Employee retention is essential for an organization’s long-term success, but this is something 70% of HR leaders find a challenge to maintain. High talent employees are a necessity to every business because their productivity and skill brings in high levels of productivity. Statistics say that a high performance workforce is 400% more productive than low functioning employees, which keeps the competition to acquire them a constant battle in the employment sector. The talent acquisition teams of competitor organizations come up with attractive packages and offers for high functioning professionals to get them on-board, which means if your counter offer is weak, you stand a chance to lose your talented employee to another.
In the wake of a constant race to have the best workforce of highly motivated and skillful employees, how does one retain their talent?
Our hirers blog today will offer you guidance in terms to develop, nurture and hold internal talent.
What is an internal talent pool?
An internal talent pool is a resource of highly skillful employees with distinctive expertise in their professional areas. These employees also form part of the pipeline consisting of organizational candidates who can be promoted to fill positions internally through promotion or scaling up. Such a strategy also helps an organization retain its employees for longer.
Why is developing talent internally necessary?
Developing talent internally gives organizations a chance to rear its employees with great potential for growth to fill out challenging positions without external hiring. This saves an organization both time and money in staff hiring strategies and processes that can be an expensive and cumbersome affair. The more important the position is, the more extensive the hiring process. By grooming such high performing employees to help them climb the scales internally, an organization will not have to look outside if they already have internal candidates who are more capable than externally applying candidates.
How to develop internal talent?
To develop talent internally, an organization needs to follow a learning and skill development program for such promising employees. The methods mentioned below will help you bring in an effective L&D system into your company to groom and develop internal talent.
- Scan your current learning and development strategy: To identify key areas for driving change, it is essential to scan the current learning and development program for inclusions and improvement. Does it keep up with the current industrial demands and add to an employee’s skill set for better roles internally? If not, there is change required.
- Alignment of goals: Ensure that the goals of your organization, management and employees are in sync with their personal and collective goals for better productivity.
- Promote learning programs: By promoting your internal training and learning programs for specific and collecting skills development by regularly encouraging employees, you are providing talented candidates an elevator to boost their productivity and expertise. This also helps other employees as an availability of resources will help them readily accept learning and development.
- Create an efficient system to share knowledge: Combining traditional training with a uniform base to create a training program for all employees in the organization is a great way to flatten hierarchy while creating a positive environment for learning among the entire workforce.
- Set goals with measurable and repeatable metrics: The only way you can assess the performance of employees in the learning and development program is by setting goals that are measurable and repeatable. This creates a baseline for employees to refer to in their respective progress.
- Promote learning culture within your organization: Creating a growth mindset where all levels of employees are encouraged to develop their skill by using the tools provided is a necessary measure to help develop internal talent. Motivated employees who are high performing will always be on the lookout to learn better skills to elevate their positions. This step helps them feel content in their organization as their professional progress is encouraged rather than keeping them in a box.
By boosting your internal learning and development program, you stand a chance for higher retention rates as well as greater employee satisfaction. Retaining talented and skilled performers within the organization is one of the main drivers for long-term productivity, thereby keeping your organization a great environment to thrive in. Zoek is a great platform to stay updated with the latest hiring and HR practices; read our hirer blogs to have the best recruitment and retention processes.
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