Tapping into your internal talent pool to differentiate your brand.

As a mid-market CEO, you understand the importance of having talented individuals to push your company to new heights. But with so many options available, identifying and nurturing internal candidates can seem insurmountable. If you are like other leaders, then I am guessing you are primarily looking for external talent that you can hire. What about the talent from within your company? The talent you seek may already  be already on your team, waiting to be realized. Don’t let the fear of cultivating employee capabilities hold you back – with the right approach, anything is possible.

Identifying talent within your company

• Employee Surveys. Surveys provide valuable insights into employee skills, interests, and career aspirations. The information contained within these surveys can be used to identify employees who have the potential to take on new roles or responsibilities within the organization. Companies such as Trakstar, Leapsome, and Lattice are but a few companies that specialize in surveys designed around talent development.
• Performance Evaluations & Skill Assessments. By analyzing past performance and potential, companies can uncover individuals who have already succeeded in their current roles and may be ready to tackle more challenging responsibilities or leadership roles. Additionally, this process can highlight areas where additional training or support may benefit employee growth and development. There are many assessments in the market; some of the common ones are DISC, Myers-Briggs and Gallup Strengths Finder.
• Prioritizing talent development within your company. Current managers and team leaders should identify and support top department or division performers. By providing top-performing and high-potential employees opportunities for growth and development, mid-market companies can increase employee engagement and retention rates while building a stronger and more skilled workforce.

Once internal talent is identified, now what…

Once internal talent has been identified, developing and nurturing these employees is vital to help them reach their full potential. This can be done through mentorship programs, which pair employees with more experienced colleagues who can provide guidance, support, and advice. Mentorship programs can also help employees develop new skills and competencies, build professional networks, and gain valuable insights into the company’s culture and operations.

Another nurturing talent strategy is to provide employees with opportunities for skills training and development. This can include on-the-job training, workshops, or courses and opportunities for employees to attend industry conferences or events.

Also, mid-market CEOs can focus on developing employees’ leadership skills through coaching or mentoring a few of the company’s most promising employees. This enables the CEO to play an active part in the talent development process and mold future leaders in their image.

Example

Many mid-market companies have successfully developed and nurtured internal talent to build a solid and skilled workforce. One such company is Zappos, an online shoe and clothing retailer known for its unique corporate culture and exceptional customer service.

Zappos places a strong emphasis on developing its employees and offers a range of training and development programs to help employees build their skills and advance their careers. This focus on internal talent development has helped Zappos build a highly engaged and motivated workforce, which in turn has helped the company achieve its business goals.

Mid-market CEOs need to be looking for external and internal talent. There could be untapped talent pools already in your organization, just waiting to be developed. And in many cases, internal talent can be developed quicker and cheaper.

By adopting a more forward-looking approach to talent development and management, mid-market companies can attract and keep the best talent while also fostering a more engaged and motivated workforce.

Charles Good  President, Institute for Management Studies

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