How to Develop Talent in your Organization
Talent development is a systematic process that organizations follow to keep employees healthy, motivated, and growing. It's a method of improving the organization through its people. With the right talent development program, employers and employees can encourage growth among their teams. Talent development programs are often cost-effective, too, because they help retain valuable employees. If you’re wondering how to develop talent for the benefit of employees and employers alike, the following guide will help you do just that.
December 29, 2022
What Is Talent Development in HR?
Talent development refers to a company's focus on improving employee skill sets and helping them follow a clear path to growth opportunities. This isn’t about simply offering training, but rather implementing the necessary measures to enable employees to advance within the organization and achieve their goals.
Because talent drives profit, organizations have made talent development a higher priority than in previous years. Among the most popular methods of talent development are mentoring and coaching, formal learning, and stretch assignments — those that extend beyond an employee's current skill set. As more and more organizations focus on developing top talent, it's important to take a closer look at your own organization for opportunities to shine.
Benefits of Talent Development
Talent development is an important part of every business. For employers, it means finding and retaining resources that contribute to the organization's success. Employees stand to benefit from a variety of opportunities to improve their skills and become more valuable assets both now and in the future. Not only will they reap rewards along the way, but they'll also be even better positioned for salary increases, promotions, and leadership opportunities. Below are just some of the benefits of talent development for organizations.
Improves retention and recruiting efforts
Talent development is great for retaining your existing employees. When you invest in them, it can boost job satisfaction and encourage them to stick around longer. Research shows that organizations that offer opportunities for professional development see 34% higher retention rates than those that lack such opportunities. It's helpful for recruiting, too: According to the Society for Human Resource Management, nearly one-half of HR professionals say that training existing employees is their most effective recruiting strategy for filling hard-to-fill positions.
Talent development is a path to better performance and better results. When you provide your employees with a wealth of knowledge and resources, they can be more productive in their roles and accomplish the goals you have set forth together. Simply put, encouraging your employees to continuously improve themselves will help them hone their craft and better your business.
Boosts employee morale
Employee happiness comes from feeling valued in addition to receiving competitive benefits. When employees feel that you are invested in their success, it builds trust and increases morale. Talent development is a great way to show your employees that you care about their growth and future. When you take time to give your employees opportunities, training, and coaching, they will feel motivated and inspired to further their own skills. By providing these opportunities, you're also letting your team members know that they are an asset — a factor that will boost overall employee morale.
Encourages Succession Planning
By 2030, tens of thousands of baby boomers will reach retirement age. Yet only 35% of organizations have implemented a formal succession planning process, according to the Association for Talent Development. With a talent void looming as boomers retire, it’s imperative that organizations begin planning how to pass the corporate baton. With a talent development program, organizations can formalize a process for transferring knowledge, skills, and experience from one generation of employees to the next. This can help them avoid gaps in talent as baby boomers retire and companies must replace them with younger workers.
Links Feedback with Performance
A strong talent development program that focuses on employee coaching and mentorship is key to creating a company where feedback flows freely and is well-received. Employees who are "coached up" instead of criticized without merit will feel more engaged in the feedback process — giving them the motivation and tools they need to drive individual performance. Instead of vague criticism, employees receive clear, helpful direction that helps them improve upon weaknesses and bolster their strengths.
Overcoming Talent Development Roadblocks
Every organization needs a strong talent development program, but not every talent developer knows where to begin. From initial onboarding to enablement, development, and retention, every step is critical as you create a talent development program at your organization. At Juno Journey, we are committed to helping create a program that meets your needs and allows for consistent growth of not only your employees but also your organization as a whole. If you’re curious about how to develop talent and formalize the process at your organization, head over to our website.