Facilitating ongoing workforce development is one of your greatest priorities as a people leader. Consider these reasons developing talent should be a key part of your people strategy.
Employee Skills Gaps Are Increasing
The skills gap is the difference between the skills employees have and the skills organizations need to be successful. The skills gap can be costly, especially in a swiftly changing work environment. When employees struggle to adapt to changing business priorities, their performance and engagement worsen, which also harms the business.
As technology and business conditions change, so does your workforce. Your talent development process is an essential part of understanding your skills gaps, mitigating them, and driving tangible results.
Track performance data so you can categorize the skills your workforce has, and compare that inventory to changing business needs. Plan from there to target the skills your workforce needs most.
Top Talent Is Harder to Find on the External Market
The external talent pool is becoming increasingly shallow amid a tight labor market where your competitors are also hiring with fervor. Even during a tense economic climate, the most qualified individuals are in high demand — and command the salary to match.
With smaller external talent pools, organizations are turning to internal sources to meet their talent needs. A strong talent development program helps you upskill high-potential talent to fill key roles in the business. Instead of hiring top engineers externally, for example, consider upskilling employees who have the potential for such roles.
Keep in mind that not every career move is necessarily a promotion. Lateral moves can be powerful for the business and for employees who benefit from reskilling while filling equivalent roles in different departments or functions. Internal hires are an underappreciated pool of high-potential talent. Make sure your talent development program accounts for them.
Internal Mobility Boosts Employee Engagement
Filling skills gaps internally can create a more engaged and motivated workforce. When employees get the opportunity to develop their skills, they’re more likely to be invested in their work and helping the organization succeed.
Because talent development is a significant investment of company time and resources, it’s important that your program improves the employee experience and takes participants on a learning journey. The destination? The next important step in their careers within your organization.
Train and encourage managers to help employees discover where their skills can have the greatest impact within the org chart. Make sure managers know how to connect employees with the development resources they need.