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The Crucial Role of Investing in Talent Development

The Discrepancy in Perceptions

While leaders often consider employees as their greatest asset, organizations still lag in investing in talent development.

The Demand for Lifelong Learning

With changing technology and work practices, employees increasingly seek “opportunity to learn” as a significant factor in job selection. However, learning development remains a top challenge for businesses.

The Significance of the Challenge

According to Deloitte’s 2019 Global Human Capital Trends survey, 86% of respondents rated improving learning and development as crucial. Yet, only 10% felt very ready to address this need.

Cost-Effectiveness of Re-Training

Retraining existing employees can be more cost-effective than hiring new ones, sometimes costing only one-sixth of the latter.

Identifying Individual Needs

The main hurdle lies in accurately identifying the development needs of each employee. This requires skilled line managers who can gauge what support or guidance their direct reports need to excel.

Role of Line Managers

Empowering line managers to have effective conversations with their teams can be a game-changer. This positively impacts both individual and team performance.

Team-Based Leadership

Shifting towards a team-based leadership approach often entails coaching new styles. This enables team members to relinquish control when appropriate and respect diverse perspectives, thereby maintaining team motivation.

Investing in talent development is not just beneficial but essential. It not only retains valuable employees but also cultivates a culture of continuous learning and excellence.

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