When we use the word talent it no longer refers simply to skill. It refers to a commodity and suggests something that is raw and that needs development. In the HR world, you will often hear people referred to as talent because in any organisation they are your commodity and they represent the most crucial component to your success.
To take a proactive approach to talent within their organisation, many now implicate talent management. This refers to the process through which businesses strategically attract, recruit and integrate talented new employees, as well as retaining and developing their current key team members. The retention and development of talent is equally as crucial as attracting and recruiting these new workers, however it is easy to underestimate the importance of talent development and many neglect to place a significant enough focus on the development aspect of the talent life-cycle.
So why is talent development important?
The first reason experts recommend talent development is that having an effective talent development plan in place gives you that crucial edge over your competitors. There are an increasing number of attractive opportunities available for talented people to develop their skills with forward-thinking companies. Without a competitive and focused approach to talent development you run the risk of being left behind as your key staff move towards your competitors.
It is obvious why you wouldnt want your talent to deviate to your competitors you lose the skilled worker and they gain them, meaning that they gain the competitive advantage. But in addition to this, the cost of finding, recruiting and retraining new talent can be colossal, as well as time consuming. In this respect, talent development can often be the solution for employee retention, which keeps your costs down and boosts your competitive advantage.
Firstly, it is evident that talent development is important in the process of attracting and recruiting talent, because the potential for career development and further training will appeal to most prospective employees. Talent development then impacts on the first stages of the talent life-cycle attracting and recruiting as well as being an operative aspect of employee retention.
Secondly, talent development ensures your employees continuing satisfaction with their job. With a talent development programme in place they are assured that they will be able to progress through the business. Through talent development they will gain new skills and hone existing ones, which gives them new approaches to managing their workload and difficulties they might have, thus ensuring that they are free from stress and happy in their roles. With talent development they build the confidence and the skills that enable them to move up the career ladder and therefore they dont need to look to other companies to progress into new roles.
Talent development helps to inspire a shared vision between company and employee. Setting aside time for development allows an opportunity for discussion and for you to listen to your employee in order to factor their opinions into the company policy. It is important that the employee feels like the company listens to them. Talent development programmes give you a chance to show your employees what it is that motivates the company and to develop a company culture based on important principles, creating consistency across the company. This in turn improves employee engagement with the company because they feel a valued part of it and it increases their motivation in working towards shared goals.
Finally, talent development enables employee retention through recognising the contribution that they make to the team. Recognition plays a crucial part in making the employee feel that they are valued and that their skills are important. To recognise the contribution that employees make many choose reward schemes such as a night out or a one-off jolly. But a talent development programme serves the interests of reward and recognition, as well as providing an investment in the employees and the companys development. In this way, you kill to birds with one stone and see a return on your investment whilst keeping costs down.
When you think about it; its easy to see how talent development would be beneficial to any organisation, whether or not you take employee retention into account. Talent development provides you with a more highly skilled workforce, who communicate well, who are motivated and who engage with their work, driving up profits and investing their own interests in the interests of the business. Talent development is the key to driving your business forward and refers to not only the individual development of your talented employees but also to the development and growth of your business as a whole.
So how do you go about talent development?
Weve seen the argument for talent development and the advantages are clear. So once youve decided on talent development, how do you go about it?
There is actually a lot of choice available in terms of what structure and approach you take to talent development. It is recommendable that you start by considering exactly what you want the outcomes of your talent development programme to be and look for a company that will incorporate these needs into the talent development programme that they create for you.
This outcome focused approach means that the talent development programme works towards your goals to ensure the courses effectiveness and to ensure a return on your investment. Ideally, the talent development programme you select should be able to offer you a way of achieving measurable and proven business results.
If youre interested in a results-focused, cost-effective and personally tailored talent development programme you could consider Farscape Development. Farscape inspire high performance for business individuals and teams through bespoke, creative talent development courses. Training can take the form of outdoor experiential learning programmes or indoor classroom based seminars and can span a course of whatever time frame works best for you, including continuing support and development to reinforce learning. They also offer opportunities to undergo exciting talent development programmes overseas in challenging and inspiring locations such as Costa Rica, India and the Arctic. If youd like to learn more about talent development programmes, or about other possible opportunities with Farscape, please visit www.farscapedevelopment.co.uk
The journey pushed us mentally and physically, took us entirely out of our comfort zone and allowed us to push and develop ourselves through doing that. When I reflect upon the impact of this experience now I can now see how the journey allowed me to view work and life in a different light once I had returned. In the workplace challenges seemed a lot easier to overcome than those we faced in Kenya and this has allowed me to approach projects and issues with a renewed sense of focus and clarity.
- Talent development delegate from a Farscape experience.