Talent development may seem self-explanatory, but many organizations struggle with it. It is an increasingly important aspect of running a business, and not investing in your employees is guaranteed to create disengaged workers and low retention rates. Losing talent is expensive – the turnover of a trained experienced can cost anywhere from 90% to 200% of their annual salary. Employees truly are a company’s most valuable asset. So, how can organizations develop their talent and help them be satisfied in their roles? How can they invest in their employees and lower the chances of them leaving for other opportunities?
Using a talent development program takes time and dedication, but there are powerful tools available to help companies achieve their goals. For each company, it’s a different path. It can be helpful to do some research to see what others have done, but ultimately you need to find what works best for your company and your culture. Here are some talent development best practices that could help you reach your goals:
Keep Employees Happy (And Retain Them)
When employees leave, companies lose the experience and talents that they contributed to the business. Retaining employees while keeping the talent they bring to the company can save thousands. One way to keep people happy (and make them want to stay) is through a cyclical process of setting goals, learning from those goals, recognizing achievements and development, and assessing that growth to lead back to more goals.
Support Career Development
Actively and aggressively offering career training and development is a great way to retain and engage employees. Using a learning management system as part of that process is important to be able to track, manage, and report the progress of each employee. The more education and training you provide your employees, the more potential there is for growth and development, which increases their involvement and retention.
Focus on Alignment
When it comes to career development, aligning company-wide quarterly and yearly goals with employees’ individual goals can help better connect people to the overall mission of the business. Employees can see how they are directly impacting the company as a whole and feel empowered to develop meaningful relationships with all team members. Ultimately, everyone is progressing in the same direction with a sense of shared purpose.
Leverage Learning Data
Being able to effectively manage learning data enables companies to create a culture of learning and leverage it toward growth and development. Reporting, backed by powerful analytics, helps HR stay up-to-date on the company’s progress, as well as each individual’s learning engagement. Insights from that learning data highlights employees’ success as they navigate the talent development program, while identifying areas of improvement. Harnessing analytics and data to help call out weak points in the process, making it easier to overcome challenges and find actionable solutions.
Talent development directly impacts how each employee sees themself as part of your company. Rather than just being part of the system and overlooked, talent development strategies give new and veteran employees a way to engage with each other, as well as with the company as a whole. That sense of community and relationship will help retain employees and is a smart investment for any company.