By Tino MantellaTLG President & CEO
“What’s in your wallet?” Maybe you’ve heard this phrase before. It’s a famous slogan that Capital One has used since 2,000. It gets you thinking about money (what’s usually in your wallet) and more than likely, your credit cards.
In one of our recent testimonials, one client asked a very similar question – what’s in your talent management toolkit? Today, talent retention and acquisition are a primary issue that every industry is facing, and in a post-covid workplace, more difficult than ever before. Most organizations have talent management strategies in place. However, if your talent management strategy doesn’t include a robust leadership development initiative, a key piece to the puzzle is missing!
Leadership Development Matters
According to DDI’s 2023 Global Leadership Forecast, one of the key drivers for high-potential retention is having opportunities for growth and development. In fact, 33% reported that without opportunities for growth, they would depart. Providing these learning opportunities is the single most important factor determining if they will stay or go. Having a leadership development program or initiative in place can greatly increase your retention rates. Companies who provide development opportunities also enjoy 34% higher retention rates.
Integrating Coaching into Talent Management
Coaching is one of the best proven ways to develop effective leaders and teams. Coaching facilitates psychological capital, a positive psychological resource that coaches can apply to day-to-day work experiences. Through application, coaching increases job satisfaction, overall performance, self-awareness, retention, leadership effectiveness, and leads to positive behavioral change.
Without coaching, it can be challenging to maintain your leadership pipeline. According to the same DDI report, 85% of high-potential leaders want coaching to help them develop as leaders. On top of that, 56% indicated the desire to use an assessment to diagnose strengths and areas of improvement.
Some organizations may leverage internal employees to coach others; however, many organizations rely on outside firms like Turknett Leadership Group (TLG) to facilitate coaching engagements for their leaders and teams. With over thirty certified coaches and consultants on staff, TLG’s expertise can help companies effectively integrate coaching into your talent management strategy.
We also recommend identifying senior leaders who may need executive coaching. Assessments can be utilized to gauge the need for coaching. TLG offers a number of robust assessments that can help pinpoint blind spots and other potential issues. We find that many times however, it’s usually clear when there is a need.
Selecting a coach who aligns with the needs and background of your employee is paramount. Finding a professionally certified coach is generally the best approach. TLG features over 30 coaches and consultants, all of which hold professional certifications and have extensive experience.
Finally, throughout the engagement, measure progress against established goals. We recommend using assessments to monitor behavioral changes to compliment observation. We use a follow-up 360 assessment to ensure that the client is showing behavioral change and improving throughout the engagement.
Other Methods of Development
Coaching is a well-known way to develop effective leaders, but leadership development can and should encompass a broad palate of initiatives. Leadership development can also include cultural transformation, surveys, team development, succession planning, and more. Workshops for example are an excellent way to meaningfully impact a large group or team of employees, providing them with a fun experience together while also providing them with new skills and tools to perform better.
Over the last several years, TLG has worked to greatly diversify our services in order to meet the evolving needs of organizations in this space. There are many ways to develop your people, but one thing is for certain – leadership development should be an active piece of your talent management strategy toolkit. So, I’ll ask the question, what’s in your talent management toolkit?