Wednesday, October 15, 2014

3 Tips to Retain and Develop Internal Talent

We all know that the hunt for top talent in organizations is getting very rough. The intention to recruit the best candidate in the industry is taking a competitive turn which is affecting the performance and productivity of an organization in a bad way. Companies are not able to step forward towards their innovative goals.

In the long run it is very important for an HR to feel that strategic and effective talent development and retention program will help the organization to continue its growth.

According to an article on by Lee Hecht Harrison, global talent development leader, organizations can cut costs by retaining their existing talent rather than conducting recruitment processes. Developing the existing staff will lead to job satisfaction and engagement and increase in loyalty towards the organization.

Here are few of his tips on how to retain and develop internal talent:

1. Planning- Through new workforce planning process, organizations will be able to predict which positions will be mostly needed in the next few years. These predictions should be ultimately helpful for a leader to decide which employee can become the future leader. Workforce planning mainly includes employees who are appreciable in training and development of potential staff. Try to capture the experience, knowledge and skills from such employees before they leave.

2. Identify your resources- Try recognizing your precious employees in ways such as a creative thinker, ambitious and one who has the ability to adopt new practices quickly because they are the key to your success.

You can identify such employees by some signs such as-

 a. They are always confident with a competitive nature in leading change

 b. Energetic in finding new strategies to improve business performances

 c. Has the ability to communicate easily in multiple languages to deal with international markets.

Once you find such employees you are all set to implement your training and development approach.

3. Employee engagement- It is true that an engaged employee can contribute more in an organization than a non-engaged one. So, prepare training sessions for all employees as this will give them a clear idea of what the organization expects of them. By aligning organizational goals with their career goals, employees will have the faith that their employers are interested about their personal aims. This will also help the organization create a long term relationship with their employees.

In an economically unstable condition it is also very difficult to hire mainly because of the rising costs. So, it is better to identify internal talents in the organization and invest on their training and development