In today’s competitive scenario, retention of high quality talent is the key to business success and growth. Organizations amply well understand this, as a recent survey of across organizations demonstrates.
A number of studies show that Milennials are not leaving organizations because of their Bosses or Managers alone. They look at the culture of the organization, growth opportunities, job satisfaction and freedom to use their creativity at work. One of the most important factors of attrition, often overlooked, is when the employee can’t see a future for himself. A career development plan that gives a sense to the employee that the organization cares for her and that there is a future in the organization becomes the cornerstone for the employee to have a long and successful career in the organization.
Talent Development Solution (TDS) holds the key to build and sustain a career development plan for the employees. The capabilities of a TDS are myriad but sadly not many organizations have implemented a TDS or have a half-baked one at best as the below info-graphic depicts.
A comprehensive TDS can enable the organization to:
- co-create short-term, medium term and long term goals for its employees thus creating a sense of ownership and engagement amongst employees
- build milestones and periodically review them with mentors / managers
- have advanced features using analytics can suggest career paths within the organization; recommend training and certifications and schedule assessments
- create dashboards that the business leaders could use to craft strategies based on the talent pool available
- feed exhaustive real time inputs into the performance appraisal process
- guide the HR using the dashboards to track talent progression and check the cost efficacy of training programs
A comprehensive TDS builds on existing HR data making it easy to implement. Considering that the cost of replacement can be anywhere from 40% for junior level employees to as high as 400% for employees in senior level or in specialist roles, the ROI for TDS can be achieved within a very short time.
The case for a well-crafted and implemented TDS is a strong one and it’s time every organization built it in their organizational strategy to stay competitive, stay relevant.