How talent development is driving retention amidst the labor shortage
Why is talent development more critical now than ever for HR professionals who oversee employee benefits?
Today, power has shifted from employers to workers, and companies are throwing every perk they have at prospective talent in hopes of luring them away from competitors.
Companies that have some distinct advantage in their ability to attract the best workers are likely to fare better. One of those advantages is a solid talent development solution that increases job satisfaction and thus retention.
Related: Why employers must rethink benefits strategies if they want to win the war for talent
When we hear “benefits,” most employees think of medical, dental, vision, insurance, and retirement plans. But great benefit plans are starting to be viewed as an expectation instead of a perk.
Companies need to give workers a reason to want to work for them beyond a total compensation package. In addition to feeling monetarily valued, employees want to know that they can grow and expand their skill set. Training and development is a vital part of this equation. Yet, many companies tend to pull back investment in training during a labor shortage with the fear that they’ll be investing in skilled workers who will move on to other jobs. The truth is, companies that do invest in training and development demonstrate they are loyal and care about their employees, and employees will reciprocate.
However, training and development must go beyond independent courses. Employees spend at least one quarter of the day working, so effective talent development should improve company culture and positively impact employees both personally and professionally.
Here are some key ways that talent development is driving employee retention right now:
Innovation
Talent development leads to innovation and enables employees to be open to change, new ideas, and risks. Learning new skills helps employees think outside the box. However, innovative thoughts must be encouraged if a company wants to retain the talent they’ve developed.
Boosting morale
Talent development builds better work environments. When employees are constantly learning and growing, there is little room for boredom and disengagement…which in turn combats low morale.
Inspiring growth
Talent development provides growth opportunities, not just opportunities to climb the corporate ladder, but moreover, opportunities to fill voids and create their own perfect position.
Positive team dynamics
Talent development builds more robust team dynamics. When all employees actively work to improve their skills, the entire team benefits from all the newly gained knowledge.
Fostering inclusion
A good talent development program leads to a more inclusive and supportive work environment. The ability for employees to develop the areas they need and want to develop, delivered in the way that they learn best, makes for a great place to work.
Good talent development programs aren’t the norm, but they set companies apart when employees decide to leave, stay, or join a company.
Talent development can seem complicated because there are so many aspects to consider when dealing with people. Thus, it’s important to identify the right tools for your organization that are easy to implement and can seamlessly integrate with existing performance management systems.
Lastly, when it comes to managing remote teams, especially a global scale, ongoing engagement is no longer optional to elevate and maximize cultural intelligence. Many organizations are shifting from static, one-off development trainings to experiential gameplay and end-to-end learning platforms.
It’s time to start looking at talent development as a benefit that helps retain current employees and attract prospective ones.
Lauren Fitzpatrick Shanks is CEO & Founder of KeepWOL, a talent development platform that focuses on the human elements of work that make or break organizations. Through experiential gameplay and end-to-end learning integration, KeepWOL maximizes cultural intelligence and builds exceptional teams. The SaaS platform hosts multiplayer games for teams using their “Play, Reflect, and Grow” methodology.
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