In the past several years the businesses that managed to survive the COVID-19 pandemic and the resulting supply chain issues have also had to grapple with the Great Resignation. Despite the economic challenges that most people face currently, it’s been hard for companies to find and retain good employees. Yet talent acquisition and development are essential for the success of any organization. In this blog we will talk about what these two things are, how they differ, and why they are so important.
Hidden Assets: Intellectual Capital
Without competent workers, any business will go under, but many companies are especially dependent on the abilities of certain key employees. These are the people with knowledge and skills the company relies on to operate. In some cases, losing one or two key employees will sink a company because it cannot afford to lose that intellectual capital. It can also hinder a sale. Finding the right people for these positions and retaining them, then, will have a crucial impact on the company’s valuation and salability. This is where talent acquisition and development comes in.
Talent Acquisition
Talent acquisition is different from hiring or recruitment because it’s not about filling a specific position or an immediate need in the company. Instead, it’s focused on advancing the company’s long-term goals and succession planning. A talent acquisition process that functions well will identify the best candidates not just for immediate openings, but for leadership positions that will need to be filled later on, often years down the line. It will:
- Attract the right people for the company as a whole
- Create a pool of talent suitable for future positions and roles in the company
- Strengthen the company’s competitive advantage
- Improve company morale
- Save time and money interviewing, hiring, and onboarding new employees
Talent Development
Once your company has located and hired high quality talent, the next step is to develop these people by encouraging, mentoring, and training them in ways that will advance their personal goals as well as the company’s needs. There are multiple benefits to creating an effective talent development process.
First, it will help you attract and retain higher quality talent. Energetic, creative people want to work in organizations that will give them better opportunities. To acquire better people, you want your company to have the reputation of a place where they can thrive and be challenged and rewarded. It should be obvious during the interview that the company values its employees and finds concrete ways to show that appreciation.
Satisfied employees are more productive. When employees are engaged and challenged and can flex their skills and knowledge, they will be much more enthusiastic about their work and significantly more productive. Not only will they perform better on the job, but they will naturally serve as advertising for the company and its recruitment. Everyone wants to work in a place where people love their jobs and management values and rewards them with both interesting work and compensation.
Finally, talent development improves leadership in the present and the future. A good talent development program will involve people throughout the organization, from HR to management to the CEO. They will be aware of the company’s needs and on the lookout for good candidates. Each employee needs a development program that is tailored to their needs and strengths. In the process of evaluating, teaching, and mentoring, people at every level of the company will be better aware of what the company’s mission and goals are and if they are being met in the most optimal way currently.
If you want your company to grow and become more successful, you need to look at how you acquire and develop talent. Create a development process and invest in your employees, and you will see them become more engaged in their work and more committed to your company. Company loyalty was once something that owners took for granted. Older generations often stayed in jobs for decades. They often spent entire careers with one company. This is no longer the case. It’s a competitive market for good workers right now. Are you doing everything you can to signal to them that your company values and rewards talent?
As always, if you would like help in creating processes or fine tuning your talent acquisition and development, contact us at Prometis Partners. We are ready and waiting to help you make your business the powerhouse it can be.
