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For private company leaders, talent development has become a top business priority for the next 12 months. From leadership succession prep to apprenticeship and mentoring, private enterprises are not only focused on implementing employee development programs, but doing so in a way that increases employee engagement and productivity. Some organizations are opting for in-office initiatives, while others are leveraging hybrid work-friendly technology. Regardless of their approach, our latest survey of 100 private company executives highlights the critical importance of talent development strategies. Continue reading for key statistics, trends, and takeaways related to the topic.
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Talent development strategies private company leaders agree on
69%
report reverse mentoring as their organization’s leading talent development strategy.
71%
say the most important outcome of talent development programs is employee engagement.
87%
predict in-office events will increase in the next year at companies earning $500M+ in revenue.
Key survey takeaways
Key survey takeaways
Leaders are being developed from within. The top three business priorities for private enterprises? Productivity (36%), leadership succession (33%), and hiring talent (32%). Therefore, more than 7 out of 10 private company executives expect their organizations’ use of apprenticeship or mentoring programs to increase in the next 12 months.
Desired outcome: Engaged, productive employees. Employee engagement and productivity emerge as important outcomes of talent development programs. Despite recognizing the implementation challenges, 73% of surveyed private company leaders expect investments in these programs to increase over the next year.
Company size influences talent development tactics. Larger, higher-revenue private companies emphasize in-person connection for their talent development programs. Meanwhile, smaller, lower-revenue companies invest in technology that supports collaboration and productivity to accommodate hybrid work environments.
Wolfe Tone, vice chair, and U.S. Deloitte Private leader
Many of the preeminent priorities among private companies are talent-centric, ranging from enhancing employee productivity to developing and establishing new leadership. Investments in talent development are the cornerstone of fostering an engaged and collaborative workforce while ensuring an organization remains competitive and is poised to adapt in the future. While learning and mentorship programs are important pillars to a workforce development strategy, components like well-being and employee satisfaction also play a part in establishing a workforce aligned to company goals and forward progress.Wolfe Tone, vice chair, and U.S. Deloitte Private leader
About the survey
What’s top of mind for private enterprises? Approximately every quarter, we survey 100 private company leaders to find out. We ask them about strategies, risks, and opportunities they see ahead for their private or family-owned enterprise. That research turns into private company outlooks—which provide you with the most useful insights for now and in the near future. Check out some of our recent topics below, and discover how fellow private enterprises navigate growth, financials, talent, and more.