In corporate world, talent management is getting increasingly challenging. With the ever increasing aspirations in millennials and competition among corporates, retaining a high performing employee is getting all the more demanding. On top of all this, continuous advancements in technology is also not helping the cause. If retaining the top talent was the only problem companies were facing, because of changing technologies hiring the perfect people has also become a task.
It’s not that the HR leaders and the talent management experts are not doing anything about it. In fact, they have already found the solution to tackle the problems of hiring, developing and retaining the top talents. The solution was so successful that it quickly became a worldwide trend. Every company in every part of the world started implementing this solution and are witnessing great results. The solution is to “employee development”. “Employee development” has truly become a phenomenon in the world; it has taken a lot of burden off the shoulders of HR managers and managers responsible to manage talent.
With the new trend of “Employee Development” companies need not wait to hire the perfect employee, they can hire the right employee and develop him /her in perfect employee. This new trend is not only helping companies save a lot of time and money in finding and hiring resources, it is also helping them in keeping pace with the changing technologies. The gap between the kind of resources required and the kind of resources available has widened to the point that the only option left with the companies, if they want trained (on emerging technologies) resources, is to train them. For example, according to one estimate, there will be a shortage of $1 million data scientists by 2020, meaning that if your company needs a data scientist in next couple of years there are very slim chances that you will get one. The only way you can handle this situation is by developing your own data scientists. This is exactly what the corporate world is doing these days; they are hiring the right resources and developing them into superstars of future.
This trend of “Employee Development“ is also helping corporates in retaining the top talent as it easily handles the biggest reason of employee leaving, which is lack of growth opportunities. By developing employees companies are showing trust in their employees and at the same time showing them the growth path.