Why 70 20 10 Personal Development Plan is Vital for Career Advancement

Why 70 20 10 Personal Development Plan is Vital for Career Advancement

As professionals, we all know the importance of personal development. It helps us grow, learn new skills, and stay competitive in today’s fast-paced world. However, there are different ways to approach personal development, and choosing the right strategy can make all the difference in your career growth. One such method that has gained popularity in recent years is the 70 20 10 personal development plan. In this article, we will take a closer look at what this approach entails, and why it’s vital for career advancement.

What is the 70 20 10 Personal Development Plan?

The 70 20 10 personal development plan is a framework for learning and development that was developed by three researchers, Morgan McCall, Robert Eichinger, and Michael Lombardo, in the 1990s. The model suggests that effective learning and development should occur in three ways:

– 70% through challenging assignments and on-the-job experiences

– 20% through mentoring, coaching, and feedback

– 10% through formal training and education

The idea behind this approach is that most of our learning happens on the job, through real-world experiences and challenges. The other 20% comes from guidance and mentorship from more experienced colleagues. Finally, formal training and education provide foundational knowledge and skills that can be built upon.

Why is the 70 20 10 Personal Development Plan Important?

The 70 20 10 personal development plan is essential for career advancement for several reasons. First and foremost, it is a practical and effective way to learn. Instead of wasting time and resources on learning methods that may not be effective, this approach focuses on what works. By providing opportunities for on-the-job learning, as well as mentorship and formal training, you can ensure that you are continually developing your skills and knowledge.

Secondly, the 70 20 10 personal development plan is flexible. Everyone’s learning style and needs are different, and this approach allows for customization and adaptability. You can tailor your learning and development to suit your needs, whether you prefer hands-on experiences or more traditional forms of learning. Moreover, it is an uncomplicated approach that can be easily implemented in any workplace.

Finally, the 70 20 10 personal development plan is critical for career advancement because it fosters continuous learning. In today’s rapidly changing world, staying up-to-date with the latest skills and trends is crucial for success. By embracing this approach to personal development, you can ensure that you are always learning, growing, and improving.

Best Practices for Implementing a 70 20 10 Personal Development Plan

Now that we have established why the 70 20 10 personal development plan is important let’s take a look at what best practices you should follow to implement it effectively:

1. Encourage managers and supervisors to support on-the-job learning and development.

2. Provide clear opportunities for mentorship and feedback to employees.

3. Make sure that formal training and education are relevant to the employee’s job and goals.

4. Offer a range of different learning and development opportunities to meet individual needs.

Examples of Successful Personal Development Plans

To illustrate how the 70 20 10 personal development plan can work in practice, let’s take a look at two different examples:

– An accounting firm might offer challenging assignments to junior accountants, give them the opportunity to work with more experienced colleagues as mentors, and provide relevant formal training through courses and workshops.

– A tech company might provide their software developers with real-world projects to work on, give them regular feedback and guidance from senior developers, and offer them relevant online courses and certifications.

Conclusion

The 70 20 10 personal development plan is a practical and effective method for personal development that can help individuals achieve their career goals. By providing opportunities for on-the-job learning, mentorship, and formal training, this approach fosters continuous learning, adaptability, and resilience. Best practices for implementing this plan include encouraging managers to support development, offering various learning opportunities, providing clear mentorship and feedback, and making sure that formal training and education are relevant. With the right approach, you can embrace the 70 20 10 personal development plan and take your career to new heights.