The ability to hire, develop, and retain great talent is essential for any business. Two years of navigating the pandemic highlighted the need for leaders who can pivot and lead in a fast-paced and ambiguous environment. Hiring and developing your next leaders is mission-critical, especially in an increasingly fluid, complex, and interconnected world. Developing the talent for today and tomorrow requires contemporary talent development services and systems.
The Association for Talent Development (ATD) found that firms that offer extensive talent development programs have 218% higher income per employee. These firms also experience a 24% higher profit margin than firms that spend less on training. In their study, the American Society for Training and Development (ASTD) also found that training and development investments can yield favorable returns for organizations.
The correlation between strong talent development and better organizational performance is evident. However, performance management is not enough, the identification and development of potential is critical. The interest in learning and development is remarkably strong among young workers, and upskill in many cases has become crucial. According to a LinkedIn report, 94% of employees say they will stay longer with a company that invests in helping them learn. For all these reasons and more, companies must make strategic investments in talent development to meet the challenges of today and tomorrow.
Below are the key benefits of Talent Development Services for a company:
- Improves employee engagement & productivity while reducing attrition
40% of employees leave their jobs within the first year when they don’t get adequate training. When there isn’t enough engagement, employees feel stagnant and are more likely to resign. Whereas employees who are learning and experience progression in their career tend to stay with the organization. Investing in talent development enables firms to build great teams with the right skills and knowledge to succeed. Through these learning and development opportunities, employees feel more engaged, advance their careers, and exhibit high productivity. In addition, identifying and nurturing individual skills based on abilities and interests can have a significant impact on employee productivity and motivation. Simply stated, grow your organization by developing your employees.
- Close skill gaps & create career opportunities
In a 2020 study by PeopleCert, six in ten job applicants lacked the skills needed by companies. Employees value progression. Assessing existing or transferable skills and creating learning pathways play a key role in talent development. This is best achieved when implemented as a continuous management strategy. Understanding the skill helps firms identify positions they’re lacking and provide justification to create them.
- Drives better customer experience
Talent development plays a vital part in engaging and motivating employees. This is reflected when they speak or engage with clients and customers. Employee attitudes are contagious and at the core of strong and weak cultures. Engaged employees and a healthy culture are critical elements in creating loyal customers and clients. In addition, employees who have training can validate their skills and competencies from time to time, enabling the organization to maintain a skill inventory.
Talent, along with strategy and culture, is one of the three crucial elements of high performance. A personalized talent development game plan is the foundation to execute your strategy. CMP provides customized, measurable talent development services to build the talent necessary to execute your strategy. Our leadership development team assesses your teams and identifies better opportunities to improve employee engagement and retention. Contact us today to learn more.