A Winning Strategy for Developing Internal Talent

A Winning Strategy for Developing Internal Talent

by | Nov 17, 2019 | Business plans, Productivity, Success, Take Action, Talent, Talent Management

By Jacqueline Knight

Years ago, a successful career usually meant achieving upward mobility. Ambitious employees climbed the corporate ladder to reach management positions. Today, fulfilling career paths run in many different directions, and fewer employees spend their entire careers at one company.

However, some things stay the same. Most workers still value career growth even more than salary and benefits. At the same time, employers depend on a staff that feels engaged in their work and uses learning and development opportunities to enhance their performance.

How can your business cultivate internal talent so that employees contribute maximum value in their individual roles?

Consider these ideas for talent attraction and retention strategies designed for today’s workforce.

Benefits of Developing Internal Talent:

  1. Save money. Filling positions with internal candidates usually costs less than external hiring. You cut down on expenses like advertising, screening, and training. Plus, new staff members might expect a higher salary than someone who is already on your payroll.
  2. Reduce turnover. High turnover can damage morale and disrupt productivity. It’s expensive too. Finding and training a replacement typically costs twice the departing employee’s salary, according to The Wall Street Journal. Retain employees longer by showing them they have a future at your company.
  3. Keep top talent. Retention is even more important when you’re talking about your high performers. Even if they’re not actively searching, they may be getting calls from recruiters, so it’s important to stay competitive.
  4. Reduce risk. What happens when a new recruit seems unable to deliver what they promised at their initial interview? You’re less likely to make an unfortunate decision when you’re dealing with staff members you know well.
  5. Achieve your goals. Most importantly, talent development enables you to build the team you need for current and future business priorities. Engaged and empowered employees are essential for success.

Implementing a Talent Development Program:

  1. Align and communicate. Ensure employees understand your business strategy. Then, you can align individual goals with your corporate priorities, so they know where to focus their efforts.
  2. Offer e-learning. Provide opportunities to acquire new skills and knowledge. Technology makes education and training more affordable and accessible. Many experts recommend a blended approach of classroom lessons and workplace experiences.
  3. Coach and mentor. Create a formal mentorship program and reward employees who provide guidance and support to others. Set clear objectives and measure results.
  4. Embrace diversity. An inclusive workplace can make your business more competitive and innovative. Learn more about your employees’ backgrounds and encourage relationships based on appreciation and respect.
  5. Recognize potential. In addition to high-performers who regularly exceed expectations, identify those employees who may have the ability to shine, especially if they move into a different role that leverages their strengths. Remember that performance and potential often overlap.
  6. Encourage collaboration. Major accomplishments in most workplaces are the result of group efforts, so it makes sense to reward teams as well as individuals. Set team goals, use online collaboration tools, and build a sense of shared purpose.
  7. Pay for performance. At the same time, basing compensation on merit motivates employees to enhance their performance and helps to create a transparent and fair pay structure. Experiment with annual bonuses and other forms of incentive pay.
  8. Broaden your perspective. Overall, identifying and nurturing internal talent requires expanding your vision. Evaluate employees based on how they can serve your company in the future, as well as how well they’re performing in their current positions. Focus on organization-wide goals.

Give your employees opportunities to develop their skills and progress in their careers. An effective talent development program helps both your staff and your company to meet their goals.

You Can Do It!

 

Copyright © 2019 The Business Transformation Coach.

7 Effective Actions That Propel You To Success

7 Effective Actions That Propel You To Success

by | Jan 23, 2019 | Success

Are you doing what needs to be done to ensure your success? Or are you doing the things that are easy? Or maybe you haven’t given it any thought at all.

Most of us don’t examine our choices to see if they stand up to scrutiny. We tend to do the same things over and over because they’re familiar and comfortable. However, it’s possible you haven’t been making the best use of your time.

If you want to experience greater success, it’s important to use your time wisely. Are you certain that you’re doing the things that really matter?

Effective actions bring the desired results.

Consider these ideas to gain greater success:

  1. Define success. You can’t tell if you’re focused on the right things if you don’t even know what you’re trying to accomplish. Think about what success means to you. How will you know when you’ve succeeded? Once you know the destination, the path becomes more defined.
  2. Determine the most important actions. Using your definition of success, what are the most important steps along the way? Make a list. Ignore whether or not the activity is enjoyable. That’s not what’s important. What activities are the most relevant to your desired result?
  3. Ask yourself, “What do I gain by doing this?” Before you undertake any action related to your goals, ask yourself, “What do I gain by doing this?” What is the outcome you can reasonably expect to attain by taking this course of action? Is that the best use of your time?
  4. Identify the things that aren’t adding value. Look at your current tendencies and habits. Which ones are a waste of your time? We all have things we do habitually that aren’t the most effective use of our time. Examine your daily routines and eliminate those actions that don’t support any of your goals.
  5. Overcome internal resistance. The things that matter the most are frequently the least comfortable things. You know that feeling you get in your stomach when you need to do something you really don’t want to do? The ability to act in spite of that feeling is critical to being highly successful.
  6. Identify distractions. Distractions are often those things we like to do but don’t move us toward success. Some are pure time wasters, like watching TV. Others are thinly disguised as productive, but you know in your heart they aren’t. Redirect your attention to more productive activities.
  7. Measure how much time you spend on the important tasks. You might be surprised how little time you actually spend on those tasks.
  • For example, one of the best ways for real estate agents to get new listings is to call expired listings. Of course, most agents find it so uncomfortable, they won’t do it. There are tons of rejection.
  • Even if an agent made 10 calls each day, that’s only about 10 minutes of their time. It seems like a lot of work, but it’s only 10 minutes.
  • How much time are you really spending on the “right” things in order to be successful?

How much time are you spending on the most important tasks to improve your life or reach your goals? Most of us spend a lot less than we think.

Be aware of how you’re spending your time each day. Examine each thing you do and ask yourself if that is the best use of your time. You’ll quickly separate yourself from the pack.

You Can Do It!

By Dr. Jacqueline L. Knight

Copyright © 2019. The Business Transformation Coach, LLC. All Rights Reserved.