Why is talent development important

A capability framework can start to develop talent for succession planning; it supports the retention of employees and can also provide measures for performance.

It also makes expectations clear to employees, articulate areas of development required to move into certain roles they may be interested in, and it makes the process of development and selection fairer and objective. Career pathways within an organisation, identify roles that talent could potentially step into once they have had the necessary development.

This is a form of succession planning and an incentive for talent to remain within an organisation, knowing that there are clear steps in the direction that they aspire to. Retaining talent includes aspects of Developing, which we have already discussed, and it also involves the intentional culture that is set by an organisation and its remuneration strategy. Culture is made of many elements, it involves the talent acquisition process and the experience employees have when they first commence their employment, to when they start working on projects and are introduced to people across the organisation.

Culture is a continuous commitment and can be changed over time. This then ties into how attractive an organisation is to potential candidates, and retention rates of current employees as well as to how well the organisation's clients are dealt with and therefore business performance overall. Based on the workforce plan, an organisation can identify what their remuneration strategy must be, in order to attract and retain the talent they require to achieve business goals.

Talent management involves the strategic use of recognition and rewards and is usually tied to identification of high performers and high potentials, as well as critical and highly specialised roles. The importance of retaining top talent is critical because it can save on additional recruitment costs associated with hiring new employees, it can also save on the time it takes for a new employee to learn the job and start performing.

Additionally, if an employee understands an organisation and its clients, and is a high performer or high potential, they have the capacity to significantly contribute to improving business performance and supporting it through times of change.

Succession planning is part of the workforce plan and can take place prior to talent acquisition, however, it can also be done when there have been unexpected changes in the workforce.

Succession planning is a proactive measure and takes into account the amount of time required to develop talent for a particular role, or to bring someone in externally. It will usually involve the assumption that a particular role will become vacant within the next few years, either because of retirement, the nature of the role having high turnover, or it being a stepping stone type of role.

Succession planning can also take into account internal movements or mobility or may plan for such mobility if identified as the most appropriate solution. In order to keep talent within the organisation, it must have a strategy and processes in place, which allows for internal mobility.

Development, remuneration and culture could serve as incentives for retention if an organisation is too small for such opportunities.

During the analysis of the workforce profile, if an ageing workforce is identified, appropriate measures would be put in place to plan ahead for the retirement of such talent. This could be in the form of transition contracts, such as working part-time for several years or taking on different responsibilities for health reasons if required.

Again, having this knowledge in advance to talent retiring means that as an employer, an organisation can be proactive and plan ahead for gaps in critical roles that will become available and can also support their employees in planning ahead for their future. Understanding where there will be gaps in critical roles and when is necessary for best practice knowledge management.

Often employees may leave with a limited notice period, taking with them implicit and explicit knowledge. Implicit knowledge being the harder of the two to obtain from other employees, means that there is information about the organisation, which is unable to be sourced from anywhere.

Lack of a knowledge management plan can result in a significant drain of business wisdom that decreases innovation , lowers growth capacity, and reduces efficiency in the organisation. An exit process is a great way of collecting data and feedback from talent as to what they would strengthen as far as culture, processes and anything else they wish to comment on. It is an opportunity to gather information on how to continuously improve the organisation.

Studies show that the busier someone is, the more productive they become , so empowering employees to invest some time for their professional development might be exactly what they need right now to keep them moving forward and working hard, to keep them from worrying about the pandemic, and to give them the extra tools they need to re-enter your workplace more prepared for success than ever.

A few of those skills particularly relevant right now include positive visualization and goal-setting. Setting goals, too, bodes well for keeping both morale and productivity high , helping your teams stay on track so that no one misses a beat when work resumes as normal. Having a talent development partner often means you have some help facilitating communication between leadership, management, and teams, which can ease confusion, quell fear, and bring clarity to go-forward plans for a successful business in times of uncertainty.

Thanks to platforms like Zoom and GoToMeeting, anything is possible — from virtual meetings to coffee dates, both of which are crucial not only for business, but for overall wellbeing. Social connectedness, even over a computer, makes employees feel more supported, less stressed, and happier in general, which directly translates to their performance at work. Good talent management practice also minimizes unplanned attrition.

Empowering key resources with additional responsibilities and helping realize their true potential can create wonders for the success of any firm. Modern resource management helps streamline the talent management process in many ways. It is not just limited to managing team members across projects.

It also plays a vital role in improving operational efficiency and revenue by retaining the key resources. The advantages of talent management are substantial. As the project demands change from time to time, resource planning to fulfill ad-hoc requirements can be daunting. Resource management tool provides complete visibility into resource profiles and captures details like experience, skills, qualifications, cost, and availability.

Employees can validate skills and competencies from time to time by their supervisor before updating them on the system. In this manner, organizations can maintain a skill inventory equipped for current and future projects.

It helps the organization identify the right person for suitable project vacancies at the right time and cost. Also, allocating resources considering their skills and interests motivates them to stay productive and ensures timely delivery of projects. One of the fundamentals of the talent management process is to identify and nurture employee skills. So, enterprises can use workforce planning tools to schedule team members to activities based on their abilities and interests.

It has a significant impact on employee motivation and productivity. Providing adequate training opportunities for reskilling or building new skills helps maintain their Individual Development Plan or IDP. Training new skills also ensures that resources ending up on the bench are billable as soon as they are rolled off from projects.

Succession planning is a critical process of talent management that helps create a skilled workforce capable of filling leadership and other critical roles as the business grows, changes, or develops. Training and upskilling measures are a part of the regular succession plan. However, when it comes to succession planning for multi-skilled resources, these measures are not enough.

A workforce planning and management tool provides complete visibility of resources across geographical barriers. It helps distribute work among multiple people from low-cost locations. Thus, organizations can avoid a single point of failure if a critical resource leaves the organization without a budget overrun.

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