In a survey conducted by Investors in People South, 68 per cent of business people said they look at promoting existing members of staff before going to external sources such as a recruitment agency. Despite this desire, 36 per cent of respondents did not have a talent management programme in place that realises and nurtures their employees’ potential to help them progress effectively.
John Telfer, Managing Director of Investors in People South, which manages the Investors in People Standard in London and the South, said: “It makes sense to make the most of the skills within a company. If you train an employee and ask them to embrace the ethos of the company, why would you want them to go elsewhere with their newfound expertise? Who better to fill a managerial role than someone who has worked their way up through the business and knows it inside out?
“Unfortunately some managers do not always recognise when a member of staff is ready to progress or learn new skills, overlooking them for promotion, leading to employee dissatisfaction. Before the employer realises, one of their most valued assets – a skilled member of staff – has become disengaged and gone elsewhere to seek their next challenge.”
The Landmark London, a five star luxury hotel and an Investors in People Champion, places particular emphasis on staff development.
Nicola Forshaw, Director of HR at The Landmark London, which has 350 permanent and 200 casual employees, said: “Having the right systems in place to support our amazing talented team members is fundamental. It is something we have developed and put into practice over the last three years, resulting in 21 per cent of our managerial team being individuals who have worked their way up from junior roles.
“One of the main reasons why people are inspired to join us is due to our culture of ensuring our team members are encouraged to develop their career and giving them the tools to do so.”
Regular reviews take place at The Landmark London with team members able to discuss their performance at four, eight and 12 weeks into the job. At 16 weeks a Personal Development Plan is developed which identifies an employee’s strengths, interests and career desires.
“Being such a large organisation we are fortunate to have Learning and Development managers in all of our divisions, but that does not mean our practices can’t be applied to smaller companies,” continued Nicola Forshaw. “We have implemented quarterly performance reviews, rather than an annual appraisal, which enables us to link employees’ progression with business goals.
“We promise to deliver ‘memorable moments’, not just to our guests but to our team members as well. They are able to spend a night at the hotel early on in their career here to enable them to think like a guest; we have developed our own ‘Landmark’s got talent’ evenings and have reward schemes, many of which do not involve any financial incentive.”
Awarded to well-run organisations which demonstrate good management practice with a high emphasis on best people management and development, the Investors in People Standard encourages growth, profitability and efficiency.
Research shows that organisations of any type and size that adopt a comprehensive approach to people development perform better than those without, indicated by higher gross profits per employee, higher profit margins and higher productivity. Companies that have achieved the Investors in People Standard also have higher levels of trust, co-operation and commitment than their competitors.
To find out more about the benefits of Investors in People and how the framework can be of use for talent management, visit www.iip-south.co.uk, email email@example.com or call 020 7492 5960.