Key Learning Points:
- Employees, their knowledge, skills and abilities are crucial to organisational success;
- The pressure for organisational success is beginning to raise concerns with regards to talent management practices;
- Organisations need to build and enhance the art of development in order to foster talent within organisations.
Systems, processes and technologies are no longer the differentiators for organisations, but now employees encompass the main focus. Employees’, their knowledge, skills and behaviours, are becoming the attributes that are setting companies apart from one another. The development of employee’s capabilities is fast becoming the key to success and competitive advantage. Thus, employee development, in its own right, is a necessary organisational component used to improve quality, meet challenges, develop new products and services as well as capitalise on the strengths of a diverse workforce. In a general sense, employee development involves courses, seminars, workshops and assignments that influence the short-term personal and professional growth of individuals, however, more specifically, employee development is important for long-term personal effectiveness that ultimately contributes to an organisation’s ability to remain competitive2. Therefore, the development of employees should focus on the amplifying of individual talents in order to enhance and sustain organisational performance.
For decades, organisations have developed employee capabilities through traditional practices such as succession planning, mentoring, coaching and training. However, the pressure for improved organisational performance is beginning to raise concerns with regards to the talent management practices of the past. It has been suggested that with rapid changes in technology and job design, along with globalisation and the increased importance of learning and knowledge based organisations, companies are finding it more difficult to muster the talent they require in order to reach organisational goals.
With the issues such as an increase in competition, shifting markets and unforeseen events, it is no wonder that organisations are finding it more difficult to attract, develop and retain the skilled workers that they require. However, in the midst of such challenges, effective talent development becomes an even more important issue to consider for organisational success. Organisations need to build and enhance the art of development in order to foster talent within organisations. To ensure this, organisations should view employee development through the eyes of a talent manager and should become familiar with asking questions, such as: “Do we have the capability to do what is asked of us? What talents do we need to improve on or acquire?”; and “How will we further develop those talents?”
It is however important to identify the developmental needs vital to employees and organisations and how such development needs can be improved on and measured in order to enhance overall organisational performance. Through the use of psychometric assessments and other products, we have the ability to assist employees and organisations in identifying their development needs. Our personality and ability assessments not only enable individuals to find out more about their strengths and developmental areas, but organisations are provided with objective information on employees preferred talents and areas for improvement. We offer individual and group feedback, evaluation and developmental toolkits options to further assist in employee development.
Key Learning Points:
- The business environment is ever-changing;
- Individual-organisational collaboration during the career planning process proves essential to ensure mutual benefit;
- The key to successful career planning involves extensive self-assessment and self-exploration.
The current business environment is influenced by various factors of which the most influential factors can be seen as the economy, technology and perhaps society itself. This results in the current business environment being characterised as turbulent and complex with ambiguous and contradictory career signals being sent to new and existing employees. Moreover, careers are being characterised as boundaryless, where individuals reinvent their careers based on their personal changes and the changes occurring in the external environment. In essence, the current, fast-changing, business environment impacts on the management of people at work, as well as the planning and managing of individuals’ careers.
Career planning used to be understood as a life-long process starting at choosing an occupation, followed by getting a job, growing in the current job, changing careers, and retiring. Previously career planning only occurred once, whereas in the new world of work it is more likely that this might happen several times as individuals first define and then redefine themselves and their career goals. The career planning process involves certain steps, including individuals getting to know themselves, getting to know the market and industry, and representing themselves in the correct manner. The first step within this process is seen as the most important as it requires individuals to conduct a self-assessment, moreover, explore their own interests, values, skills or aptitudes, preferred environments or cultures, development needs, and personality. These are essential as it can have an impact on individuals financially, psychologically, physically, and emotionally.
The challenges emerging from these fast-changing environments have implications on an organisational, managerial, and individual level. Organisations have to shift from offering careers of secure employment to individuals, to creating opportunities in which individuals can be developed. In addition, managers have to broaden individuals’ careers by investing in them, and developing a variety of multidirectional career paths based on the flexibility of individuals and offering alternative career arrangements. From the employees’ perspective, career planning involves moving away from the traditional commitment to the organisation and moving to multiple, conditional commitments to various organisations. This may result in a true, open partnership between individuals and organisations that is based on a support system taking into account the wider context of careers and the multi-directionality of individuals’ careers.
In order to conquer the challenges mentioned above, it is necessary to provide individuals with an assessment with which they can get to know themselves in order to make the correct career choices. It is also necessary to provide individuals with a person-culture fit indicating to individuals their preferred cultures, in which they will be most effective. Lastly, it is important to assess individuals’ abilities in order to identify the jobs they will most likely be successful in. From a career planning perspective, we can assist in individuals getting to know themselves and making the correct career choices in order to be employable and have a flourishing career.
Key Learning Points:
- Retaining top performers provide organisations with a competitive advantage;
- Retaining top performers is becoming increasingly challenging;
- Motivational fit improves retention rates.
Organisations are more dependent on their top performers than ever before. The retention of valuable employees is therefore crucial in the current turbulent economic climate. Retention essentially refers to “an organisation’s ability to keep the employees it already has”. Ensuring that top performers have the desire to stay at an organisation is becoming increasingly challenging given the current world of work. Contemporary organisations are faced with several challenges including extensive labour shortages, increased knowledge-work, changing workforce demographics, downsizing, mergers and acquisitions, unpredictable markets and globalisation. Such challenges have created an increasingly competitive labour market characterised by constant change. Subsequently, employees are experiencing a lack of job security, modest salary increases and enhanced uncertainty. This may result in reduced employee loyalty, a lack of motivation and ultimately, the intention to leave one’s organisation.
Turnover, or the opposite of retention, can have an alarming impact on organisations around the globe. Turnover costs South African organisations several millions of Rands each year due to decreases in productivity, loss of skills and company knowledge as well as low morale. In addition, extremely high labour costs associated with the recruitment, selection, socialisation and training of new employees may be incurred. The costs of replacing an employee are expected to range from 29 to 46 percent of an individual’s annual salary.
It is therefore evident that retention and the optimisation of human capital should encompass a key component of any organisation’s strategy. However, understanding the causes of retention may be challenging given that the reasons why an individual chooses to stay at an organisation tend to vary across jobs, industries and geographical locations. One common, prominent factor that has been identified as contributing to an individual’s willingness to stay at an organisation is motivational fit. Motivational fit occurs when a match exists between an individual’s needs and the requirements of the job and organisation.
We offer several solutions that may assist organisations in establishing motivational fit. Our assessment tools provide an in-depth understanding of an individual’s motives, talents, competency potential and preferred culture. This information may be invaluable in understanding the factors that contribute to an individual’s desire to stay at an organisation. In addition, our assessment and development centres provide an in-depth measure of talent and help to identify “high potentials”. Other solutions include culture surveys that provide benchmark data and measures of the gaps between actual and preferred culture within an organisation. Furthermore, surveys may be valuable as they allow for the monitoring of commitment, satisfaction and various cultural elements. Ultimately, we can help your organisation to identify top performers and retain your most valuable employees.