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“At its simplest level, a shared vision is the answer to the question, “What do we want to create?” Just as personal visions are pictures or images people carry in their heads and hearts, so too are shared visions pictures that people throughout an organization carry.”
– Peter M. Senge, The Fifth Discipline: The Art and Practice of the Learning Organization
Talent development strategies are a permanent challenge for organisations because market demands are continuously changing the skill set. No matter where we find ourselves in our professional journeys, investing in our professional development, we can have a better life balance. In this article, we’ll try to explore talent development and skills development from the personal and professional perspective.
Why talent development is a strategic decision?
According to a survey on talent strategies used to address the skills gap, 43% of respondents indicated investments in building internal capabilities. Next, 24 % of responses referred to hiring generalists to focus on adaptability and only 16% reported using outsourcing for technical skills to solve the skills gap.
For organisations that have enough resources to invest, talent development can be a strategy to enhance efficiency. In order to implement it, the job design needs to be adapted to different tasks, considering people’s potential. A critical step is to assess skills, personal traits and strengths to initiate individual talent planning. Enhancing business performance based on strengths can be a win-win strategy.
Talent development can be an edge for our professional journeys, and also it can be a competitive advantage to organisations. Part of the benefits that come with developing our talent are personal efficiency, better job performance and self-confidence. If organisations invest in talent growth and value people’s potential, chances are you’ll grow together.
Talent growth, competitive advantage & strategic decision
A systemic review of the talent development concept shows that inclusive individual talent growth might become more important and contribute to organizational performance towards a competitive advantage. Inclusive talent refers to training all employees, no matter their individual performance. This talent approach can be complementary to employee retention and organizational performance.
Talent development strategies can answer the hiring needs by identifying the existing skill gaps and creating action plans to close the open positions. For example, a strategic organisational objective is to design and implement learning and development frameworks that sustain long-term talent development and build a strong talent pool.
Individual talent planning is also intended to make people aware of their potential and encourage them to adopt a continuous growth mindset. However, when organisations’ talent development strategies use development frameworks, provide learning support and resources, and they also aim to increase profits and employee productivity.
Usually, urgent talent acquisition needs are solved by recruiting people with the necessary skill set and the appropriate experience. Overall, organisational talent development programs aim to increase retention rates, attract talent and prevent employee turnover.
However, investing in talent development is one of the wisest courses of action and strategic decisions an organisation can commit to for its growth and success. Though, a long-term accountability, talent development is a convenient and worthwhile endeavour for both employees and employers.
What is the difference between talent development & skills development?
Depending on their objectives, organisations use different talent frameworks to keep up with the market competition. The talent management concept coined by McKinsey has become a strategic organizational practice that includes talent attraction, learning and talent development, succession planning, and retention.
When it comes to talent development and skills development, we need to distinguish the difference between these two approaches. Talent development uses individual plans tailored to individual needs and can help with career paths. It concentrates on personal traits and abilities, strengths, aiming to reveal your untapped potential.
The talent development goal is to bring up the best in people and polish our talents. A performant talent framework creates the premises for developing high achievers and leaders. Also, it can leverage employees’ personal capabilities and at the same time ensure succession planning of the organisation.
Long-term investment Vs. short time assets
On the contrary, the skills development objective is to build specific skills necessary for a certain job. The KSA framework (Knowledge, Skills, and Abilities) illustrates better this approach for acquiring qualifications through training, coaching, or mentoring programs. For example, foreign languages, tech skills, or managerial skills can be considered skills development, if they address a specific performance gap or certain organisational need or demand.
In order to design a harmonious and efficient talent strategy, it is mandatory to encourage a learning culture that values continuous learning, a growth mindset and creativity while providing opportunities for people to develop new skills and nurture their talents.
So, talent development is a long-term investment, while skills development is a short-term asset. Simply put, talent development is a bigger umbrella of professional development, while skills development has a more specific and granular approach. Both concepts complement each other and can be used in line with organisational priorities.
Talent development & skills development to solve the skills gap
The common scope of talent development initiatives and skills development is to help people in their career paths. The employee journey can be made easier with learning and development initiatives, and specific training and mentoring programs. For instance, on-the-job learning plans are designed for new hires to learn new soft skills and take over other responsibilities. Acquiring leadership skills is also, an important part of talent development, implicating the succession planning process.
Here are some examples of learning and talent development methods that can help:
- Customized Individual Development Plans
- On-the-job training – guidance from peers
- External Training, Online courses, E-leaning, Webinars, MOOC
- Conferences, Seminars & Workshops
- Mentoring or Coaching programs
- Job Rotation (rotating through various roles or departments)
- Project-Based Learning, Simulations, Gamification
- Independent Learning – Self-directed study
Why should talent development matter to you?
Our world is changing at a fast pace. By developing our talent you will be able to stay ahead of the game. We’ll be capable of facing new demands and succeeding professionally in this unstable market. Joining a talent development program is a long-term investment in your personal and professional growth and your future.
To improve talent availability organisations use different talent development strategies. Besides salary raising, the obvious general practice to retain talent is to use improvement of talent progression and promotion success and provide reskilling and upskilling programs. Whether employers or peers invest in people’s potential, we should be interested in developing talent and skills because this is a path to improve our future and prioritize professional fulfilment.
With a real commitment to talent development or skills development, we can capitalize on the undiscovered potential to strengthen self-confidence and make career progress easier. Hopefully, learning efforts will transform into better working performance and a better sense of personal and professional accomplishment.
