Talent development is the key for every business, HR manager, or team lead looking to make the most of the talent they have. If talent development is not a part of the business philosophy, it is highly unlikely that the people working with you today will still remain tomorrow. Employers and hiring managers start thinking too far ahead when planning their talent development strategies. It is very important to consider the return on investment but not at the cost of the future of the talent that you already have or are going to hire. Talent development is a part of talent management and is usually very difficult to get right.
When a business hires a candidate, it is theirs and the candidate’s shared responsibility to work towards filling the skill gaps that are already there or that may arise in the future. This shared responsibility is the key to not only a healthy relationship between the parties involved but also an overall high-performing organization.
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Businesses out there have a few common areas that they plan to invest in more frequently. These include marketing/advertising, R&D, and customer service amongst others. All these things have one thing in common – business’s people. And the organizations that invest in their people have a very good chance of improving employee engagement, strengthening succession planning, and building their brand.
Organizations that don’t consider career progression and skill development as important parameters that candidates look for in their potential employers usually end up hiring sub-par talent. On the other hand, organizations that put talent development and excellence at the forefront of everything they do have a mother lode of talent to choose from and work with. Companies looking to attract and retain great talent need to work together with their employees towards a path that has plenty of skill development and career advancement opportunities. Research in this area has found out that career advancement or lack of it plays a huge role in employees’ decision of joining or leaving an organization.
What is talent development?
In simple words, talent development is nothing but organizational HR processes and a commitment to attract, hire, develop, and retain employees and direct them towards the achievement of a common goal. It also means helping employees realize their true potential and refine their skills so that they can continue contributing to the betterment of the organization. Organizations that are in it for the long haul and care about their people always work towards providing their employees with training and learning opportunities along with the required tools to make their skill development process easier.
Talent development is a business strategy that pays its dividends in the long run. By implementing this strategy, employers can retain top talent and do away with the need of having to spend more on hiring and attracting new people.
Why is talent development important for organizations?
- It helps in motivating and engaging with employees: Employees don’t want to be in jobs that are going nowhere for them. It is the most demotivating thing that any employee can ask for. Most of the employees that stick with organizations for a longer period do it because of the skill development and career growth opportunities presented to them. The ultimate recognition for an employee’s hard work in an organization is their development that would lead to better jobs in the future.
- It helps in improving retention: Organizations spend so much money in retaining their high performing employees. But most of the time, they don’t pay heed to the most important thing. They don’t realize how important professional development is in keeping employees happy, content, and productive. It is important to make your employees believe that you care for them and are really interested in helping them grow professionally.
- It helps in increasing efficiency: Employees that are provided opportunities to learn new skills will always be more efficient and productive than those that don’t. Talent development is not always about the employees and their benefits. It is also about organizations and what it wants from its employees. If an organization doesn’t invest in skill development, it will likely suffer more losses than its employees.
- It helps in improving customer service: The customer wish list always features great customer service right at the top. There is no way businesses can compromise on it and still expect to grow and be successful. In addition, the quality of customer service an organization provides is a true testimony of its identity and what it stands for. It says a lot about how they treat their own people and value their customers.
Organizations that provide excellent customer service have a team that has all the knowledge about the company’s products/services and is trained well enough to understand the problems that customers can go through with those products/services. The most important thing is that the customer service team needs to answer customers’ questions without looking for answers elsewhere. With talent development, businesses can create such teams.
- It helps in employee career progression: Organizations that use talent development methodologies create skilled workers for the global workforce. They create leaders who follow this tradition and facilitate on-the-job development of employees. A talent development plan goes far and beyond what it is initially put in place to do. It can help employees to move up the pecking order in their organization. Businesses that don’t have a talent development plan in place need to put it together before their top talent starts leaving.
In today’s world, employees joining an organization are looking for a work environment that supports, encourages, and provides career advancement and job opportunities. Employees that have a track record of performing well and those with good potential are especially very specific about this demand. Talent development has a lot to do with developing the skills of employees. But that’s not it. It also involves providing learning platforms and tools to help employees improve their competencies, skills, and careers.
References:
- “5 reasons why talent development is so important” | Gary Stringer | 29 September 2020
- “WHY TALENT DEVELOPMENT MATTERS ON THE JOB” | Steven Geelen | 11 June 2020
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