Corporate America is highly invested in making its workforce better. In 2016, the U.S. spent $70.6 billion on professional training and $955 million on professional coaching, and those numbers are expected to continue to grow.
The benefits of professional development are innumerable — increases in compensation, responsibility, authority and status are among them. Perhaps most beneficial to individuals seeking to continually improve, however, is the recognition of greater expertise and the esteem that comes with it.
The ways in which professional training and coaching are delivered varies widely. Though skills-based training has its place, peer groups have become a proven tool for professional development, particularly for individuals whose learning styles are not well suited for traditional classroom trainings.
The idea of professional peer groups — or mind alliances — is not new. It emerged 90 years ago when author Napoleon Hill introduced the concept in his self-help book “The Law of Success,” and expanded on it in “Think and Grow Rich.” Hill described a mind alliance as: “The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.” And added, “No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind.”
While the concept of gaining a “third mind” is useful for professionals in theory, from a practical standpoint, here are some of the benefits participants can potentially gain from a peer group experience:
- Diversity of perspective: Peer groups made up of professionals across a variety of companies and industries offer each other input based on multiple viewpoints and experiences; that outside perspective provides clarity and can be just what is needed to get “unstuck” when working through professional issues. It also affords an opportunity to share your own unique perspective in service of the group.
- Critical feedback: When paired with the right people and guided by an effective facilitator, you receive valuable information about what your peers observe and important feedback that often challenges self-perception; seeing yourself through someone else’s eyes is essential to becoming a better leader. You’ll do the same for your cohort, providing feedback to help them learn and grow.
- Interactive learning: Hands-on learning is not just for undergrads — it is especially effective for professionals. As you work collectively with your peers — sharing, discussing and problem solving in real time — each member of the group further develops his or her own voice and critical thinking skills.
- Professional sanctuary: Oftentimes, workplace challenges can’t be discussed with colleagues. Peer groups provide a safe and confidential environment that allows members to discuss issues openly and honestly, including those you wouldn’t share with anyone directly associated with your business.
- Collaboration and teamwork: As an engaged member of a motivated community, you develop a sense of responsibility and accountability to one another. That shared experience fosters an environment of innovation and a creative approach to problem solving — all critical to becoming an effective leader.
When choosing a peer group experience, it is important to note that benefits vary depending on the program. Not all professional peer groups are created equal.