You just recruited, assessed and hired the right talent to join your team. Now what? How do you ensure the person you selected turns out to be the right decision?
One word: Development.
Developing your employees — your “human capital” — is the single greatest multiplier in growing your organization. How to do this is often the question leaders face.
Human capital is the collected knowledge, skills and experiences possessed by individuals in your organization. How you maximize their potential can mean the difference between an employee that survives and one that thrives.
Development is the key to accelerating performance, ensuring job satisfaction and retaining your best employees. Let’s take a closer look at the human capital-development connection.
Why Development Matters
We’ve all heard the saying “your people are your organization’s greatest assets.” We have a slightly different view: “people are your most important investment.” We call this the Growth Formula:
A successful hire is finding someone with the right combination of Talent and Fit. What leads to significant growth and ongoing success is the Investment you make in that individual. The time, effort, tools and resources you put into helping that person perform at their highest level is the differentiator.
The Human Capital Lifecycle
Each person has a “human capital lifecycle,” or the lifespan of that person’s career. The catalyst for this career lifecycle to be positive, impactful and meaningful is rooted in how that person is consistently developed.
The Human Capital Lifecycle is not linear — it’s ongoing. By using a variety of tools, techniques, human interactions and activities — grounded in science-based methodologies — you can assess, select, grow, promote and move individuals throughout their career. It’s a process that is repeatable and long-lasting, because individuals have endless capacity to grow, as long as the talent and desire is there.
Growth is Individual
We know talent development must be individualized and agile enough to adjust with the needs of both the person and the organization. Often, we assume growth means promotion. However, growth can happen in two ways: vertically, for those who aspire and have the talent to move up in the organization; or horizontally, for those who want to grow in greater depth within their existing role.
Growth in both ways is critical to a company’s success. Understanding where individuals are on this x-y axis is key to creating a development plan to address needs and career goals.
What Development Looks Like: Organizations, Teams, Individuals
Organizations
- Talent Assessment
- Organizational Alignment
- Leadership Alignment
- Strategic Planning
- Cultural Engagement
- Mission Vision, Core Values
- Succession Planning
- Knowledge Transfer
- Board Development
- And more
Teams
- Talent Assessment
- Team Development
- Performance Acceleration
- Strategic Planning
- Change Management
- Conflict Resolution
- Generational Workforce
- Mentoring Programs
- 1:1, Peer-to-peer, Group Coaching
- And more
Individuals
- Talent Assessment
- Leadership Development
- Skills Development
- Performance Acceleration
- Onboarding
- Mentoring
- Career Pathing
- Executive Presence
- Executive Coaching
- And more
There is not a one-size-fits-all approach to development, and there are numerous areas where you can focus your time and efforts. Here are some guiding principles to consider when building a successful development platform:
- Ensure the development plan (be it for an individual or a team) supports the overall human capital strategy
- Prioritize and focus your development efforts in areas to create the most impact on organizational goals
- Gain support and sponsorship from the very highest levels of the organization to ensure this is a commitment you make to your team members and your company. Commitment starts at the top.
Importance of Ongoing Development
According to Work Institute, replacing an employee costs companies 33% of that employee’s annual salary.1
So it makes sense that investing in development not only makes greater financial sense, it helps build an engaged, happy workforce.
We know:
- Employee development creates a sought-after culture which attracts and retains the best people.
ME: “I get to be a better version of myself.” - Development increases performance which increases the promotability of employees.
TEAM: “I get to work among really talented and engaged people.” - Knowledge retention leads to knowledge transfer.
ORGANIZATION: “My company is committed to long-term growth, sustainability and profitability.”
When planning for the future of your organization, know:
- 72% of forward-thinking organizations concluded that a high-impact learning culture is characterized by making learning a part of an organization’s strategic success
- 76% of millennials think professional development opportunities are one of the most important elements of company culture
- 86% of employees surveyed said they would change jobs for more professional development opportunities2
Development Matters
Development sets a positive environment for our teams. In addition, it makes logical sense to have a well-thought-out development platform for your organization.
We know it is the number one responsibility of a manager to grow, coach and develop your teams. The best part? Your company will perform better, find more efficiencies, attract the best talent, create more synergies and ultimately be more profitable.
