Lawrence Bossidy former boss of General Electric was quoted as saying “Nothing we do is more important than hiring and developing people. At the end of the day you bet on people, not strategies!”
Despite this many organisations fail to recognise the importance of developing talent as a way of ensuring a business achieves its goals. They equally fail due to a lack of knowledge as to how to do it and a genuine lack of skill in terms of what to do.
By developing talent strategically, organisations can build a high-performance workplace, encourage a ‘learning’ organisation, add value to their employer brand, and improve diversity management. There are additional benefits in areas such as customer service, staff engagement and motivation both of which ultimately lead to increased productivity and efficiency.
Organisations that overlook this area typically struggle with increases in absenteeism and staff turnover, higher recruitment costs, lower levels of employee engagement and reduced productivity and efficiency all of which significantly impact on overall business results.