In any organizational setup team talent development is of utmost importance because of its contribution to the continued success of the organization. Talent development is a program that focuses on developing employee skills and competencies. Keeping the overall career of an employee in mind, the organizations provide opportunities where one can learn and grow. Talent development, also termed as human capital development, can be used as a business strategy to acquire and retain talented individuals within the organization.
There is always a gap between the organizational requirement and employee knowledge as in today’s VUCA (Volatility, Uncertainty, Complexity and Ambiguity) world the business requirements are very dynamic. Thus, to manage the gap and to assure that the organization has good leadership to flourish in the future, it is extremely important to nurture and develop team talent.
Carefully planned and executed processes of team talent development can ensure a high success rate for both, the project as well as the organization.
Here is the list of top 5 reasons why a leader should focus on team talent development:
It costs 33% of the annual salary of an employee if the leadership replaces him/her with new talent. Thus, it is always the first choice for the leadership to upgrade the knowledge of the existing employee than onboarding a new one. Thus, investing in the development of human capital within the organization leads to a reduced recruitment cost.
74% of the employees are more satisfied and motivated as well as loyal when they feel there is a scope of personal development initiated by the leadership. They feel more connected to leadership when their interests are fulfilled. Talent development ensures a motivated and engaged workforce.
Team talent development is essential for the continued success of an organization as it provides the right balance of workforce strength required by the leadership, gives opportunities for selecting the right successor, and a huge pool of talent that provides the organization with the luxury of promoting from within.
There is a phenomenal increase in the productivity and efficiency of the team when the leadership engages in team talent development. If the employees feel that the leadership cares about them and is helping them grow professionally, then the organization will experience reduced absenteeism and improved employee retention.
If you invest in the human capital of your organization and polish the team talent, then it will be a good payoff while dealing with your customers. There have been many surveys conducted to test the relation between talent development and customer satisfaction. Do you know that a talented and trained staff/employee provides better customer service when compared to inexperienced and non-talented staff? Thus, it is extremely important for the leadership to invest in team talent development to provide better services to the customer.
Good leaders always try to meet the requirements of the team and harness the existing talent. This helps the organization to build a pool of talent, which gives them a competitive edge in the market. At The Taplow Group, we help you find leaders that you seek. To know more about our services like leadership coaching, professional hiring, management consulting, reach out to us at www.taplowgroup.com