Talent shortfall is already a big issue and is projected to get even worse in the future. To give you some perspective, here are some numbers. According to data, there are 3.9 million unfilled jobs in the IT sector in the US alone. Another study conducted by Korn Ferry shows that this number would jump to 85 million unfilled jobs by 2030.
This huge gap in supply and demand of talented IT professionals will lead to a loss of $8.5 million on an annual basis. How can your business get over the talent shortfall problem? By investing in talent development. You need to prepare your existing resources to take up new roles to fill the void.
Even though some businesses are investing in talent development, sadly, they are not getting the desired outcome from their talent development investments. There are many reasons for it. From fuzzy goals to using outdated teaching techniques, shorter duration, and lower frequency, restricting talent development programs to certain individuals to not measuring the true impact of talent development programs, the list goes on and on.
Irrespective of what the reason might be, it is important to understand the root cause of the problem and find a suitable solution for it. If your talent development program is stuck in a rut or not delivering the results you want it to deliver then, here are some success stories from businesses who have been there and done that to motivate you.
In this article, you will learn about four talent development success stories that your business can take inspiration.
4 Talent Development Success Stories Businesses Can Learn From
Here are four real-life talent development stories that can serve as a source of inspiration for your business as well.
1. Capital Group Career Investment
Capital Group takes a completely different approach to career development as compared to other businesses. They create a long-term employee development strategy, which focuses on employees. At Capital Group, employees are as important as customers, if not more.
They organize boot camps, give employees access to courses to develop subject matter experts, and also have an employee marketplace. This not only gives their employees learning opportunities but also provides a hands-on experience as well as career growth opportunities.
What really makes them stand out is their Technology Rotation Experience program. The two-year program allows employees to play around with different technologies and learn new things while doing so. The length of the program clearly shows their emphasis on the long-term well-being of the employees.
When you allow your employees to learn new skills and move to a different department, it unlocks unlimited opportunities for them to explore new domains. They will learn how other departments work, what challenges they face on a day-to-day basis, and what steps they take to get over those challenges. This gives them a whole new perspective.
2. Progressive Bootcamps
Progressive looks to tackle the skill shortage problem through its boot camps. The insurance company has developed an IT Bootcamp, which allows their nontechnical employees to master some basic technical skills. This enables them to prepare for newer roles without having to look for new candidates from external sources.
They break the walls that prevent non-technical staff members from getting into IT. Progressive removed the eligibility criteria and allowed non-tech employees to join the program. You don’t even have to have a tech background to be a part of the training program. The four-month-long intensive training program heavily focuses on training aspects and is expanding to include other roles such as data analytics as well.
This sends a clear message to employees that the company takes their career progression aspirations seriously and is doing something about it. It also shows that they want to retain employees instead of letting them go. Unlike other training and career development programs, employees will see the real benefits when they become a part of their program. This motivates employees and persuades them to give it their best shot.
3. Altaria’s Focus on Career Development
Altaria uses career development as a weapon for retaining their top talent. They give their employees upskilling opportunities as well as allow them to gain experience even if they are outside of the domain. Unlike other companies, their training and development is for every employee instead of a selected few.
Best of all, participants graduating from the training program will automatically be assigned a new role where the skills they have learned will be tested. For instance, if you are managing the servers previously, you could be thrown into a cybersecurity role such as protecting critical data just like DDoS protection services does. They also have a formally defined career development process for every employee. In addition to this, every employee has to go through the annual talent planning review process.
This allows them to reflect back on where they are currently in their careers and where they want to go in the future. Managers will closely work with their employees to identify areas of improvement and provide them with opportunities to polish their skills. All this helps it to make it to the list of some of the best places to work in 2021.
4. Capital One Talent Development Success
Instead of focusing on just one area for talent development, Capital One takes a holistic approach. They want to prepare a 360-degree professional. For this purpose, they have created a full stack development academy and capital one tech college along with their in-house professional development programs.
Capital One has more than 11,000 employees which are divided into 2000 different teams. They treat every team separately to make them more productive and agile. This agility trickles from the bottom up, making the whole business more nimble. Additionally, the autonomy offered to these teams is exemplary, which allows them to circumvent complex hierarchical layers.
Their Capital One Developer Academy offers a six-month long program to train software engineers so they can master full stack development basic concepts and apply them. On the flip side, their tech college focuses more on upskilling via certification courses.
Which talent development success story fascinates you the most? Share it with us in the comments section below.