Hiring an employee is only the first step in a long road to maximising their potential for the benefit of their career, and is essential for any company to thrive and succeed. Ensuring future growth means companies should be committed to a sustainable talent development strategy that consistently retains top talent. In an increasingly globalised economy, young workers are more willing to jump ship and move jobs more frequently; one survey found that around 38% of millennials were expecting to switch jobs within the next two years.
Many forward-thinking companies realise that maintaining their competitiveness in the job market and retaining top talent means offering opportunities for career development to employees. One of the most effective ways of developing and retaining top talent is through training schemes. During the 2008 recession, CarMax president and CEO, Tom Folliard decided to focus on investing in his employees instead of cutting costs such as employee benefits, perks or even jobs. CarMax invested in new employee training schemes to further help employees earn raises and climb the ranks, and in turn, they managed to increase their overall productivity and talent which kept them ahead of the competition.
Developing an effective training plan is a challenge for all HR departments, yet it is essential to ensure that each employee receives their developmental plans, so as to further their talents and career objectives. Such a strategy can be achieved through small tasks, like individual evaluations of performance and career interests; or by learning about an employee’s skillsets, so as to fill in potential gaps through further training. One of the more effective ways to gauge an employee’s interests and strengths is by asking questions: “What parts of your job frustrate you?” or “What kind of skills and training would help you to do your job more effectively?” Not only does this strategy keep track of each employee’s interests, making them feel valued, but it can help to align their individual career goals with the company’s goals.
After gauging an employee’s interests, strengths and weaknesses, a manager can further develop their skills and talents through the use of on-the-job experiences by providing tasks and challenges that fall outside of their normal routine, such as special projects or putting them in charge of new tasks. Training can be made part of an employee’s dailyroutine and it is part of a manager’s responsibility to coach workers, whether they are new to their job or just checking in with more-experienced workers. Training also does not need to be a formal process, as workers need to be able to incorporate what they learn into their normal work routines without feeling overburdened with new information. A good example of this is Google, where managers can help workers with small ‘whispers’ rather than trying to force them into a particular way of doing their job.
In addition, Google provides their own internal training schemes by allowing any employee to teach their own courses, allowing them to share their own passions and experiences with any potentially interested colleagues. Internal expertise is also far more valuable than hiring outside experts because sharing internal experience further helps employees to relate to a colleague’s experiences, making them more applicable to their career within a company. The important thing is identifying possible needs of employees, such as better customer relations or project management, to further progress in their career and to fill the potential talent gaps within an organisation. Training is a constant process that maximises the potential talents of employees and maintains overall company morale.
Written by Edward Mah fro Together Abroad