Can a good talent development strategy help the organizations retain top talent?
Organizations provide learning opportunities and tools for employees to advance their overall careers. Talent development is a business strategy that companies implement to retain their top talented employees. Developing talent is one of the best ways to assure an organization has the leadership it will need for a successful future.
Succession planning has, by contrast, a bias towards satisfying organizational requirements such as identifying posts that are critical to success and how best to ensure there is someone to fill them and developing strategies to determine the optimum mix of internal and external recruitment. Talent development comes in the form of coaching, mentoring, job shadowing, blogs, rotations, lectures, books, articles, job aids, leadership models, etc.
Every company should create a development culture, not only an individual training plan, and every employee has to come together and achieve goals that will help the organization grow. Employees need to understand what value they add and why they are vital for the organization and the same goes for the training they receive.
What goals are we all working towards and how are we all making a difference?
Management can support employees by providing them with recognition and appreciation. Employers can also provide valuable feedback to employees and make them feel part of the organization. To attract and retain talent, the company needs to know what talents want and, consequently, have to set the incentive system in line with their needs. Subsequently, their esteem needs are fulfilled and, as a result, talents demonstrate higher job satisfaction and motivation.
Employees work in an organization to achieve their personal goals as well. Organizations cannot keep aside the individual goals of employees and foster the organization’s goals. Employees’ priority is to work for themselves and later on for the organization. If they are not satisfied with their growth, they will not be able to contribute to the organization’s growth.
Lack of support from management can sometimes serve as a reason for employee retention. The supervisor should support his subordinates in a way so that each one of them is a success. Management should try to focus on its employees and support them not only in their difficult times at work but also through the times of personal crisis.
Why we need talent management in an organization?
Talent management practices ensure that the right people want to join the company and effectively bring new, talented workers into the company. Moreover, talented workers are identified and valued, and incentives exist to retain them. In this case, talent management is understood as a sum of activities to support the corporate strategy.
Aligned with corporate strategy, talent management will lead to higher financial outcomes such as company profit and market value, a higher impact on organizational outcomes such as company attractiveness, the achievement of business goals and customer satisfaction and higher human resource outcomes such as performance motivation and commitment.
Talent management is a process which can be used to direct employees’ behavior in a direction that fits business needs. Furthermore, the development of talents is an incentive to meet individual needs, and, subsequently, talents follow the company’s direction.
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