Importance of Talent Development in HR

February 16, 2022 Importance of Talent Development in HR

In today’s rapidly changing work environments, organizations have to pivot in order to retain top talent. Company leaders must make sure that recruitment and development efforts align with the business—in the short- and long-term.

 

There are two ways to consider talent development:

  • As an important tool for encouraging human potential.
  • As a set of practical, tactical systems, frameworks, and processes to drive training and development strategies, succession planning, and continuing education.

So, what is Talent Development? And why is it so important to strategic business planning?

What is Talent Development?

Talent development is defined as a “series of processes designed to attract high-potential candidates. It also aims to develop, motivate and retain top talent.”

DB Latimore Professional Services teaches and empowers leaders to think about the big picture when it comes to talent development. By developing cohesive, big picture strategies, companies can recruit top talent, uncover hidden talent within the organization, and maximize the talent of existing employees.

There are three widely accepted categories of talent development:

  • Skilling is the action of training a worker to do a particular task.
  • Reskilling is the process of learning new skills to do a different job, or of training people to do a different job.
  • Upskilling is the process of learning new skills or of teaching workers new skills.

While all three of these processes are important, a focus on reskilling and upskilling current employees is becoming increasingly important for all businesses. Our Professional Coaching Services will align your talent development strategies with your organizational goals, and help you create an agile peak performance group well into the future.

Why is talent development important?

Rapid workplace changes were quickened even more by the events of the last 18 months. With changing technology and more hybrid-model companies, come new and emerging talent gaps. Both reskilling and upskilling current employees can be effective strategies against what may become a perennial talent shortage. DB Latimore management consulting coaches identify three key areas to focus on in talent development.

Meeting future talent demand

By identifying potential skills already available, businesses are able to target development toward future demand without hefty recruitment costs. Looking for employees with “adjacent skills,” or reskilling, provides lateral learning experience and future-proofs your company to the changing landscape. The World Economic Forum estimates that 54% of all employees will require ‘significant’ reskilling by 2022.

Creating a culture of mobility and growth

Increasingly, today’s talent looks for employers who foster career development. Most American workers are of a generation with high ideals, and also, high turnover. Upskilling already valued employees means teaching them new and advanced skills and is especially important with these employees. With strategized continuing education, you can close current and future talent gaps and advance your employees along their career paths. Talent development also creates movement within your company and demonstrates that your business values its people.

Identifying hidden skillsets

Skilling, reskilling, and upskilling empowers your employees to assess their own skills and create their own career plans within your company. These insights can reveal new potential among current employees and talents the business may not yet be aware of yet.

 

Talent development is more important for today’s businesses than ever before. As the speed of technology advancement continues to accelerate, effective talent development behooves both employees and Human Resources departments. Our Professional Coaching Services help you strategize talent development to progress your employee career paths, avoid talent gaps, and improve company culture.

 

Visit dlblatimore.com/contact to schedule your complimentary consultation with DB Latimore Professional Services Group today!