This blog gives you the key considerations when developing an emerging talent strategy and what you need to consider when introducing an Emerging Talent Scheme.
Emerging talent is new talent/people that you bring into the business and then develop to fill your skills gaps or to develop into future leaders.
If you have a business that you want to expand and grow, then I would encourage you to have an Emerging Talent Strategy. An Emerging Talent Strategy should be aligned to your business strategy and will then support it and help you in terms of filling the skills gaps and having a succession plan.
What do I need to consider when developing an Emerging Talent Strategy?
1) The first step is to consider where you want your business to be in 5/10/15 years.
Are you considering expansion? Will your expansion be through diversification & if so what skills do you need? If expanding, do you need to move to bigger offices & will these be in the same area? What makes your business stand out from your competitors.
2) Having identified your business strategy & expansion plans, you then need to consider what skills/roles you require.
What current skills gaps do you have and how can these be overcome? How will technological advances change the roles you currently have & will you have a requirement for new skills? What is the age profile of your current workforce? Do you need to replace staff that are considering retirement? What challenges do you currently face when recruiting? It may be worth undertaking a brainstorming session on how these challenges could be overcome & thinking completely outside the box.
3) How can you fill these skills gaps/needs?
What disciplines are you short on & at what level? Can apprentices or graduates assist you in meeting these needs? If apprentices or graduates are suitable how will you develop them within the business so that you retain them? Can you consider roles that can be part time or job sharing?
4) You’ve identified your skills gaps & needs to meet your business requirements and considered various options to meet them but which is the best?
I would recommend undertaking a Cost Benefit and/or SWOT analysis to determine the best solution. Remember you may need multiple solutions to meet your needs.
Developing an Emerging Talent Scheme
If you then identify that graduates and/or apprentices will assist you in meeting your business strategy, the next step is to develop an emerging talent scheme that fits your business. To do this you will need to contemplate the following:
Where do you want your apprentices/graduates to be in 5 years time in terms of role and career path? From this then identify what they need to get there in terms of training and experience.
Do you want them to rotate around the business so that they gain an understanding of how the business fits together and the key interfaces?
What level of emerging talent do you want to bring in? Apprenticeships range from level 2 (GCSE to degree level). When evaluating what level you will need to consider the appropriate salary and available funding. This should also be factored into your cost benefit analysis.
How long do you want your scheme to run for – one, two, three years? What is their progression path following completion of the scheme?
If recruiting apprentices, you will need to identify a training provider. The training provider should be on the Register of Apprenticeship Training Providers and I would suggest you meet with them to discuss success rates etc. and to see how they can meet your requirements.
When introducing an Emerging Talent Scheme into the business it’s important to communicate what you are doing to the rest of the business and why. Give them an overview of what they will be doing & how it will assist the business. This will gain their buy in and assist the emerging talent. It is good practice to appoint mentors/buddies to the emerging talent. I would also recommend that you give the mentors/buddies training on how to be a good mentor. This also gives those already in the business, the opportunity to impart their knowledge to others and also gives them some personal development.
When developing your scheme, it’s important to build in regular reviews with your emerging talent to discuss their progress both in work and at college (if applicable) and to ensure they are obtaining the right type of experience. Typically, this would involve the emerging talent individual, their line manager and someone from college (if applicable).
You may want to add additional company training to your scheme to assist the emerging talent in their development. Topics could include Personal Organisation, Presentation Skills, Report Writing and technical skills associated with their role.
Depending on your company and sector, you may wish to gain scheme approval from a professional organisation e.g. Royal Institute of Chartered Surveyors (RICS). Once you have developed and introduced your scheme, it’s important to review it periodically to ensure that it remains fit for purpose.
For further information/assistance, please contact Amanda@strivedevelopment.co.uk