{"id":17120,"date":"2020-09-29T12:07:23","date_gmt":"2020-09-29T12:07:23","guid":{"rendered":"https:\/\/staging.liquid-themes.com\/hownow\/?p=17120"},"modified":"2021-06-30T07:12:26","modified_gmt":"2021-06-30T07:12:26","slug":"5-reasons-why-talent-development-is-so-important","status":"publish","type":"post","link":"https:\/\/staging.liquid-themes.com\/hownow\/blog\/5-reasons-why-talent-development-is-so-important\/","title":{"rendered":"5 reasons why talent development is so important"},"content":{"rendered":"

Your greatest asset is your people – it\u2019s one of those business clich\u00e9s that actually holds a whole load of truth. However, the thing about assets is that their value is always determined by the time and energy you invest in them. And that\u2019s pretty much where we are with the idea of talent development strategies.<\/span><\/p>\n

In a nutshell, it\u2019s the idea of building your best people in line with your company\u2019s goals and strategic plans. As a result, you\u2019ll seem like a much better proposition and that helps you attract and retain people. The problem is that a lot of people look at talent development as an isolated issue when its biggest value comes through the other things that happen when you invest in it.<\/span><\/p>\n

That\u2019s what we\u2019ll focus on here, five of the key talent development bi-products that prove its importance.<\/span><\/p>\n

1. It engages and motivates people<\/b><\/h2>\n

If you\u2019ve ever been in a job that feels like it\u2019s going nowhere, you\u2019ll know just how demotivating and demoralising that can be. You\u2019ll also completely understand these numbers. 76% and 68% of employees highly value career growth opportunities and training and development policies, respectively, according to<\/span> ClearCompany<\/span><\/a>.<\/span><\/p>\n

Who can blame them!? Without clear development programs and pathways, it\u2019s difficult for employees to see a clear purpose in their work or the ultimate form of recognition for their hard work – the opportunity for progression into higher-paying or more senior positions. But with the UK having an average employee engagement score of just <\/span>45%<\/span><\/a>, effective talent management plans make you stand out from the competition.<\/span><\/p>\n

And, without bombarding you with numbers, disengaged employees are reported to produce 60% higher error rates and cost the UK up to \u00a370bn per year. Wash all those worries by engaging your employees!<\/span><\/p>\n

2. You\u2019ll keep top talent for longer<\/b>
\n<\/span><\/h2>\n

We lied about the number overload, but there are some great statistics that highlight how talent development helps you retain employees. It\u2019s linked to point number one, but 94% of employees would stay at companies longer if they took an active role in their learning and development, according to LinkedIn. Those people can see the light at the end of their hard work tunnel. <\/span><\/p>\n

Another study showed that highly engaged people are <\/span>87% less likely<\/span><\/a> to leave their companies. And here\u2019s a number from <\/span>Willis Towers Watson<\/span><\/a> that really hammers home the point: almost 75% of \u201chigh-retention-risk\u201d employees leave because they\u2019ve reached the top of their company\u2019s career ladder.\u00a0<\/span><\/p>\n

So, you can\u2019t be all stick and no carrot! People need the chance to progress, and they need to see your strategy for helping them do it. If you can\u2019t do that, it might hit you in the pocket and it\u2019ll cost a lot more than a few loose vegetables. <\/span>A 5% increase in employee retention can drive a\u00a0<\/span>25% to 85%<\/span><\/a> lift in profitability, while the average cost of replacing an employee for an SME has been quoted as <\/span>\u00a312,000<\/span><\/a>.<\/span><\/p>\n

3. It helps you close skill gaps<\/b><\/h3>\n

Have you ever had one of those arguments where you storm off and say you\u2019ll find what you need elsewhere, only to discover it\u2019s not as simple as that? That\u2019s a little bit what it\u2019s like when you\u2019re looking to add skills to your team. The grass isn\u2019t always greener on the other side but where you water it.<\/span><\/p>\n

A 2020 study of 1,000 business owners by <\/span>PeopleCert<\/span><\/a> found six in 10 job applicants lack the skills employers are looking for. <\/span>While 40% of companies told McKinsey that they\u2019re unable to find people with the necessary qualifications, even for entry-level jobs. So, what\u2019s an L&D or HR manager to do?\u00a0<\/span><\/p>\n

Assess which skills you\u2019re lacking<\/a>, understand who has the existing or transferable skills and temperament to build those, and create learning pathways for the right people to reach that destination. Learning pathways should be a key part of your employee development and talent management strategies, and the more personal the better. The more relevant they are to your company and people, the more efficiently they\u2019ll build skill – that\u2019s the power of intelligent learning platforms<\/a>.<\/span><\/p>\n

4. It drives better customer experiences<\/b><\/h2>\n

You might be pleased to know that we\u2019re entering the least stat heavy part of this post, there\u2019s just two here! 41% of customers remain loyal because they notice positive employee attitudes, while a negative feeling from staff is the reason why <\/span>68%<\/span><\/a> defect. We already know that talent development plays its part in motivating and engaging employees, so that will be reflected when they speak with customers.<\/span><\/p>\n

There\u2019s also the other elephant on that phone line, won\u2019t knowledgable, better-skilled and high-performing staff be able to deliver better customer experiences? They\u2019ll certainly be better placed to give the right answers sooner.\u00a0\u00a0<\/span><\/p>\n

5. It creates career opportunities<\/b><\/h2>\n

A nice way to round off this article, we\u2019ve already discussed how much employees value progression and here\u2019s your chance to deliver. Ultimately, by using a little bit of each point we\u2019ve covered so far. Understanding your skill gap can help you realise the positions you\u2019re lacking and give you justification on why you need to create them. Or it might be that you implement a development plan that forces your hand by driving an employee to the point where they reach that more senior position naturally.\u00a0<\/span><\/p>\n

However you go about it, you\u2019ll create an environment where your top talent wants to stay and you start noticing admiring glances from potential applicants. Here are two final stats that show just how it can help you stand out from the crowd. Only <\/span>29% of employees<\/span><\/a> are \u201cvery satisfied\u201d with their current career advancement opportunities and yet only <\/span>29% of organisations<\/span><\/a> claim to have clear learning and development plans in place.<\/span><\/p>\n

HowNow can help you shape an effective talent development strategy<\/strong><\/h3>\n

This isn’t going to be a long and boasting monologue, we’ll just keep it to two of the issues we looked at here. When it comes to upskilling, it’s crucial that you understand which skills are in-demand and can monitor progression. We collect and analyse more than 500,000 live job roles so that you can benchmark your skills against what’s important, and also allow you to measure skill proficiency through self and peer review.<\/p>\n

What happens between those points all depends on your learning pathways and whether they’re effective. Personalisation and relevance are two of the key determinants and you can tick both of those boxes in HowNow. Use your best internal resources, expert knowledge and high-quality content from third parties to tailor courses to individuals – ensuring they complete their talent development journey sooner, better and with a smile on their face.<\/p>\n

If that piqued your interest, you can get in touch to arrange a demo<\/a> or trial<\/a> of HowNow today.<\/p>\n","protected":false},"excerpt":{"rendered":"

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