Why talent development matters
One in every two professionals is worried about the bad work culture in their company. They are also equally worried about an unclear career growth path.
The latest Timesjobs survey is an eye-opener. It highlights worries we always thought mattered.
The findings reveal that more than two-thirds of them feel that their work never gets due recognition.
For those managing businesses, these are no good signs. Talent development has to be high up in the list of priorities for companies to succeed.
Here are pointers that explain why talent development matters:
1. Business continuity: India is witnessing a significant start up activity. A lot of new businesses are opening up job opportunities. This clearly means that some deserving people within your organization could get opportunities to further their careers. It is hard to stall the churn of employees beyond a limit when the economy booms. However, if you have a culture of talent development and pipeline of leadership, you will constantly produce people to take over responsibilities. This will ensure business continuity.
2. Future growth: A fast-changing business environment throws up challenges for the future growth. Any exercise on talent development has to be based on the road map of the future. Identifying future leaders, engaging them in a meaningful way to prepare for future roles are important.
3. Retaining talent: Employees need to see a future career path. They need an environment that lets them be. A work place that lets people express themselves and also question the status quo. In a recent Linkedin survey ‘Top 25 Attractors India 2016’, Bajaj Finserv scored high due to the ability to attract and retain talent. There are three fundamental parameters of rating. These include job applications, engagement, and new hire staying power. We scored high on all counts among companies in India.
4. Attracting talent: Good practices with employee talent development could go a long way in attracting talent. Young people are on the move. They not only seek compensation that suits their talent but also look for opportunities to excel. Leadership is about creating an environment where young people look forward to working for the business. At Bajaj Finserv, our ability to get new hires to stay longer was appreciated in the Linkedin Survey.
5. Engagement: A lot of data analytics used by human resources these days provides significant insights into the minds of modern employees. A key thing that worked for us was our ability to analyse this piece of information. A regular feedback mechanism, engaging employee events, 360-degree performance reviews, could reveal more on employee satisfaction than hurriedly conducted ‘employee satisfaction’ surveys at the end of the year.