Hold on to Your Talent

Wednesday, March 8, 2017 By: PSP Metrics Posted In: Hold On To Your Talent

Advantages of a Comprehensive Talent Development Program

A recent study reported in the Harvard Business Review stated that a high percentage of top young managers are in a non-stop job search. Dissatisfaction with development, training, mentoring, and coaching are important reasons why many of these young professionals make early exits. Many younger managers and professionals expect continuous learning opportunities, both formal and informal, as part of their motivation for continuing to work for their employers (Hamori et al., 2012). Don’t let this happen at your company.  You can retain your best performers through a comprehensive talent development program that ties in to achieving your business goals.

 

1.     Talent development works best when it is integrated into the organization’s strategic business goals and plans.  It helps to develop a competency model for your current and future leaders that incorporates important skills, behaviors and corporate values that drive business success.

 

2.     Talent development begins with examining the skills and behavioral competencies that the individual and the organization will need in order to achieve their goals now and in the future. This includes not only knowledge-based learning, but self-awareness of how the individual’s personal style helps or hinders their success in achieving work goals.

 

3.     Once a competency model is developed for organizational success, it is important to measure how effectively your existing talent is in demonstrating these competencies. Organizations often utilize PSP’s standardized assessments to benchmark capabilities and the PSP 360 Surveys for internal review. The results of these assessments provide a gap analysis that gives an accurate view of both the individual’s and the group’s strengths and weaknesses. It points out concretely what is required for each person’s development to be in tune with the company’s competency success model for achieving business results.

 

4.     One of the biggest challenges in employee development is helping individuals recognize the importance of continuous personal learning with the recognition of how their behavioral skills help and sometimes hinder their achieving success. The PSP coaching feedback interview helps employees increase their self- awareness and, as appropriate, address the need for personal change.

 

5.     Developmental success is increased by creating customized individual development training plans. These plans are based on information from individual assessments and 360 Surveys integrated with the company’s competency model and the employee’s specific job challenges.  The development plan acts a guide for the employee by targeting each employee’s needs, providing specific behavior- al suggestions, as well as resources (coaching, articles, webinars, etc.).  It is also helpful to create Management Coaching Plans for the individual’s direct supervisor to help guide them in mentoring and coaching each individual.

 

6.     It is important for senior managers and executives to hold direct discussions with employees and reinforce the importance of development.  It’s all part of managing change and effectively communicating the employee’s role in the company’s success. Senior managers can also provide on-the-job experiences such as special projects that help employees develop needed skills and competencies. Often smaller, but meaningful projects can provide valuable training experience for employees while also advancing the organization’s business goals.

 

7.     Employee development ultimately rests on individual accountability. Progressing as a leader is all about growing into the role and continually adapting to change. Successful leaders learn to recognize that personal change is often required in order to achieve organizational change. Talent development provides a means of identifying high-potential employees who have the competencies and the learning mindset to progress further for future leadership.

Consistently Track Development

PSP’s new Leadership Dashboard software enhances development plans by helping employees focus and achieve more effective self-management in following through on their development plans. PSP offers interactive software that provides a dashboard with displays that track and show progress on specific developmental areas.

 

 

…a high percentage of top young managers are in a non-stop job search.

Harvard Business Review