The benefits of talent development management at iborn
For many people “Talent development management” is just another synonym for the HR department in companies. Some will even argue about whether to have an HR department in the company as well as whether human resource management can help them in their daily challenges.
Fortunately, iborn is one of the most progressive companies in Macedonia and here, not only is the benefit of the individuals’ work seen, but the importance of the entire people operations team (and the talent development part as its integral element) is emphasized on a daily basis, as an important link in maintaining the well-being of all employees.
But before we focus on talent development management in iborn and how we do the magic here, a few guidelines on what talent development really is and what the benefits are.
What is talent development management?
Talent development management refers to the process of managing (potential) employees and their career paths in a way that helps them accomplish their career objectives. It focuses on managing them through the following important processes:
- Sourcing, attracting, recruiting qualified and skilled people
- Training and development opportunities
- Performance management processes
- Retention programs
Why is talent development management important?
Talent development management is a function that helps align the organization’s long-term goals with employee aspirations since every organization strives to retain the best and the most talented people and at the same time, employees also look for enriching work experience and career developing opportunities.
Good talent development management practice can also minimize unplanned attrition. Many successful organizations systematically invest in employee engagement through meaningful work, goal setting, transparent communication, and timely reward & recognition.
Since talent development management is a continuous process that involves many aspects of empowering people while meeting the organization’s requirements simultaneously, we can see that modern resource management helps streamline the talent management process in many ways. It is not just limited to managing team members across projects. It also plays a vital role in improving operational efficiency and revenue by retaining the key resources.
Benefits of Talent development management
1. Benefit for the organization
Talent development management can be beneficial to the organization in many ways, but some of the most important are:
- Enhances individual and group productivity and capacity to compete effectively in a complex and dynamic environment to achieve sustainable growth.
- Assists in hiring a quality workforce.
- Establishes better match between jobs and skills.
- Helps retain top talent.
- Helps in understanding the employees better.
- Keeps employees engaged constructively.
- Helps develop leaders for tomorrow within the organization.
- Helps in evaluating employee’s readiness to take up new roles.
2. Benefit for the employees
Of course, the benefits of talent development management can also be seen from employees’ point of view:
- Promotes long-term association with the organization.
- Persistent and higher productivity of employees.
- Keeps the employees motivated which helps in career development.
- Helps the employees get job satisfaction from their work
Overall, the talent development management process is very complex and is therefore, very challenging to handle. The sole purpose of the whole process is to place the right person at the right place at the right time. The main issue of concern is to establish a right fit between the job and the individual.
It is to be remembered that placing a candidate at a wrong place can multiply our problems regardless of the qualifications, skills, abilities and competency of that person. How brilliant he or she may be, but placing them at a wrong place defeats our sole purpose. The process of talent management is incomplete if we are unable to fit the best talent at the place where he or she should be.
iborn’s talent development management pillars
After reviewing the general guidelines and benefits of talent development management, it is time to shift the focus to the wide range of activities that are actively applied in iborn, activities that are part of this concept called “talent development management”.
Talent development management plays a vital role while formulating iborn’s business strategy, simply because it manages our most important assets— our people. So, since the question on how to effectively manage our people to develop their skills and capabilities for the long haul is our primary goal, the talent development policies give us the best answers to that question, while providing us а competitive edge to sustain the volatile market and remain progressive, at the same time.
The advantages of talent development management are substantial for iborn and our everyday functioning. So, let’s look at some of them.
1. Right person in the right position
Through a proper ascertainment of people skills and strengths, people's decisions gain a strategic agenda. The skill or competency mapping allows us here at iborn to take stock of skill inventories lying with the organization. This is especially important both from the iborn’s perspective as well as the ibornians because the right person is deployed in the right position and employee productivity is increased. Also since there is a better alignment between an ibornian’s interests and her/his job profile, the job satisfaction is increased.
2. Retaining the top talent
Employee retention is a vital component of iborn’s talent development management and includes hiring the right candidates, employee benefits, training, and development opportunities. So, the focus is now on charting employee retention programs and strategies to recruit, develop, retain and engage people with whom we grow and together we overcome obstacles.
Succession planning is one of iborn’s crucial talent development management processes and it helps us create a skilled workforce capable of filling leadership and other critical roles as iborn grows, changes and develops. During our expansion, succession planning is the basis that ensures us that productivity and employee morale will remain high.
3. Understanding employees better
One of the fundamentals of the talent development management process in iborn is to identify and nurture ibornians’ skills.
Employee assessments give us deep insights about our ibornians - their development needs, career aspirations, strengths and weaknesses, abilities, likes and dislikes. It is easier therefore to determine what motivates them and this helps the job enrichment process.
Having in mind the benefits of properly appointing team members according to their skills as well as the significant impact on employee motivation and productivity, here at iborn we are actively using workforce planning tools to appoint team members to projects based on their abilities and interests. In that way we are reducing the risks of employee burnout and disengagement due to allocating over/under skilled resources to projects.
4. Better professional development decisions
When iborn and People Ops department gets to know each ibornian’s high potential, it becomes easier to invest in their professional development. Since development calls for decisions towards learning, training and development of each ibornian either for growth, succession planning, performance management etc., talent management just make this easier for us determining the direction in which we will continue to develop our ibornians.
In a nutshell, we all know that it is people who take iborn to the next level. To achieve success, the most important thing is to recognize the talent that can accompany us in achieving our goals. Talent is the most important factor that drives iborn and takes it to a higher level, and therefore, cannot be compromised at all.