How to promote your internal talent?
Planning to grow your internal talent? Here are 5 tips to help your company…
Internal talent refers to the employees currently working for your company. This talent of your company requires a lot of attention which many companies fail to deliver. Delivering required confidence and care for your current employees reinforces your employer brand which is very important.
Reasons to grow internal talent
Improves Retention Rate
Employee Turnover is quite a concern to the company when talking about the company’s development. It also tells a lot about the time and money they invested in grooming and developing their employees. When you invest in the development of your new hires there are chances that they might walk out of the door gaining all the expertise in the hands of the competitor. This is because they are new to the company and haven’t yet developed any emotional sentiments for the company.
But if you consider your existing employees who already have been a part of more employee engagement activities and have actively improved their skills. Also, the company has invested more in these experienced employees than the new hires so they have a sense of loyalty toward their company, which binds them with the company for a longer period.
Increase employee performance
Working for a good amount of time for your company you are constantly inspired and rounded by the organization. As John Robak, Executive Vice President and Chief Operating Officer at Greeley and Hansen said, “Those individuals in our organization who are inspired tend to outperform. That’s because the more well-rounded you are, the better you’re able to perform.”
As the company invests time and energy in them, it shows a real deal for the employees because of which they put in their maximum potential enhancing employee performance.
Boost Employee Engagement
When the employees are getting development opportunities and development programs in their basket it helps in boosting both their morale and engagement. This will help your internal talents to work collaboratively and improve productivity.
Tips to grow Internal Talent
Internal job change opportunities
Internal job change opportunities allow employees to develop their careers and pursue their goals while still being part of the company. This concept is very appealing to employees, the Harvard Business Review reports states that nearly 90% of employees would move to an internal position without any financial incentives.
This is mostly because internal job swaps give employees the ability to easily grow a career while being part of an organization that they already understand and feel connected to.
Thus you are keeping your top talent as well as saving millions on the costs involved in hiring new employees. According to Deloitte Review, companies that hire internally are 32% more likely to be satisfied with the quality of their hires.
Partime projects for their development
Projects can be a great opportunity for employees to get hands-on experience and gain team management skills. These projects can be cross-departmental or even global, allowing employees to network and learn from their colleagues. Because of the cross-department project, they can work on new areas of interest without moving into a full-time role.
The motive here is to allow employees to develop by selecting their own interests to both broaden their horizons and develop targeted skills for their future so that they don’t have a stagnant career.
Opportunity for continuous learning is what every candidate wishes for these days and part-time projects a great way to meet your workforce growing desire for on-the-job development. It not only diversify their skill sets and experiences through projects but also increases their capabilities and productivity. According to Udemy, studies have shown that Engaged workers are more productive, happier, and more likely to stay at your company longer.
Mentorship programs
The knowledge, advice, and resources that a seasoned employee can share is priceless. Giving employees the opportunity to learn from their peers generates an environment of growth and development that establishes the foundation of internal talent mobility. According to HuffPost, 79% of Millennials believe that mentoring is crucial to their career success, and help in achieving loyal internal talent.
Mentors can provide employees valuable insights and expose them to new networks that can help them grow in their positions and build a career path. Employees also benefit from personal guidance and support from mentors, which provides employees an advisor that they can always turn to. Mentors aim to build meaningful relationships with younger peers that promote knowledge sharing and collaboration.
Early Identifying high potential employees
By identifying the high potentials and high performers in the early stage, HR can best identify which type of job or department will best suit their development needs. If an employee aspires to be a team leader, they can be connected with a leader who exhibits the core and job-specific competencies for their position.
The company can then focus on these employees and groom them for the future. As the employees are getting the required development and attention from their company they tend to stay longer and loyal to the company.
Make it a program
For long-term success and sustainability, it’s important to build and continue to invest in your company’s internal talent. By investing in high-potential talent and giving employees an opportunity to progress — not necessarily into management, but into the roles and career path that makes the most sense for them — companies can not only retain top-performers but also gain maximum performance from them which makes the employees feel valued.
This blog does not aim to discourage companies from hiring new employees but instead to offer an alternative to replace or fill new positions with brand new employees when the talent they wish to seek is already present in their company. And based on the results they can plan and strategize accordingly for their new hire.
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