To be a great company you need to have great talent. And having great talent is no longer a build it or recruit it proposition. Companies need to do both.
Talent Development and Talent Acquisition are interrelated. One without the other is like owning a car without a maintenance plan.
So why engage in talent development?
Because the easiest place to recruit talent from is within your own organization
With the current Talent Crunch in the U.S. and a lack of external talent to fill critical company roles, identifying high potentials, rising stars and emerging leaders is a powerful talent acquisition strategy. Investing in talent development produces a pipeline of high quality talent for critical roles at a lower cost than competing for already built external talent.
Read Organizational Assessment for Promotion, Succession Planning and Talent Development to learn how we are using our organizational development process to identify employees ready for more advanced roles.
Because Talent Development broadens your external talent pool and enhances your employer brand
Candidates who fit your organization’s culture and have the capacity to build the skills needed to do your jobs well, significantly widen your talent pool. Investing in Talent Development allows you to consider job candidates your competition is overlooking. It also enhances your attractiveness as an employer. Top performers, high-potentials, emerging leaders and rising stars are attracted to employers with robust Talent Development programs.
Because Talent Development builds on high potentials’ strengths and keeps them from derailment
With a rising need to fill advanced roles and younger generations’ expectations for quick raises and promotions, companies are promoting high potentials faster than ever. As a result, nearly half of internal job moves made by people identified by their companies as high potentials end in failure. The sooner you start investing in developing your early-stage high potentials, the more effective you will be in putting the right talent in the right roles at the right time.
Executive coaching and mentoring is a terrific to help emerging leaders & rising stars unleash their talent and prevent derailment. Review our Executive Coaching program for more details.
Because Talent Development yields ROI on Talent Acquisition
Recruiting great talent is time consuming and costly. Onboarding a new hire is just the starting point. The first three months of employment are critical to determining if an employee will remain with an organization. Yet companies, after on-boarding, often revert to a “sink or swim” mentality where the new hire is expected to decipher how to best assimilate and integrate in the new environment. With the first 100 days in a new job strongly determining first-year success and tenure, new hires who have the support and guidance they need to be successful are most likely to stay committed to your organization and keep first year turnover to a minimum. See Executive Coaching to learn more.
Because Talent Development is an effective employee retention strategy
Employee tenure is on the decline. Talented employees are leaving for jobs that offer skill development and career advancement. A talent development process is like a series of stepping stones designed to keep your talent engaged, productive, and moving toward mutually agreed-upon objectives.
Key talent also is most likely to resign during periods of stress and frustration. Thus, it’s important to provide key talent with resources that help them develop skills and strategies for dealing with job-related challenges.
To learn how we are helping those who matter to your organization manage work-related stressors and handle sensitive and critical organizational and workplace issues visit our Executive Coaching services page.