Written by Cheryl Flink, Ph.D.
Every organization competes to acquire talented employees who will drive the organization to attain its goals. But landing new talent is just one step in a long journey. Over time, employees must be developed, and new leaders must be nurtured to fulfill succession plans. Organizations must invest in creating a culture of talent development that supports growth and development.
Unfortunately, many organizations approach building a talent development culture by throwing money at the problem. The global corporate training market was valued at $332 Billion in 2019 and is projected to reach $487 Billion in 2030. That’s an astonishing amount of money, which speaks to an awareness of the need for formal development of employees—but is money enough to create a talent development culture?
A national survey conducted by Truist Leadership Institute indicates it is not. Instead, the support provided by managers and the organization itself has a far greater impact. Organizations that fully support a talent development culture experience significantly higher employee engagement, commitment to purpose, and retention.
What can organizations do to support talent development? Our research uncovered three actions that leaders can take:
- Back up commitment to employee development by providing employees time to develop. Although 72% of employees said their organizations encouraged them to grow and develop, only 56% felt they were given the time to do so. Employees must be given time during their normal workdays to engage in development opportunities—and that message needs to be heard throughout the entire organization.
- Invest in the right development tools, communicate what’s available, and encourage participation. Many research participants indicated they simply do not know whether specific development tools or opportunities exist—and even if they knew these resources existed, they choose not to participate. Organizations must carefully assess needs and invest in the right skills development tools and curated leadership development journeys.
- Build formal programs for stretch assignments. The 70/20/10 model emphasizes that growth and development occur through 70% stretch assignments, 20% working with others, and 10% formal training. Only 53% of research participants indicated that their company provides cross-training, job rotation opportunities, and/or special assignments. Building programs to work in different functions, geographic locations, and specific projects will foster development and create a more flexible workforce.
Employee growth and development is the responsibility of the individual, managers, and the organization itself. That investment pays dividends to create an engaged, purposeful workforce that wants to stay and help the organization succeed. The rewards are well worth the effort!
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