The quality and performance of employees can make or break any business. And yet very few organisations today dedicate the necessary time and resources to attracting and nurturing employee talent. Those that do, see spikes in productivity and performance, as well as positive outcomes in engagement and a better business culture – all it takes is a single commitment to recruit, hire, manage, develop and retain the industry’s best people for your business. This is the essence of talent development management, which could transform your business from the ground up.
A key business strategy
Talent development management is a business strategy that has as its goal the development and retention of a superior workforce. Investing in this strategy could be transformative for your business in many ways, including:
- Improving productivity by recruiting the right people and creating an environment in which they can thrive.
- Reducing recruitment costs by increasing retention.
- Creating stronger teams that are not constantly derailed by departures.
- Attracting the best people to your business because of its reputation for talent development.
- Increasing levels of engagement across the business as the right staff are in the right roles and being nurtured at every level.
- The opportunity to populate the business at all levels with home grown talent.
- Ensuring your business does not suffer a talent deficit or skills shortages.
The key components of talent development management
A talent management system has a number of different elements, which can be broken down into three key stages:
1. Internal planning: reviewing the application materials used during the recruitment process, working on job description development, engaging in regular recruitment planning.
2. Recruitment processes: refining applicant screening and checking processes, interviews, offers, onboarding and induction processes.
3. Ongoing management: ensuring there is an infrastructure for career planning within the business, as well as employee development, promotions and transfers.
Many of these tasks will fall to the HR department within the business or to those directly in charge of managing individual employees. However, ensuring a consistent talent development management programme that will deliver real results requires integration right across the business.
Integrating talent development management business-wide
It’s everyone’s job to ensure this strategy succeeds
Often a perspective shift is required, moving away from viewing talent management as something HR is responsible for and making it clear that it’s up to everyone to secure the future of the workforce, but especially managers who have reporting staff.
The importance of sharing and tracking information
Information about talented employees should be shared across the business, so that progress can be tracked organisaton-wide. This enables the business to become far more efficient at identifying available talent within the organisation when opportunities arise or could be created.
Succession planning is crucial
The goal of talent development management is to ensure that the business is always staffed with the best people to enable it to grow and thrive. Essential to that is proactive succession planning that ensures employees are ready to step up, that the business always has the right person ready to assume control and is never left without direction or leadership at key moments.
From improving business culture to generating better results, talent development management is essential to positive business growth. Get in touch with Joanna Gaudoin today to discuss how she could help.