How to manage and foster talent in a work environment

Everyone wants to improve their abilities and have those abilities rewarded. Importantly, businesses should be aware of this in terms of staff management. We don’t merely want people who are good at the job they do now – we want those who are capable of learning more and completing more complicated, higher level tasks later. In this way, we help create the very people we need in upper levels of the business.

We should therefore consider the ways we can foster talent.

Talent management matters

Business owners are often more invested in the business’ day-to-day occurrences and sometimes can’t afford to take resources away from investing in the people they employ. However, this is detrimental to the business. Sometimes, they hire talent management professionals to help. They focus on identifying, developing and retaining leadership talent. They work in coordination with a business’ HR department.

However, as the Harvard Business Review points out:     

“A 2012 EY survey of almost 600 global business executives found that talent management functions often measure the easy things (such as employee retention) while overlooking other factors that are important for organizational success (such as whether the right people, with the right skills, are in the right jobs).”

This doesn’t mean we should negate talent management. But, as experts point out, relying on external efforts negates internal processes. This, as a whole, undermines the growth of the business.

How to manage talent

One of the best ways to develop talent is to track it. Regular reviews about job performance helps to show the direction someone is taking. The problem with focusing on external input is that this negates the internal relationships managers form with workers. Knowing them on a personal levels helps managers know what is best for the employee. They can figure out employees’ interests and align business tasks toward such interests, meaning the employee can feel more fulfilled in the job.

Another important way to encourage development of talent is reward. While ideally workers would focus on their own improvement for their own reasons, we should offer rewards. For example, an increased salary if they attend various courses – whether it’s communication or HR management courses – goes a long way to creating the very people we want. They are more skilled and able to deliver on a number of areas – and because they work for us, we don’t need to search for such people since we’ve, essentially, made them ourselves.