Talent Development is the Key to Keeping Your Best Employees From Jumping Ship.
Many managers automatically assume that when an employee leaves the company, it’s for a better salary, or because they were dissatisfied with their direct boss. While these are important considerations, employees often look for other career opportunities with another employer because they aren’t given enough responsibility or recognition in their job with their current employer.
The High Cost of Turnover
As you are probably already well aware, employee turnover is costly to businesses. All of the initial funds that were spent on hiring and training the employee are lost the moment they walk out the door.
Now, more money must be spent hiring and training a replacement. Employee turnover also leads to additional costs for the company in the future, when it comes time to promote employees from within to leadership positions.
When employee turnover is high, businesses end up with a shallow pool of employees that have both the skills as well as on hands knowledge about a company’s operations to be able to successfully lead the organisation. This creates a leadership crisis. According to the 2009 Best Companies for Leadership study, conducted by Hay Group and Bloomberg’sBusinessWeek.com, developing leadership is the number one challenge that businesses will face today and in the decades to come!
How Talent Development Can Lower Your Costs and Help You Keep Your Best People
For all of these reasons, it is critical that you invest resources into identifying candidates for talent development from among your pool of current employees. Providing opportunities for education and development demonstrates to your employees just how truly valuable they are to your organisation as well as challenges them and helps them to grow on both a personal and professional level.
Investing resources into employee development increases job satisfaction and makes it more likely that employees will want to stay with your company and give your company their time as well as their best ideas and efforts. Not only will development reduce your employee turnover, it will help to ensure that you have a deep pool of candidates to choose from when it comes time to promote qualified leaders to the middle and upper levels of your company’s management team.
How Business Coaches are an Integral Partner in Talent Development
When taking on the challenge of developing their existing talent, one resource that is often overlooked or under-utilised by many corporations is the benefit of having a business coach to work with your current employees that show exceptional promise.
While coaching is starting to earn a spot on the radar of many companies, it’s important to remember that not all business coaches are the same. In order to get the best results and return on investment, a business coach should be a seasoned leader that can take a one-on-one approach when working with your current and promising future leaders.
An effective business coach will have extensive leadership experience so that they know how to ask the right questions that will challenge your employees to bring out their personal best as well as teach them how to bring out the best in others.
If you would like to learn more about how talent development and business coaching can help you to keep your best people and give them the tools that they need to become leaders that create more success for themselves, others and your organisation, get in touch today!