Finding competent and inspiring leaders is a considerable challenge for organizations. Yet it doesn’t have to be—so long as you treat sourcing candidates who possess the right combination of leadership qualities, technical knowledge, and business acumen as an ongoing in-house process.
Reasons to develop in-house talent
Of course, it requires a substantial amount of resources and time to identify high-potential employees, determine how to develop them, and provide them with the training and guidance they need. Yet there are three very good reasons to do so:
It helps increase employee performance: By providing employees with the guidance and opportunities they need to grow their skills, you’ll also help them perform better. For the employees in question, realizing just how much they’re capable of can be confidence-building and lead to a steady increase in performance.
It boosts engagement: Employees want their employers to offer them opportunities to grow their skills—especially now, with technology transforming both the workplace and business models. If you provide them with interesting assignments, as well as challenges that clearly contribute to the organization’s objectives, they’ll be more engaged in their work.
It improves retention rates: High-potential employees whose employers don’t provide clear career paths and training eventually jump ship. In contrast, by investing in your people and showing how they can advance within the organization, you’ll show them there’s room for career growth. That in turn makes them feel valued and at the same time improves retention, as Harvard Business Reviewpoints out.
In short, by developing promising employees, you can build a reliable pipeline of leadership talent.