By implementing a talent development programme, an organisation can benefit in a number of ways:
Benefits of leadership development
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Why is talent management important?
Talent management is an integral part of every organisation. In recent years there has been a monumental shift in power from employer to employee. Organisations must compete for the best talent. Hiring can be a lengthy and expensive process, so ensuring that you manage your talent from the very beginning, even during the hiring process, is crucial for an organisation to thrive. Employee turnover is also very expensive. By implementing talent development programmes, you can nurture and retain your employees.
What are the key components of talent management?
Employee planning and recruitment – by clearly identifying what your organisational goals are, you can identify what employees you need to get you there.
Talent acquisition, mapping and retention – It is important to look at talent both internally and externally. Retaining your employees and hiring from within is a more cost effective way to establish leadership positions. A good way to build an internal talent pool is to establish a talent management programme within your organisation.
Performance management – To help move an organisation forward, the right employees need to be aligned with the right roles, developing objectives for success and supporting their development.
Learning – Learning is more than just training. Effective learning programmes should include activities that support the organisation’s objectives and culture When an employee sees how their growth impacts the organisation, they acknowledge how valuable their role is.
Career development – This relates to the talent retention component of noticing that hiring from within is not only an option but more often than not, the preferable more cost effective option. Provide your talent with the necessary professional development tools, like coaching, that can advance their career.
Succession planning – What happens when positions become available? Who will fill these roles and what needs to be done to get there? Having a plan in place means that the decisions are already made and there will be no disruptions when the organisation needs to fulfil new roles.
How do you identify high-potential employees?
Do not confuse high performers with high potential. Performance is of course important, but is not the only indicator. It requires solicit management input to establish a list of candidates and then confirm with a multi-trait assessment to ensure the list is accurate. This assessment should be in live with the company values. Intuition and performance are both acceptable but these must be paired with high potential assessment methodologies that can measure desired traits, for example agility, flexibility and drive.
How is talent management measured?
A mixture of both quantitative and qualitative metrics should be measured. Quantitative metrics include: turnover, percentage of high potential talent, percentage of external vs. internal hiring, financial and logistical onboarding costs (both internal and external). Qualitative measures include employee and manager satisfaction, employee engagement, exit interviews and performance review comments.
Behavioural Scientist at CoachHub.io
Rosie is a behavioural scientist at CoachHub, where she applies insights from positive psychology, neuroscience and behavioural science directly into digital coaching programmes and an approach that drives individual and organisational transformation. She works as part of the in-house research and development team, the Coaching Lab, and contributes to the advancement of the science of coaching and behaviour change; in addition to working both internally with in-house researchers and with world-class external academic teams to design and execute groundbreaking studies.
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