What is talent development?
Talent development is a series of processes designed to motivate, grow, and retain members of your workforce. As a sub-category of performance management, talent development is frequently used to help companies uncover hidden talent within their organization and empower high-potential employees to grow inside the business. Talent development goes beyond training and includes on-the-job learning opportunities such as shadowing and mentoring.
The benefits of prioritizing talent development
While it takes time and effort to devise an impactful talent development initiative, both employees and employers have a lot to gain from the right approach, including:
- Improve performance and productivity
If you want to inspire your people to soar past their KPIs and work more efficiently, talent development needs to be a priority. When employees understand their roles and possess the skills and tools they need, they’ll make fewer errors and can complete tasks in record time.
- Reduce skill gaps
Talent development and skills are not the same things. However, the best talent development strategies always empower employees to expand their skill sets, through both targeted L&D curriculums and experiential development opportunities like mentorships. Since 87% of companies globally acknowledge that they have a skills gap, encouraging employees to learn and grow will be crucial for acquiring the competencies you’ll need to thrive in your next chapter.
- Retain and engage employees
A lack of growth opportunities is one of the top reasons why employees are looking for new jobs, as our own research shows. Whether your employees are hoping to stay in their domain or channel their experience into new roles, employers need to demonstrate that their people have a bright future with their organization if they want to retain and engage them. - Prepare for the future of work
The World Economic Forum predicts that as much as 50% of the global workforce will need reskilling by 2025. Instead of watching knowledge gaps widen, a talent development plan can encourage your employees to proactively start honing their skills and developing new expertise so that you can outpace your competition
Give talent development a boost with Achievers
If you understand the far-reaching value of a strong talent development program and are ready to put one into action, it’s time to consider the ways that can help make it happen. Here at Deft 360, we make it easy for you to gather, analyze, and act on feedback while recognizing and rewarding employees as they grow with your company.