Organizations in the United States spend $180 billion every year on talent development, as per a Georgetown University Center on Education and the Work force report. This figure alone is enough to mark the importance of talent development in a work place. Talent development broadly refers to the efforts made by a certain organization to build the existing skills of its employees. Moreover, talent development programs also help in bringing a range of new skills to the workforce that are critical to the current market landscape. The workforce transformation program of Revature includes talent assessment and workforce planning, up skilling, and re skilling.
Revature discusses the popular approaches towards talent development
Talent development programs vary from one organization to the other, depending on their specific needs. All companies must, however, have proper talent development strategies in place, to improve talent acquisition and employee turn over. With greater employee retention, a business is likely to have fewer hiring needs. At the same time, if professionals are aware of the fact that a certain company invests in talent development, they would have higher odds of applying for its jobs. After all, talent development does help accelerate the career growth of the employees.
Up skilling is among the most prominent talent development practices followed by modern companies. It involves building on the current skills of the employees, and honing capabilities specific to the work place operations. For example, prior to the COVID-19 pandemic, most collaboration used to take place in person. However, during the pandemic, companies had to move their operations online owing to the social distancing norms. In this situation, up skilling involves teaching employees how to conduct online meetings, use an Enterprise Resource Planning (ERP) system rather than paper, and so on.
Re skilling is another popular talent development approach. While up skilling involves building on the skills that the workforce already has, re skilling implies to developing new skills that are required to competently perform varying job-related tasks. Re skilling helps businesses save money that would otherwise be spent on filling new positions, remain competitive in the market, and retain their best talent.
In the current age, talent development is critical for all businesses as the workplace norms keep consistently involving. Employees will not be able to keep up with these changes unless they are provided with proper training. The up skilling and re skilling programs of Revature help tech talent to get trained in the most in-demand skills, and therefore, can effectively assist businesses of multiple types in their talent development process.
Employees are considered to be the secret formula for digital transformation in the business environment of today. The right talent acquisition and development strategies would help companies to create a work force that is equipped with valuable, diverse skills. The presence of a diverse talent pool at a company allows it to stay aligned with current market trends and requirements with relative ease. In addition to technical skills, employees also must develop and hone soft skills like flexibility and resilience. As per an MIT Sloan School of Management study, a year-long training program focused on soft skills helped deliver a 250% return on investment.