Today’s business environment is highly competitive and this forces companies and organizations to constantly seek out unique competitive edges that set them apart from competitors. Subsequently, this means that competition to attract skilled workers has increased significantly. This also means that finding top talent is getting harder.
Why is Top Talent Important?
Research shows that highly skilled and talented individuals make the most significant contributions to the success of the organization. For example, some studies suggest that top talents are likely to be 10 times more productive than average employees. This implies that organizations that have a greater number of top talents are likely to experience greater productivity levels. In addition to that, highly talented individuals are often also creative. This implies that companies with greater numbers of top talents are more likely to benefit from increased innovation activity.
Developing Top Talent
While attracting top talent is an option, the competitive nature of the labor market also means it is growing more difficult. With this in mind, developing talent in-house becomes a potential source of competitive advantage.
Some of the tips to consider when developing top talent in your company or team include;
Lead by Example
One of the things that make top talents so productive and creative is the fact that they are always willing to learn and develop new skills and competencies. More importantly, they are often willing to share their skills and knowledge with others. To successfully develop top talents, leaders must show their enthusiasm for learning, being willing to make mistakes and being transparent about it.
Develop Low Performers
Many managers lavish all the attention on top performers, forgetting that low performers could also be disengaged from top talents. In this sense, managers should seek to understand the underlying reasons for low performance and work together with them to find ways of increasing their morale and engagement. In so doing, leaders would be making it easier for employees to give their best.
Create a Positive Work Environment
The kind of environment that employees work in also determines their level of engagement and whether or not they give their best. A positive work environment should be one that encourages practices such as;
- Effective and open communication
- Risk-taking and divergent thinking
- Promotes learning and teaching among employees
- Celebrates achievements
Provide Regular Training and Professional Development Opportunities
Companies can also enhance the talents of in-house employees by providing them with training as well as professional development opportunities. For example, employees could learn by attending workshops, conferences and on-job training. If possible, companies may also give their employees scholarships to pursue higher education.
Give Employees a Sense of Belonging
Talented employees are in high demand. For them to feel loyal to the company, they must feel that they are valued and that their efforts contribute to a greater good.