How to Secure Personal Development Budget and Make the Most of It

How benefit budgets work and why always using yours fully is key

Budgets typically get allocated annually, either to individuals or to teams.

Very important – if an approved budget has not been fully used by the end of a year, it's much less likely that it gets renewed or even increased.

That's especially true during economically difficult times were HR teams and managers are pressed to decide which benefits to keep and which to cut.

Would you leave part of your salary behind?

Chances are that you or somebody in your team have negotiated the development budget that's available. It was earned in some way or other.

Often it is literally presented to you as part of the earnings that you can expect when a job offer is made.

Don’t let it go to waste by not collecting this part of your compensation.

Grow small budgets by maxing them out, create budgets by showing demand

It could be that you have access to a budget but it is small, or only available on request. Perhaps it is a new budget, or last year's budget was recently reduced.

In these cases it is especially important that you fully use what you have access to today.

If there is clear demand, this is a signal to managers and HR that this is worth protecting, increasing, or bringing back, in order to keep talent like you.

Topping up budgets from work

If your development budget from work doesn't fully cover the training that you have selected, consider to take care of part of the cost if you can. This shows commitment and might make it easier for your company to say yes.

A simple way to do this is to look at travel or accommodation – those are usually smaller and separate expenses.

Deducting personal expenses

If you live in Germany, most expenses that are directly related to professional training can be deducted when your tax is calculated, meaning you can claim money back. Here's a great article from the Vereinigte Lohnsteuerhilfe e.V. full of advice to get started.

Most other countries offer similar options.

Remind yourself and others of the basics

New skills are an opportunity to stay competitive, bring fresh ideas and competences to your work, expand your personal value to the business, and ultimately to advance your career.

Identify what matters to the business

Start by looking at the current goals and challenges of your company, team, or clients.

What are the key goals, OKRs, initiatives etc. for the quarter or the year? Is there something new that your company needs to do to stay competitive?

Also are there any specific topics and milestones in your personal development plan? What would make you more efficient or effective in your job tomorrow? What helps you prepare your promotion case?

Pick the right training

Choose a topic that excites you, and which connects to one or more specific goals which you've identified in the first step.

Link the training benefits to your work

Spend a few minutes prepare a case – bullet points are usually enough as notes for a conversation with your manager in your next 1:1.

Summarise the expected learnings of the workshop and draw the connection to specific initiatives and goals at work. No need to overdo it. 5-7 arguments is plenty. Reduce buzzwords and keep it clear and authentic.

Describe how the training will help you do your job better, reach a personal development goal, or allow you to help your business to do something new. Show you're passionate to add value – and highlight specifically how the training will do that.

Whether it’s mastering a new tool, refining your leadership style, or exploring the latest trends in processes and strategy, using your budget wisely means growth – for you and for your employer.

Timing

Raising training or budget requests early is usually a good principle. Managers have a lot on their plate. Lay the groundwork early and then check in on the request after a few weeks. Keep in mind that the approval and purchase process in your company might take a few days or weeks, and involve more people than just you or your manager.

Some companies have dedicated points in time when budget is planned or reviewed. Typically that's annual planning at the end of the year, a mid year check-in in early summer, and quarterly plans. Finding these windows of opportunity will help you time your request or remind your organisation.

It's always worth raising a request outside those moments as well. Many companies have some flexibility. Plus it's then easy to remind your manager or HR department of your open request when the next formal planning moment comes around.