These days, organizations are emphasizing on talent development. Several researches conclude that those organizations that putt efforts on talent development enjoy good returns in longer run.
For some folks, talent development is something related to employees training. But it is wrong. Employees’ training is just a set of generic practices adopt by the human resource management to perform the specific tasks and duties.
Dan Pontefract says, talent development is not just the name of employees’ training. It is much broader than training. He further explains that, talent can be developed both from outside and inside of “talent and development” programs.
The talent can be developed through mentoring, coaching, job shadowing, blogs, articles, Wiki’s, books, lectures and leadership models.
What is actually Talent Development?
According to the University of Kansas, Talent development is an organizational commitment and human resource process to attract, hire, retain and develop employees’ skills in order to achieve the common organizational goals and objectives.
Furthermore, talent development also focuses on how to increase and polish the hidden employees’ skills and competencies so that they can help the organization to achieve its goals and objectives.
Good organizations provide excellent learning opportunities and helpful tools to their workforce so that they can advance their careers.
If we sum up, talent development is actually a long term business strategy that organizations implement in order to retain top talented employees.
If you are running a small scale business or working as a human resource professional in a blue chip Company, you should promote talent development programs in your organization.
Here are some major reasons why you should focus on developing talent and talent intelligence in your organizations.
1. Better Levels of Customer Service
If you spend some investment on your employees and polish their hidden skills, it will definitely payoff. Multiple surveys demonstrate that talented staff can provide excellent customer services as compare to inexperienced and non-talented staff.
2. An engaged and motivated workforce
According to Mercers’ Global Talent trends study 2016, more than 90% organizations predicted that competition for acquiring talent will rise this year.
Furthermore, this study also found that outdated processes, lack of employees development, and bad behaviors of managers play main role in the dissatisfaction of employees. It leads to unengaged and unmotivated workforce.
Again, initiating talent development programs can create a motivated and highly engaged workforce that can increase company’s overall productivity.
3. Reduce Absenteeism and Employee turnover
Career Advancement and skill development is highly important for most individuals. If employees feel that their organization cares about them and provide right path for career development then the employees’ work engagement will increase.
As a result, employees’ turnover and absenteeism will automatically decrease.
4. Reduce recruitment costs
As I mentioned above, if Company has a workforce who enjoys good learning opportunities, skill development and career advancement opportunities then they will not leave their jobs. They will stick with the organization for a long time.
Low employees’ turnover will definitely help the organization to reduce the recruitment costs.
5. Increased productivity and efficiency
It is obvious that if employees have been trained properly and Companies build a culture of talent development, then the employees will become more loyal, more efficient and productive than ever before.
Good professionals always try its best to meet employees’ needs and demands and also help the organizations to build a talent pool so that they can get competitive edge in the market.