A lot of people think that talent development and learning and development (L&D) are the same. But so is not the case. While both of these concepts are closely related, they have very definite differences. Ideally, L&D must be a core component of a talent development strategy. Experts at Revature mention that talent development majorly puts emphasis on identifying and nurturing new talent. On the other hand, learning and development is more focused on improving the skills of current employees.
Revature discusses how talent development differs from learning and development
Talent development is basically the term used for describing the recruitment, development, and retention of employees over their life-cycle. A close working relationship between the HR and the managers is required to make sure that the right talent is in the right place at the right time. Talent development involves a combination of recruiting the right talent and equipping them with the means to grow into future leaders.
Employees are the lifeblood of any company. But finding and developing the workforce is not always a simple task. Talent development requires a good amount of time and effort, and can be executed through multiple methods, ranging from internships to mentorship and training programs. The key goal of talent development is to identify employees having high potential, and assist them in reaching their full potential. This basically means that talent development is more focused on the future of the workforce, while L&D is concerned with the present. Investing in talent development allows companies to make sure that they have a steady pipeline of trained and talented employees who can lead the company into the future.
Subsequent to hiring new talent, consistent efforts must be made to make sure that they are up-to-date with industry relevant skills and are able to do their duties impeccably. This is where learning and development comes in. The process of L&D enables the employees at a company to improve their skills and knowledge, so that they can be more successful in their current roles. Learning and development strategies can be executed in many ways, like training programs and certifications, or even on-the-job training. Experts at Revature underline that the goal of strategies is basically meant to help the employees be more productive and efficient in their roles, so that they can contribute to the overall success of the organization. L&D also plays into workforce planning and succession planning at a company. After all, it is smart for a business to evolve its existing talent into managers or help them to transition into a role that suits them the best.
Both talent development and L&D are important for modern businesses. However, which of the strategies a business needs more would depend on the goals and objectives of the organization. If the company aims at identifying and nurturing new talent, then focusing on talent development will be more important. On the other hand, if a company wants to improve the skills and knowledge of its current workforce, it must prioritize L&D.