Well managed companies know the value of developing the human capital of the business. Research shows that keys to retention is the creation of a work environment where employees are challenged and grow professionally.
But creating such an environment is much more than just having training programs for employees. It includes effective performance management, career development and cross-functional assignments in addition to formal training programs and reward systems. Tracking each employee in terms of their personal development and future opportunities aligns employee growth with the needs of the business and integrates with succession planning. When well done, a company can reduce the exposure of not having the right person in the right position.
There are many systems that can be employed to ensure that talent is being continually developed. A combination of performance management, succession and career planning, and training can be employed to maintain a structure where talent is continually developed. They include:
- Appraisals and reviews
- Learning management systems
- Content management
- Skills inventories
- Career guidance
- Management inventory reviews