How to Develop Talent Within Your Business

In Massachusetts and Rhode Island, we are lucky to have a plethora of talented employees and candidates. The local market's abundance of talent means businesses need to offer more than a comparable salary to stay competitive. And even after you've recruited superstars to your company, how do you keep them happy and engaged?

Creating a program that invests in your employees and offering your best and brightest training can help keep them on your payroll for years to come. We asked our Talent Development Analyst, Meaghan Prior, to advise how small- and medium-sized business owners can help their employees' progress and develop.

Why is building talent important?

To compete for talent, employers have to find ways to differentiate themselves to attract and retain the best. In competitive talent markets, employees want to know, "What's in it for me?" In other words, why should they want to work at your company? Most organizations are offering similar compensation and benefits packages, so what else attracts talent? Creating a unique and compelling culture defined by your ability to develop talent makes a strong Employee Value Proposition (EVP). Your EVP establishes a platform to market your organization as desirable to future candidates. 

People want to work where they'll be most successful. Offering development programs ensures your organization stays competitive because of the skills your employees acquire as a result. A byproduct of this investment is the reinforcement of your culture and EVP. It takes time and intentionality to cultivate your culture. It can be influenced by practices like building talent so long as the investment is sustained and genuine. By supporting employee career aspirations, you can create a good culture rooted in your company's values. 

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How should this program be structured?

First, it's necessary to identify your top performers. There are several ways that you can do this, including a nine-box talent assessment that shows how an employee performs relative to their goal achievement and potential for expanding leadership roles.

Regardless of your assessment method, an essential part is to create criteria for this assessment and stick to them. A repeatable process is necessary to ensure that the process is equitable and that underrepresented groups are not adversely impacted. It will also help as you grow and expand.

Managers tend to spend most of their time coaching low-performing employees and leaving the high-performing ones to their own devices. Don't make this mistake. Although all employees deserve coaching, the ones you want to develop will help your organization achieve its objectives. If you have the resources to invest in development, start with your high performing future leaders, and support their aspirations. 

"Your organization will be better prepared for the future, and your high-performing colleagues will feel rewarded; this can also be a great motivator. Everyone will wonder what it takes to get that kind of investment, and they'll be inspired to do whatever they can to get in on the action." 

After identifying your top talent, you can start to create a program to support their growth. Successful programs offer a mix of methods for teaching employees.

If you consider the time available to develop these leaders, use the 70:20:10 model of development. Research shows the most effective development occurs through critical experiences, so spend 70% of their development time finding meaningful ways to teach by doing. Find out how their skills can be cultivated on the job and through assignments that stretch their abilities. Put them in charge and allow them to learn.

Some formal training is appropriate as well and should account for 20% of their development time. Create cohorts to foster an environment that is challenging but supportive. These cohorts lend high-performers support, and they'll hold each other accountable. The last 10% should be spent on reading and researching. There are plenty of resources available for those wanting to become a great leader.

KEY TAKEAWAY: Experiences are a vital, practical, and cost-effective way to develop and nurture top employees' talent.

What resources are needed?

Offering experiences that expand or hone skill sets can cost no money and is the best way to develop employees. There are several options that employers can take advantage of to help in this arena. If you have a budget for talent development, there are programs at colleges or universities and training firms that can be utilized to help employees learn valuable skills.

For example, Rockland Trust uses a nonprofit training provider, the Gestalt International Study Center, to help develop leaders and individual contributors. After completing the training, we offer meaningful sessions for managers to connect on real work issues they're facing at the moment and problem-solve with other managers.

Regardless of budget, it's essential to recognize your employees for their excellent, hard work. "At Rockland Trust, we believe everyone should be treated with care and respect. Never underestimate the power of a genuine 'thank you.' Without loyal colleagues interested in giving their very best, we wouldn't be successful."

At Rockland Trust, we know that running a small- or medium-sized business often means you’re wearing many hats. Our Learning Center offers helpful tips and resources for business owners, and our expert business bankers can help you with any financial needs.

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