Have you ever stopped to consider the link between your organisational culture and your talent management strategies (or lack of)?
Company culture and talent management are intrinsically linked, because your company culture is the thread that holds the talent in place, however without strong support systems for your talent, that thread is weakened.
Unsupported staff naturally feel less secure in their position, may feel undervalued and often have a shorter tenure in a position than those who receive support & training.
Company culture can be defined as the prevailing atmosphere, ethos & mission statement at a company, that is mutually shared by all members and levels of a business. Your company culture is important, but when combined with your talent management processes, it becomes even more essential for the success of your business.
Talent management on the other hand, is the process of providing opportunities for team members to develop and further themselves whilst employed within a company. It takes on the attitude that investing in staff is beneficial to the individual and all involved within the business.
The link lies in the fact so many employees feel underappreciated and undervalued in a company where learning & development processes are not at play. In order to operate with a thriving culture, you need to pay close attention to both your culture and your talent.
Here’s why talent management strategies are so important for company culture…
Your staff will be happier
Having a strong culture and offering up opportunities for your talent to develop are some of the ways in which you can create a happier, more positive workforce.
In fact, looking after staff and their mental health has proven to be one of the most important areas for human resources in recent post-pandemic years.
Ensuring your teams are happy is not just a case of following current trends, it is in fact a matter of productivity, with teams that are happy yielding a higher output. A study by Oxford University found that happier employees are 13% more productive than those that are less happy in their job.
With the results from multiple studies showing that your team’s happiness is crucial for overall business success, it should be factored into your organisation’s cultural strategy.
By creating a happy work environment for your teams, you give your business the best chance of thriving; the return on investment from happy teams pays dividends and should be a priority for all businesses striving to excel.
You’ll attract new talent with ease
Most business owners site finding and hiring new staff as one of the most challenging elements of running a successful business. With so much competition out there, and employees recognizing that the best companies to work for offer incentives such as coaching & mentoring, it can be hard to secure the best talent without offering them support packages.
According to recent studies, 87% of millennials (who will make up 75% of the workforce within the next 3 years) prioritise professional growth opportunities when considering a job. Professional development encompasses all things training, coaching, mentoring and learning and development opportunities, so businesses that want to attract the best new talent need a plan in place in order to offer these elements.
One survey found that a company’s culture is so important that 50% of candidates won’t work with a company with a bad reputation, even if offered a pay increase. Consider how so many people place priority on this area along with company culture over any other factor, before writing off these elements as a non-essential to your business.
In short, offering L&D coaching and mentoring schemes is an easy way of attracting and retaining staff.
Your existing talent will be easier to retain
With most employees arguing that lack of development opportunities is what causes them to move on, it’s no wonder employee turnover can be high for businesses that lack in this area.
There is a strong link between healthy company cultures, learning & development schemes and lower employee turnover, so if high staff churn rates are an issue, the solution is to start prioritising L&D schemes.
With the cost of hiring employees far outweighing the cost of keeping employees on, many companies are recognizing the need to keep existing staff happy.
Consider your business’s long term goals and the impact staff instability and high turnover rates could have. Not only will you experience higher costs in recruitment, but lots of downtime in training staff to ensure they reach appropriate levels.
By offering up staff development, you’ll find your teams stay motivated, engaged and on board with your business.
Your teams will continuously develop
No matter how well established you are in your career, there is always room for improvement. Some of the most successful individuals have made a habit of enforcing continuous personal development.
Talent management opportunities in the form of learning & development schemes help to cultivate a strong environment for growth. It also helps to introduce a healthy dose of competition, be it on an individual basis (reaching personal goals) or on a group basis (team targets).
Some business owners may wince at the idea of their staff learning & development schemes if their opinion is that employees will only improve and move on as a result.
Studies actually show however that this is not the case and that staff in fact remain at a business 50% longer when offered opportunities to upskill. In addition to this, the longer the tenure at a company, the more productive the individual is.
Having high performing individuals leads to excelling teams, which can play a big part in your business’s success. Focus on performance management and your organisation will reap the rewards.
It’s a win/win!
It is clear to see that for your business to thrive, you need a strong culture and opportunities for staff development. With culture and staff development so closely linked, the two sit hand in hand and should both be a priority for your business.
One of the ways you can go about improving company culture and your development programmes is by working with an experienced business coach or mentor, who can provide training and guidance to your teams.
Our network gives us access to over 100 experts who we handpick to offer the right support, depending on your business’s unique needs. Whether looking for group or 1-2-1 training, coaching or mentoring, our expertise spans all levels of your business from entry-level to C-Suite.
Start your journey by getting a free consultation with our friendly team. After providing some details about your business and goals, our team will create a bespoke solution tailored to your unique requirements.