The coronavirus pandemic has forced business executives to anticipate and adapt to change—while navigating talent shortages and a shaky economy. And,while promises of cushy perks and pay are often used to compete for top talent— some employers struggle to develop and retain new hires.
How Talent Development Makes a Positive Impact on Your Business is an article written by, Jori Hamilton for online publication, Talent Culture. She offers the following tips on employee development:
Talent development is not only the key to retaining employees; it can also be instrumental in improving performance. This doesn’t just mean that your attention to their growth results in greater productivity — although that certainly occurs by acquiring new skills and understanding of productivity techniques. However, when your employees see you’re making efforts to support their growth, they tend to be more engaged with the efficient operation of the business.
One of the main errors a business can make is becoming stagnant. In the digital age, the world frequently changes. That often means that to retain the competitive edge, we must innovate. Talent development can introduce employees to new skills and new ways of thinking about the challenges they face – and overcoming them. As such, it is an essential element in building a sustainable culture of innovation within your company.
Provide them with opportunities to better understand the company; what it’s good at, and the not so good. This can include shadowing leadership, attending meetings, and being encouraged to ask questions (and being given honest answers). This helps the growth of new corporate operations skills and incentivizes deeper engagement within the company.
Innovation requires access to multiple perspectives and experiences. Studies show that companies that prioritize diversity tend to perform better than their more monocultural competitors. So, your talent development program must commit to nurturing diversity. Undoubtedly, part of this approach is ensuring a range of voices has opportunities to work with you. However, it’s also about encouraging those in the program to value diverse perspectives and adjust their own viewpoints accordingly.
Helping employees follow their curiosity, both within and outside of the business, is a cornerstone of talent development. Give employees opportunities to train with other departments and company time to work on personal projects. Add coaching to ensure employees feel guided and supported. By giving them space to explore and experiment, and encourage them even when they fail, you provide the tools necessary to contribute to innovation — and the confidence to experiment.
One of the greatest assets for any business is loyalty. Employees who feel connected to and supported by their company are more likely to stick with them in the long run. Loyalty isn’t about simple retention, though; it also means a dedication to the company’s ideals and becoming leaders who embody them. Employee development helps to both guide this process and reinforces the reasons why they should maintain their commitment. So, your talent development program must begin at onboarding.
Bottomline: So, what’s the key to developing and retaining talent? When leaders open the lines of communication and address each employee personally— it can help employees shape their learning and long-term contributions to the company, for the better.