Modernizing Talent Development is Crucial in a Lean Talent Market

A recent poll questions the effectiveness of traditional performance reviews. Research by HubSpot found that one in five employees would rather call in sick than participate in a performance review, and 69 percent of those surveyed say they would work harder if their leaders better recognized them for their efforts.

Company leaders can build a high-performing team by utilizing modern strategies and setting goals to develop talent. The core of talent development should be focused on employee feedback and efficient, data-driven performance evaluations.

Four reasons you should invest in Modern Talent Development:

Build You Capacity for Long-Term Planning

• If your organization has a long-term talent plan, you can adapt to almost any talent changes that come your way. Having a succession plan is not about replacing others, it’s about building a pipeline of talent that provides individuals a path to career growth while meeting the organization’s needs for continuity.

Defend Against Disruption

• A data-driven approach to talent allows you to pivot when faced with disruptions. It will enable leaders to redirect with confidence, knowing they have a pipeline of talent they can adjust as needed.

Build an Unbeatable Talent Pipeline

• As we begin to enter a post-pandemic work world, there is likely to be an increased need for talent. There is pressure on the talent market as there are structure problems, skill shortages, learning gaps and a need for diversity and inclusion. These factors will change the way we hire and promote talent. With this change, focusing on talent development will allow companies to retain and promote talent from within.

Drive Engagement

• Research by Gallup found that organizations with engaged teams are 18 percent more productive than their less-engaged peers. Focusing on talent development drives employee engagement. Providing performance reviews that are timely, data-driven and dovetail with company culture have increased engagement and workforce performance.

In order to improve your talent development goals and motivate your employees towards the organization’s vision and mission, evaluate your approach through the following questions:

1. Is it efficient?

   1. Efficiency is an essential step for collecting data in performance reviews. When performance reviews are manual, leaders can get stuck in a time-consuming process. It is necessary to have software that allows leaders to collect data seamlessly and in a place that is easily accessible.

2. Does it inspire?

   1. Traditional performance reviews are conducted annually and, most often, miss important information by requiring employees to remember occurrences from months ago. Today, performance reviews for talent development should be frequent, timely, meaningful and result in tangible outcomes tied to organizational success.

3. Does it unite?

   1. Organizational leaders should use talent development to clarify long-term goals and unite talent around current and upcoming needs. 

Overall, modernizing your talent development strategies will give you a competitive edge in the work world by developing your internal talent and providing them with opportunities to excel.

Our organization, led by experts in human capital and organizational effectiveness, has developed a unique, personalized way to evaluate current talent trends in your organization in order to predict, prepare and forecast success that is aligned with your strategic plans. Let’s connect to see how we can personalize this process for your organization.