5 Reasons Why You Need a Talent Development Program

Businesses should have a talent development plan, as it is very important to keep top employees engaged, reach company goals, and reduce employee turnover. If you invest in talent training now, you will reap the benefits in the future. 

A talent development program should reduce employees’ skills gap, create a high-performing team, retain and motivate employees, and increase employee engagement. 

Read on for the top five reasons why you should have a talent development plan in your company.  

It Engages and Motivates Your Employees 

People like to be part of a team, knowing they will eventually progress in their careers. No one likes feeling stagnant in their job – most of us like to climb the ladder and get promoted to a higher position. 

Many employees value opportunities for career growth and training. They will be motivated and engaged if they have a plan for how to advance from their current position into their next role. With a plan, they can see all the steps they need to take along the way and celebrate their successes. Without a clear plan for how they will advance in their careers, they may feel stagnant and disengaged. 

Demotivated employees will bring down the entire team, as they are inefficient, less engaged, and likely to leave the company. They should feel that their needs are met and that their career is valued. 

You’ll Reduce Employee Turnover and Keep Top Talent Longer

According to LinkedIn¹, 94% of employees would stay at a company longer if they invest in their learning and development. If employees can see how their company will help develop their skills and provide learning opportunities, they are less likely to leave. 

Recognizing your employees’ talent and giving them a chance to improve will leave top performers feeling valued. Employees need to progress in their careers, and if you don’t help them do it, they might just leave for a company that will. 

Employees Will Be More Productive and Perform Better

With a talent development program, employees will understand their roles and have the skills and tools to perform their jobs. They will make fewer errors, and be more productive and engaged, enhancing their performance.

In a study by Harvard Business Review², organizations with a high level of engagement report a 22% higher level of productivity than those with lower levels of engagement. Through talent development, employees can work with managers and HR to focus on their well-being and foster a positive workplace environment. 

It Helps To Close Skill Gaps

Adding new skills to your team isn’t always as simple as you may think. Many job applicants will not have all of the skills you are looking for, so you must be willing to train them. According to PeopleCert³, about six in ten job applicants lack the skills employers look for. 

You need to assess the skills you’re lacking, find out who in the company has those existing skills, and create a talent development solution for more people to learn those skills. The more relevant the skills are to your company and employees, the more efficiently they’ll develop those skills. 

Once employees learn the necessary skills, they will be more confident, make fewer errors, and have career development opportunities. 

It Provides Opportunities for Career Growth

Employees value learning opportunities and progression in their careers. With a talent development program, employees will see their progression towards the next step in their career and be more motivated, engaged, and stay at the company for longer. 

Talent development software and systems make it easy to track employees’ goals and match them with the right opportunities for advancement.  

Conclusion

Through talent training, employees will be more motivated to do their jobs and stay at the company for longer. They will feel supported, be more productive, and perform better. These are just a few of the many benefits of a talent development program. 

If you haven’t implemented one already, remember – it’s never too late. See how Cyper Talent Solutions can help you with a talent development plan. 

References:

  1. 2019 Workplace Learning Report, Linkedin: https://learning.linkedin.com/content/dam/me/business/en-us/amp/learning-solutions/images/workplace-learning-report-2019/pdf/workplace-learning-report-2019.pdf 
  2. Employee Engagement Does More than Boost Productivity, Harvard Business Review: https://hbr.org/2013/07/employee-engagement-does-more 
  3. The rise of upskilling during the lockdown as Brits are reevaluating their careers, HRnews: https://hrnews.co.uk/the-rise-of-upskilling-during-the-lockdown-as-brits-are-reevaluating-their-careers/

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