The Importance of Talent Development in Business

Building of the bench strength for the future is something which no organization can afford to ignore. Competition is steadily increasing and the talent pool is decreasing day by day. No organization can afford to neglect the identification and development of the talent of their employees. Whatever the business model may be it is only the people of the organization along with their ability to learn and lead are the only sustainable source of competitive advantage for the organization.

Talent development focuses on the planning, selection and implementation of development strategies for the employees working in to ensure that the organization has both the current and future supply of talented employees to meet its strategic objectives. All the development activities are supposed to be aligned with organizational talent management processes. The organization which desires sustaining its success must have the best talented employees in order to succeed in the hypercompetitive and increasingly complex present day economy.

The organization is to be well aware that it must manage talent as a critical resource to achieve the best possible results. The understanding of the need to hire, develop, and retain talented people is the crux of Organization. It is very much necessary for the organization to develop the capabilities of employees, nurture their careers, and manage the performance of individuals and teams for the success and sustainability of the Organization.

Talent wins games, but team work and intelligence wins championships…Michael Jordan Talent management refers to the anticipation of required human capital for an organization and the planning to meet those needs Talent development process of any organization constantly focuses on organizational needs and obviously it is an investment for meeting these needs.

Organizational driven talent development focuses on a multiplicity of organizational needs such as succession planning, the achievement of business strategy, and the enhancement of leadership bench strength and the development of brilliant employees. Organizational restructuring, globalization and competition highlight the need for both the organization and individual employees to be focused on investment in learning.

During the difficult times, it is important for the organization to focus on developing the capabilities and skills of the employees so that it can stand the organization in good stead when the upturn happens. The organization also must focus on the development of employees that occupy pivotal roles to meet current and future development challenges. Investment in talent development has the potential to capitalize on business opportunities and facilitate expansion.

This investment in talent development is a potential source of competitive advantage since it results in valuable, rare, inimitable and non-substitutional human resources. It essentially comes down to a requirement that the organization develops the ?right talents in the right people, at the right time, in the right way, to ensure its talent pipeline has an abundant supply of management talents.