are you prepared to use your personal time and money to move your career forward?
What can you invest, and where should you invest it? Time and money are limited resources that may have to be reallocated. You may have to choose among professional conferences, association memberships and meetings, degree programs and other personal development opportunities. How much is enough? The answer depends a great deal on personal circumstances, but if you want a starting point, try 5% as a benchmark. If you have 16 waking hours a day, budget 0.8 hours per day for personal development. If you make $60,000 a year, budget $3,000 for personal development.
Increasingly, personal financial management and career management must be integrated; they feed each other. Until you get to that point, at least think twice about that hot stock tip. Your career may be the hottest lead you've got.
RELATED LINKS
This is not your father's MBA
George Mason University's technology program gives IT workers team-building, project management and leadership skills. Network World, 2/2/98.
Interaction is the key to learning
Assess the training options to determine the best ones for your staff. Network World, 12/1/97.
Look for ways to protect your training investment, Network World, 4/14/97.
