So, it finally looks like we are coming out of a recession period – business priorities have shifted. Holding on to the top talent within your business will need to be top of your list!
Typically, as economies come out of recession, businesses can expect to see attrition levels rise. When the labour market is narrow, employees will stay put. However, when prospects look brighter they start to look elsewhere – how can we combat this?
Leaders are responsible for developing talent in their organisations – it is their duty to develop employee capabilities, nurture their careers and manage the performance of individuals and teams. Although many business units understand the importance of talent development, few deliver the training and coaching for their staff.
Below are some helpful guidelines to consider when embarking on talent development:
Embed a Learning Culture
Learning amongst teams keeps the organisation competitive. Learning cultures encourages individuals to self-challenge and general curiosity which gives your employees the agility and motivation to respond quickly to opportunities and challenges. Anyway – who couldn’t do with a skills update from time to time?
Build Sustainable Processes to support Development
Within your business, Managers should now be expected to coach and develop their people. At a minimum, everyone should be aware of what areas they can improve on. For particularly high achievers, Career Tracks should be implemented that give them a sense of where they can go in the organisation.
Everyone knows engagement goes hand in hand with productivity. Along with gym memberships and a healthy holiday allowance, the knowledge that their organisation has invested in employee careers is a motivator for staff. Working for a business which shows an interest, understands and appreciates their skills while supporting them to be the best they can be is a real morale boost! Engaged employees are confident employees and confidence leads to enhanced performance.
It Takes Two
Although there is a strong duty for the business to promote the learning, the best outcomes are reached when both organisation and employee take on responsibility of development. Employees should be able to articulate skills and what they want to achieve throughout their career.
Measure your Progress
Evaluating talent development can be tricky – it is not easy to find data that is robust and reliable. The best way to track progress is to analyse turnover and retention over time. The overall organisation success is another way to gauge development – any growth achieved will not be a coincidence!