8 Talent Development Strategies that will Futureproof your Business

The world of work has changed significantly in recent years and the ‘Great Resignation’ has left many organizations struggling to attract and retain staff. In an environment where employees can and will walk to another role elsewhere if they’re not satisfied, it’s vital to have talent development strategies in place.

What is talent development?

Talent development is a range of activities that contribute to driving an employee’s career forward. They should be targeted and organized into an effective framework that suits both the individual and the business’ needs in order to ensure all parties are satisfied with the results. A culture of continuous learning is at the heart of many strategies focused on developing talent to make the most of employees and keep them at an organization.

Putting your talent development plan into action

Upskilling and reskilling your employees will help to futureproof your company and empower staff with the confidence to tackle any challenges that come their way. Your talent development plan should be based around individual employees’ needs and the goals of your business. Picking and choosing strategies that work for everyone is key to creating a bespoke plan to facilitate staff retention.

8 talent management strategies

1. Identify your company goals

Creating a talent management strategy is all about ensuring the needs of the employee are in line with the company’s objectives. If you haven’t identified your business goals then you won’t have the foundations in place to build your plans around, so work out your short-term and long-term aims.

2. Inventory current skills

To get a clear picture of where you’re starting from it’s a good idea to conduct an inventory of the skills at your disposal within your organization. This will help you to understand what you’re doing well, where there are gaps and, just as importantly, any knowledge and expertise that’s being underutilized.

3. Distinguish between upskilling and reskilling opportunities

Companies are constantly evolving and some roles may have changed beyond all recognition. Identifying when this is the case and reskilling the employees you have to make them more productive will lead to better job satisfaction and develop the talent you already have to maximize your resources.

4. Offer experiential learning options

Most employees can gain a lot from experiential learning as opposed to traditional training that sees them being talked at for long periods of time. Among the techniques you could employ are:

• Role-playing situations where colleagues represent customers
• Simulating scenarios to identify the best ways to proceed
• Discussing real-life case studies
• Mentoring sessions with more experienced staff

5. Develop talent coaches

Identifying people within your organization that possess the skills you want to develop in others is an effective form of talent planning for the future. Establishing them as talent coaches enables you to maximize the skills you already have, as well as ensuring they’re recognized throughout the business. These coaches may be managers or leaders, but be sure to look at all colleagues for the potential to share their expertise.

6. Promote a high performance culture

Leading by example in creating and promoting a high performance culture is vital for fostering talent development. Leaders should be assessed on how well they embody the guiding principles. This can often get lost as managers are appraised on their technical performance or the bottom line. The companies that are best at retaining staff have a culture that recognizes when employees share their knowledge to help overall performance, not just their own.

7. Implement succession planning

It’s inevitable that at some point crucial members of staff will leave your organization. Their expertise doesn’t have to go with them, however, and careful succession planning means the transition of employees who rise up the ranks can be seamless. Regular talent reviews and a promotional structure that enhances collaboration will help to futureproof your business to create your next generation of top talent.

8. Measure the success of your strategies

Understanding how well your talent development strategies are going is key to ensuring they stay on track. Accept feedback from employees and make data-driven adjustments to continue building a solution that works for everybody involved. Without analysis of the measures you’ve put in place, it’ll be impossible to understand whether they’re truly working and what tweaks need to be made.

Learn more: 8 HR Metrics to Consider when Evaluating Your Employees