Professional and Management Development Training
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 7,100 professional and management development training companies provide continuing education, training, and career development programs through short courses and seminars. While training programs help clients learn specific knowledge or skills to improve performance in a current role, development programs focus on growth and future performance. Common areas of training and development include general management; technical knowledge and skills; leadership; diversity, equity, and inclusion (DEI); environmental, social, and governance (ESG); executive education; certification; and soft skills.
Dependence on Client Industry Performance and Economic Conditions
Demand for professional and management development training is dependent on the financial health of client industries, which is driven by general business and economic conditions.
Applying Technology to Leadership Training
Technology has helped elevate training platforms and improved engagement in management development initiatives.
Industry size & Structure
The average professional and management development training company operates out of a single location, employs about nine workers, and generates $1-2 annually.
- The professional and management development training industry consists of over 7,100 firms that employ about 63,000 workers and generate over $9 billion annually.
- The industry is fragmented with the top 50 companies accounting for about 30% of industry revenue.
- Firms that generate less than $1 million account for almost 45% of the industry. Firms that generate $10 million or more account for more than 38% of the industry revenue
- The industry includes a broad range of players, from multinational firms that serve Fortune 500 companies to executive coaches that work one-on-one with clients.
- Large firms include Dale Carnegie, Skillsoft, and Franklin Covey. The Federal Executive Institute (FEI) within the US Office of Personnel Management (OPM) is a government organization that provides leadership development programs for government agencies.
- About 20% of firms are tax-exempt organizations. About 4% of establishments are franchises.
Industry Forecast
Professional and Management Development Training Industry Growth
Recent Developments
Jul 12, 2024 - Employment Increases
- Professional and management development training industry employment increased moderately from January through March of 2024, decreased slightly in April, then increased slightly in May, according to the US Bureau of Labor Statistics. Professional and management development training industry sales are forecast to grow at a 4.57% compounded annual rate from 2024 to 2028, faster than the growth of the overall economy, according to Inforum and the Interindustry Economic Research Fund, Inc.
- AI will change professional management and development training by enabling the provision of personalized content based on a user's prior training and existing knowledge, according to human resources expert Josh Bersin. AI-assisted management and development training systems can also serve as a teaching assistant for a technical course and as a coach or mentor for a leadership program. Bersin notes, however, that learning technology is dauntingly complex, so AI features in professional management and development training systems are likely to be introduced gradually.
- About 48% of Human Resource (HR) professionals surveyed by the Society for Human Resource Management (SHRM) cited training and education programs as the most effective recruiting tool at their disposal. Employees with access to professional development opportunities are 15% more engaged in their jobs, which led to a 34% higher retention rate according to the SRHM. Some 78% of respondents to a survey conducted by market research firm The Better Buys said that they currently have access to professional development through their employer, while 92% believe access is important or very important.
- Over two thirds (67%) of learning and development (L&D) professionals who responded to a survey conducted for the The Virti 2023 State of Learning and Development report said that training has a positive impact on revenue. L&D is a function within an organization that is responsible for empowering employees’ growth and developing their knowledge, skills, and capabilities to drive better business performance. Respondents also said that courses which focused on soft skills such as leadership and communication (50%) are the most important. The Virti research found that the top reasons for conducting training were to ensure compliance (50%), improve employee technical skills (49%) and to support employee career development (39%).
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