Trinet: Business Model, SWOT Analysis, and Competitors 2024

Trinet is a leading provider of comprehensive human resources solutions for small and medium-sized businesses. This blog article delves into Trinet's business model, examining how it delivers value through its suite of HR services, including payroll, benefits, and compliance. We will also conduct a SWOT analysis to explore Trinet's strengths, weaknesses, opportunities, and threats in the competitive landscape. Finally, we'll identify key competitors and compare their offerings to provide a holistic view for 2024.

### What You Will Learn

• Ownership and Mission: Discover who owns TriNet and delve into the company's mission statement to understand its core values and objectives.
• Revenue and Business Structure: Learn how TriNet generates revenue and explore an in-depth explanation of its business model canvas.
• Competitive Landscape and Analysis: Identify TriNet's key competitors and gain insights from a detailed SWOT analysis to comprehend its strengths, weaknesses, opportunities, and threats.

Who owns Trinet?

Who owns Trinet?

TriNet, a leading provider of comprehensive human resources solutions for small to medium-sized businesses, is a publicly traded company listed on the New York Stock Exchange under the ticker symbol TNET. This means that TriNet is owned by its shareholders, which include individual retail investors, institutional investors, and company insiders who own shares of its stock.

The ownership structure of TriNet, like many publicly traded companies, is diverse. Institutional investors such as mutual funds, pension funds, and investment firms often hold significant portions of the company's shares. These large investors have a considerable influence on the company's governance and strategic direction, given their substantial shareholding and voting power.

In addition to institutional investors, TriNet's ownership may include company executives and board members who hold shares or stock options as part of their compensation packages. This form of ownership aligns the interests of the company's leadership with those of the shareholders, as the executives have a direct financial stake in the company's performance.

Lastly, everyday retail investors also play a role in TriNet's ownership. These individuals buy and sell shares through brokerage accounts and participate in the financial growth and governance of the company through their voting rights and shareholder meetings.

Overall, TriNet's ownership is a mix of institutional investors, company insiders, and retail investors, all of whom contribute to the company's success and governance.

What is the mission statement of Trinet?

What is the Mission Statement of Trinet?

Trinet, a leading provider of comprehensive human resources solutions for small and medium-sized businesses, is driven by a clear and impactful mission statement. Their mission is to "power business success with extraordinary HR." This succinct yet powerful statement encapsulates Trinet's commitment to empowering businesses by providing top-notch HR services that allow them to focus on their core operations and growth.

Trinet understands that managing HR tasks can be a complex and time-consuming process for companies, especially those with limited resources. By partnering with Trinet, businesses gain access to a suite of professional services including payroll processing, benefits administration, risk mitigation, compliance, and talent management. The goal is to streamline these essential functions so that companies can devote more time and energy to innovation, customer service, and expansion.

Furthermore, Trinet aims to create a positive impact on the work environment by fostering a culture of inclusivity, diversity, and employee engagement. They believe that a happy and well-supported workforce is the backbone of any successful business. This mission is reflected in their tailored solutions that are designed to meet the unique needs of each client, ensuring that every company they work with can achieve its full potential.

In summary, Trinet's mission to "power business success with extraordinary HR" underscores their dedication to alleviating the HR burdens of small and medium-sized businesses, thereby enabling them to thrive and compete in today's dynamic marketplace.

How does Trinet make money?

How Does TriNet Make Money?

TriNet, a professional employer organization (PEO), primarily generates revenue by offering a range of HR services to small and medium-sized businesses. The company's business model revolves around providing outsourced HR solutions that help businesses manage their workforce more efficiently and compliantly. Here are the main ways TriNet makes money:

1. Service Fees

TriNet charges its clients service fees for the HR solutions it provides. These fees are typically structured as a percentage of the total payroll of the client company. The exact percentage can vary based on the size of the company and the specific services required. By outsourcing HR functions such as payroll processing, employee benefits administration, and compliance management to TriNet, businesses can focus on their core operations while ensuring that their HR needs are met professionally.

2. Benefits Administration

One of the key services TriNet offers is benefits administration. TriNet negotiates and provides access to health insurance plans, retirement plans, and other employee benefits. The company earns money by charging administrative fees for managing these benefits. Additionally, because TriNet pools together a large number of clients, it can often secure better rates from insurance providers and other benefits vendors, which can add a margin of profitability.

3. Compliance and Risk Management

TriNet helps businesses stay compliant with a range of employment laws and regulations, including those related to payroll taxes, labor laws, and workplace safety. The company offers compliance services that ensure businesses adhere to federal, state, and local regulations. TriNet charges fees for these compliance services, which can be crucial for companies that do not have the in-house expertise to navigate complex regulatory environments.

4. Technology and Software Solutions

TriNet also provides technology solutions, including HR management software that helps businesses streamline their HR processes. These software solutions can include features such as employee self-service portals, time and attendance tracking, and performance management tools. TriNet charges licensing or subscription fees for access to these software tools, adding another revenue stream.

5. Consulting and Specialized Services

In addition to its standard offerings, TriNet provides specialized consulting services tailored to the unique needs of its clients. These services can include strategic HR consulting, talent management, and organizational development. TriNet charges consulting fees for these premium services, which can be billed on a project basis or as part of a retainer agreement.

Conclusion

TriNet makes money through a diversified revenue model that includes service fees, benefits administration, compliance and risk management services, technology solutions, and specialized consulting. By offering a comprehensive suite of HR services, TriNet helps businesses manage their workforce effectively while ensuring compliance and optimizing HR processes, all of which contribute to its revenue streams.

Trinet Business Model Canvas Explained

Overview of the Trinet Business Model Canvas

The Business Model Canvas is a strategic management tool that allows businesses to visualize, design, and innovate their business models. In this section, we'll break down Trinet's business model using the nine building blocks of the Business Model Canvas: Customer Segments, Value Propositions, Channels, Customer Relationships, Revenue Streams, Key Resources, Key Activities, Key Partnerships, and Cost Structure.

Customer Segments

Trinet primarily targets small to medium-sized businesses (SMBs) that require comprehensive human resources solutions but lack the in-house capabilities to manage these functions effectively. Their customer segments include:

• Startups: New businesses that need to establish HR processes from scratch.
• Growing Companies: Businesses that are scaling rapidly and require robust HR support.
• Established SMBs: Businesses that want to streamline their HR functions and improve efficiency.

Value Propositions

Trinet offers significant value to its customers through its Professional Employer Organization (PEO) services. These include:

• Comprehensive HR Solutions: Trinet provides a full suite of HR services, including payroll, benefits administration, risk management, and compliance.
• Scalability: Their services are designed to scale with the growth of the business, providing consistent support.
• Expertise: Access to HR experts who can provide guidance on complex issues.
• Cost Efficiency: By bundling HR services, Trinet can offer cost savings compared to maintaining an in-house HR department.

Channels

Trinet reaches its customers through various channels:

• Direct Sales: A dedicated sales team that engages directly with potential clients.
• Online Presence: A robust website and online marketing efforts to attract and convert leads.
• Partnerships: Collaborations with industry associations and business networks to reach new clients.
• Events and Conferences: Participation in industry events to showcase their solutions.

Customer Relationships

Building and maintaining strong customer relationships is crucial for Trinet. They achieve this through:

• Dedicated Account Managers: Personalized service with assigned account managers for each client.
• Customer Support: 24/7 customer support to promptly address any issues.
• Regular Updates and Communication: Keeping clients informed about new services, regulatory changes, and best practices.
• Feedback Mechanisms: Regular surveys and feedback loops to continually improve service offerings.

Revenue Streams

Trinet generates revenue primarily through:

• Service Fees: Charging a fee for the suite of HR services provided.
• Subscription Models: Monthly or yearly subscription fees based on the number of employees and services used.
• Consulting Services: Additional revenue from specialized consulting services for unique HR needs.

Key Resources

The key resources that enable Trinet to deliver its value propositions include:

• Human Capital: Experienced HR professionals, consultants, and support staff.
• Technology Infrastructure: Advanced HR management software and platforms.
• Brand and Reputation: A strong brand presence and reputation in the market.
• Partnerships: Strategic alliances with benefits providers, insurance companies, and compliance experts.

Key Activities

Trinet's key activities revolve around delivering high-quality HR services:

• Service Delivery: Managing payroll, benefits, compliance, and risk management for clients.
• Customer Support: Providing continuous support and assistance to clients.
• Technology Development: Maintaining and improving their HR management platforms.
• Compliance Monitoring: Staying updated with regulatory changes and ensuring client compliance.

Key Partnerships

To enhance their offerings, Trinet collaborates with several key partners:

• Benefits Providers: Partnerships with health insurance and benefits providers to offer comprehensive employee benefits packages.
• Legal and Compliance Experts: Collaborations with legal professionals to navigate complex employment laws.
• Technology Vendors: Partnerships with tech companies to integrate advanced HR software solutions.
• Industry Associations: Alliances with business associations to expand their reach and credibility.

Cost Structure

Trinet's cost structure includes:

• Employee Salaries: Compensation for their team of HR professionals, consultants, and support staff.
• Technology Maintenance: Costs associated with maintaining and upgrading their HR management platforms.
• Marketing and Sales: Expenses related to customer acquisition and retention efforts.
• Compliance and Legal: Costs incurred for staying compliant with employment laws and regulations.
• Administrative Expenses: General administrative costs to run the business.

In conclusion, the Business Model Canvas provides a clear and comprehensive overview of how Trinet creates, delivers, and captures value. By focusing on these nine building blocks, Trinet can effectively cater to the needs of SMBs and stay competitive in the HR solutions market.

Which companies are the competitors of Trinet?

Which Companies Are the Competitors of Trinet?

TriNet, a leading provider of HR solutions, operates in a competitive landscape where several other companies offer similar services. These competitors vary in size, specialization, and market reach, providing options for businesses looking for human resources outsourcing, payroll services, and employee benefits administration. Here are some of the key competitors of TriNet:

1. ADP TotalSource

ADP TotalSource is a prominent player in the HR outsourcing industry. As a Professional Employer Organization (PEO), ADP TotalSource provides comprehensive HR services, including payroll processing, benefits administration, compliance support, and risk management. With its extensive experience and large client base, ADP is a formidable competitor for TriNet.

2. Insperity

Insperity offers a wide range of HR and business performance solutions designed to help improve efficiency and growth. Their services include HR administration, payroll, employee benefits, and performance management. Insperity is known for its personalized approach and strong customer service, making it a significant competitor in the HR outsourcing market.

3. Paychex

Paychex is another major competitor, providing payroll, HR, and benefits solutions to small and medium-sized businesses. They offer a variety of services, including payroll processing, HR administration, time and attendance tracking, and retirement services. Paychex's flexibility and scalability make it a popular choice for businesses of various sizes.

4. Justworks

Justworks is a newer entrant in the PEO market but has quickly gained traction with its user-friendly platform and transparent pricing. Justworks provides payroll, benefits, compliance, and HR tools, making it easier for businesses to manage their employees and stay compliant with regulations.

5. Gusto

Gusto focuses on providing small businesses with easy-to-use payroll, benefits, and HR management solutions. Known for its intuitive interface and comprehensive features, Gusto has become a popular choice for startups and small businesses looking for affordable and efficient HR services.

6. Zenefits

Zenefits offers a cloud-based HR platform that aims to simplify the complexities of HR management. Their services include payroll, benefits, time tracking, and compliance tools. Zenefits is particularly appealing to tech-savvy businesses seeking an integrated solution for their HR needs.

7. Ultimate Software (UKG)

Ultimate Software, now part of UKG (Ultimate Kronos Group), provides comprehensive HR, payroll, and talent management solutions. They are known for their advanced technology and focus on employee experience, making them a strong competitor in the HR solutions market.

Conclusion

The HR solutions market is crowded with various providers, each offering unique features and benefits. Whether it's the comprehensive services of ADP TotalSource, the personalized approach of Insperity, or the user-friendly platforms of Justworks and Gusto, businesses have multiple options to choose from based on their specific needs and preferences. TriNet continues to be a strong contender, but staying competitive requires continuous innovation and a deep understanding of client needs.

Trinet SWOT Analysis

Trinet SWOT Analysis

Conducting a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) is a crucial step in understanding the strategic position of any company. For TriNet, a professional employer organization (PEO) that provides HR solutions, this analysis reveals significant insights.

Strengths

1. Comprehensive HR Solutions: TriNet offers an extensive range of HR services, including payroll processing, benefits administration, risk management, and compliance. This all-in-one solution is highly appealing to small and medium-sized businesses (SMBs) that may lack the resources to manage these functions independently.

2. Industry Expertise: TriNet serves a diverse array of industries, from technology and financial services to nonprofit and life sciences. This specialization allows them to tailor their services to the unique needs of each sector, providing more value to their clients.

3. Advanced Technology: The company leverages cutting-edge technology to streamline HR processes. Their cloud-based platform offers user-friendly interfaces and robust reporting capabilities, which can enhance productivity and decision-making for businesses.

4. Strong Customer Service: TriNet is known for its excellent customer support. With dedicated account managers and a responsive helpdesk, clients receive timely and effective assistance, which fosters long-term relationships and customer loyalty.

Weaknesses

1. Cost Structure: TriNet's services can be expensive, particularly for very small businesses or startups with limited budgets. The cost may deter potential clients who are price-sensitive and looking for more affordable HR solutions.

2. Complex Onboarding Process: Some clients have reported that the initial setup and onboarding process can be cumbersome and time-consuming. This complexity can be a barrier for businesses that need a quick and seamless transition to a new HR system.

3. Dependence on Technology: While their technology is a strength, it also poses a risk. Any system outages or technical issues can disrupt service delivery and impact client satisfaction. Ensuring robust IT support and disaster recovery plans are essential to mitigate this risk.

Opportunities

1. Expansion into New Markets: There is a significant opportunity for TriNet to expand its services into emerging markets and industries. By identifying and targeting underserved sectors, the company can increase its market share and drive growth.

2. Integration with Other Business Tools: Enhancing integration capabilities with other business software, such as CRM systems and financial planning tools, can provide a more seamless experience for clients. This can increase the value proposition and attract more businesses to their platform.

3. Focus on Remote Work Solutions: With the rise of remote work, there is an increasing demand for HR solutions that cater to distributed teams. TriNet can develop and promote services that specifically address remote work challenges, such as virtual onboarding and remote employee engagement.

4. Sustainability Initiatives: As businesses become more environmentally conscious, TriNet can capitalize on this trend by offering sustainable HR practices and solutions. This can include paperless workflows, promoting remote work to reduce carbon footprints, and partnering with eco-friendly benefits providers.

Threats

1. Intense Competition: The PEO and HR solutions market is highly competitive, with numerous players vying for market share. Competitors such as ADP TotalSource, Paychex, and Insperity offer similar services, which can limit TriNet's growth potential.

2. Regulatory Changes: The HR landscape is heavily influenced by labor laws and regulations, which can vary significantly by region. Any changes in employment law, healthcare mandates, or tax regulations can impact TriNet's service offerings and require constant adaptation.

3. Economic Downturns: Economic instability or recessions can lead to budget cuts and downsizing among businesses, which may reduce the demand for TriNet's services. Maintaining flexibility and adapting to changing economic conditions will be crucial for sustained success.

4. Data Security Risks: As a provider of HR services, TriNet handles a vast amount of sensitive employee data. This makes them a prime target for cyberattacks. Ensuring robust cybersecurity measures and compliance with data protection regulations is essential to safeguard client information and maintain trust.

By analyzing these strengths, weaknesses, opportunities, and threats, TriNet can develop strategies to leverage its advantages, address its shortcomings, seize growth opportunities, and mitigate potential risks.

Key Takeaways:

• Ownership: TriNet is a publicly traded company, listed on the New York Stock Exchange under the ticker symbol "TNET," and its ownership is distributed among public shareholders.

• Mission Statement: TriNet's mission is to power business success with extraordinary HR, providing comprehensive human resources solutions to small and medium-sized businesses.

• Revenue Model: TriNet generates revenue through a combination of service fees, insurance premiums, and administrative fees for its HR outsourcing services, focusing on payroll, benefits, risk management, and compliance.

• Business Model Canvas: The core components of TriNet's business model include key partnerships with insurance carriers and software providers, a customer segment focused on SMBs, value propositions centered on streamlined HR services, and revenue streams driven by service fees and premiums.

• Competitors & SWOT Analysis: Key competitors of TriNet include ADP, Insperity, and Paychex. A SWOT analysis reveals strengths in comprehensive service offerings and market presence, weaknesses in reliance on economic conditions, opportunities in expanding into new markets, and threats from intense competition and regulatory changes.

Conclusion

In conclusion, TriNet stands as a formidable entity in the HR solutions landscape, primarily owned by public shareholders and traded on the New York Stock Exchange under the ticker symbol TNET. Anchored by its mission to power business success with extraordinary HR, TriNet delivers comprehensive HR solutions that encompass payroll, benefits, risk management, and compliance.

The company's revenue model hinges on service fees, which are collected from small to medium-sized businesses looking to outsource their HR functions for more efficiency and effectiveness. TriNet's business model canvas elucidates its value propositions, customer segments, revenue streams, and more, providing a holistic view of how the company operates and scales.

However, TriNet isn't without competition. Major players like ADP, Paychex, and Insperity vie for market share, offering similar HR outsourcing services. A thorough SWOT analysis reveals TriNet's strengths in its robust service offerings and customer-centric approach, its weaknesses in market penetration compared to larger competitors, opportunities in expanding its technological capabilities, and threats from evolving regulations and economic fluctuations.

By continuously adapting to the evolving needs of the modern workplace and leveraging its strategic advantages, TriNet is well-positioned to maintain its leadership in the HR solutions industry. As businesses increasingly seek efficient, integrated HR services, TriNet's comprehensive offerings make it a valuable partner for long-term success.

FAQs

What are the 5 elements of SWOT analysis?

SWOT analysis is a strategic planning tool used to identify and evaluate the internal and external factors that can impact the success of a project, organization, or business venture. The acronym "SWOT" stands for Strengths, Weaknesses, Opportunities, and Threats. There are four key elements in SWOT analysis, not five. Here they are:

1. Strengths: Internal attributes and resources that support a successful outcome. These are positive factors that give an advantage over competitors, such as strong brand recognition, a loyal customer base, or unique technology.

2. Weaknesses: Internal attributes and resources that work against a successful outcome. These are areas where the organization may be at a disadvantage compared to competitors, such as limited resources, poor location, or a weak online presence.

3. Opportunities: External factors that the organization can capitalize on or use to its advantage. These could include market growth, technological advancements, or changes in government regulations that create new possibilities.

4. Threats: External factors that could cause trouble for the organization. These can include economic downturns, increasing competition, changing consumer preferences, or new regulations that negatively impact the business.

There isn't a fifth element in the traditional SWOT analysis framework, but some organizations might expand the analysis or use other strategic tools to complement SWOT.

What are strengths weaknesses opportunities and threats in a SWOT analysis?

A SWOT analysis is a strategic planning tool used to identify and analyze the Strengths, Weaknesses, Opportunities, and Threats related to a business or project. Here’s a closer look at each component:

Strengths

Strengths are internal factors that give an organization an advantage over its competitors. These can include:

• Strong brand reputation: Established and recognized brand.
• Financial resources: Strong financial health, good cash flow, and access to capital.
• Skilled workforce: Talented and experienced employees.
• Advanced technology: Proprietary technology or superior technological infrastructure.
• Strong customer relationships: Loyal customer base and good customer service.
• Operational efficiency: Efficient processes and high productivity.

Weaknesses

Weaknesses are internal factors that place an organization at a disadvantage relative to competitors. These can include:

• Weak brand reputation: Poor brand recognition or negative public perception.
• Financial problems: Insufficient financial resources or poor cash flow.
• Skills gaps: Lack of necessary skills or expertise within the workforce.
• Outdated technology: Relying on outdated or inferior technology.
• Poor customer relationships: High customer churn rate or poor customer service.
• Operational inefficiencies: Inefficient processes, high costs, or low productivity.

Opportunities

Opportunities are external factors that an organization can capitalize on to grow or improve its position in the market. These can include:

• Market growth: Expanding markets or increasing demand in existing markets.
• Technological advancements: New technologies that the organization can leverage.
• Regulatory changes: New regulations that could benefit the organization.
• Partnerships and alliances: Opportunities to collaborate with other organizations.
• Diversification: Opportunities to expand product lines or enter new markets.
• Economic trends: Favorable economic conditions that could boost business.

Threats

Threats are external factors that could harm an organization’s performance. These can include:

• Increased competition: New or existing competitors gaining strength.
• Economic downturns: Recession or unfavorable economic conditions.
• Regulatory changes: New regulations that impose additional costs or restrictions.
• Technological changes: Technological advancements that make current offerings obsolete.
• Supply chain disruptions: Issues affecting the availability or cost of raw materials.
• Market saturation: Limited growth opportunities due to a saturated market.

By analyzing these four components, organizations can gain a comprehensive understanding of their strategic position and develop plans to leverage strengths, mitigate weaknesses, capitalize on opportunities, and defend against threats.

What are 5 examples of weaknesses in SWOT analysis?

SWOT analysis is a strategic planning tool used to identify the Strengths, Weaknesses, Opportunities, and Threats of an organization or project. Here are five examples of weaknesses in SWOT analysis:

1. Limited Resources:

   • Example: A small business may have limited financial resources, which restricts its ability to invest in new technology, marketing, or skilled personnel. This can hamper growth and competitiveness.

2. Lack of Brand Recognition:

   • Example: A new company entering a competitive market may struggle with low brand recognition. Customers might prefer established brands, making it difficult for the company to gain market share.

3. Inefficient Processes:

   • Example: An organization may have outdated or inefficient internal processes that slow down production, increase costs, or lead to errors. This can reduce overall productivity and profitability.

4. Dependence on a Single Customer or Supplier:

   • Example: A company that relies heavily on one major customer or supplier is vulnerable to significant disruptions if that relationship changes. For instance, if the major customer switches to a competitor or the supplier faces issues, the company's operations can be severely impacted.

5. Weak Online Presence:

   • Example: In today's digital age, a weak online presence can be a significant weakness. If a company has a poorly designed website, limited social media engagement, or lacks an e-commerce platform, it may miss out on reaching a broader audience and generating online sales.

Identifying these weaknesses allows organizations to develop strategies to address and mitigate them, transforming potential vulnerabilities into areas for improvement and growth.

What is a SWOT analysis for employees?

A SWOT analysis is a strategic planning tool used to identify and understand the Strengths, Weaknesses, Opportunities, and Threats related to a particular subject. When applied to employees, a SWOT analysis can help individuals or managers to assess and improve performance, career development, and overall job satisfaction. Here’s a breakdown of what each component of a SWOT analysis for employees might include:

Strengths

• Skills and Abilities: What are the employee’s core competencies? This could include technical skills, soft skills, or industry-specific knowledge.
• Experience: How does the employee's past work experience contribute to their current role?
• Achievements: What notable accomplishments has the employee achieved in their career or current position?
• Personal Attributes: Traits such as leadership, creativity, reliability, or teamwork that make the employee valuable.
• Education and Certifications: Academic qualifications, professional development, or specialized training.

Weaknesses

• Skill Gaps: Areas where the employee lacks proficiency or needs improvement.
• Experience Deficits: Situations or tasks the employee has limited experience in handling.
• Behavioral Issues: Patterns that may need to be addressed, such as procrastination, lack of initiative, or poor communication.
• Resource Constraints: Lack of necessary tools, support, or information that hampers performance.
• Feedback: Constructive criticism received from peers, supervisors, or self-assessment.

Opportunities

• Career Development: Training programs, workshops, or courses that can help the employee grow.
• Networking: Opportunities to build relationships within or outside the organization.
• Role Expansion: Potential for taking on more responsibilities or moving into different roles.
• Mentorship: Availability of mentors who can provide guidance and support.
• Industry Trends: Emerging trends or technologies in the industry that the employee can capitalize on.

Threats

• Job Market: Economic conditions or industry changes that could affect job security.
• Workplace Environment: Office politics, organizational changes, or a toxic work culture.
• Competition: Other employees or external candidates who may be competing for similar roles or promotions.
• Personal Challenges: Issues outside of work that could impact job performance, such as health problems or family responsibilities.
• Technological Changes: Rapid advancements that may render current skills obsolete unless the employee keeps up-to-date.

How to Conduct a SWOT Analysis for Employees

1. Self-Assessment: Encourage employees to conduct their own SWOT analysis to gain self-awareness.
2. Managerial Input: Supervisors can provide their perspective based on performance reviews and observations.
3. Feedback Loop: Gather input from peers or team members to get a well-rounded view.
4. Action Plan: Develop strategies to leverage strengths, improve weaknesses, seize opportunities, and mitigate threats.
5. Regular Review: Periodically revisit the SWOT analysis to track progress and make necessary adjustments.

By conducting a SWOT analysis, employees and managers can create a more targeted approach to professional development and career planning.