Talent development strategies have always been regarded as important as food and shelter, but they are being pushed even harder in the startup world, particularly in the blockchain sector.
Yet, we simply don’t have the resources of other megacorporations, so how can we compete with them in terms of offering competitive salaries and benefits?
If those are your concerns, you’ve found the right place! This article explains how blockchain small and medium-sized enterprises (SMEs) can implement successful talent development strategies without a big budget.
So, what is talent development?
Talent development is the process by which an organization seeks out, trains, and promotes its best and brightest employees. It is generally seen as a subset of talent management, which deals more broadly with attracting and retaining high-potential employees. Upskilling and reskilling workers are two examples of this, but there are many other ways to help workers advance in their careers.
What do Talent Development Strategies Mean for Web 3 Startups?
As a business founder, you will start off with the hiring process, then speculate on how the contributions of the new member will influence the development of your blockchain strategy. Particularly in this industry, it’s crucial for new businesses to hire people with skills (aka talent) rather than just people looking for work.
Obviously, you don’t want to hire someone, put them through training, and then let them quit. According to a recent survey by McKinsey & Company, as a matter of fact, 40% of workers say they are at least somewhat likely to leave their jobs within the next six months. Surprisingly, this number holds true across five different continents.
Therefore, in the present day, the spotlight often shifts from talent recruitment to talent development strategies—adopting ways to retain those best employees remaining in the workforce using the ultimate talent development plan.
Do Talent Development Strategies differ in the Web3 Startup?
In the blockchain industry, especially in the Web3 field, there are uncountable ways to develop an employee development plan without adopting traditional ones.
Token-based ecosystems, for instance, and other blockchain-based talent management applications, hold greater promise for creating a center for talent development. Of course, the system’s fairness will depend on how we decide to define the deserving recipients, but that’s the beauty of blockchain: When there is something that needs to be improved, anyone can propose a change, and if a majority of the network agrees with the proposed modification, it can be implemented quickly without much disruption to the system.
Some businesses have come up with original ways to use tokens or smart contracts for talent development strategies:
At Blue Whale, they are adopting talent development strategies. One of them is named “Contribution Activity Manager.” It allows users to receive compensation for performing a variety of predetermined actions within the network, such as resolving disputes, providing feedback, generating leads, and so on. That way, it’s simple and fair to keep tabs on everyone’s contribution to each project and the team as a whole.
All thanks to blockchain technology, skills can be verified immediately as work is completed and performance can be evaluated in real-time. As more businesses join a distributed network, verified information about employees, candidates, and their work can be safely shared.
For example, BBVA, a Spanish financial institution, has implemented a token-based training system for its staff. Tokens can be earned by employees who share their knowledge with their coworkers, and these tokens can then be used to pay for educational opportunities.
Companies can also encourage employees to work together toward a greater goal, such as addressing climate change, through the use of blockchain technology and digital tokens.
How to implement effective talent development strategies?
Now that you understand why it is necessary and how blockchain can benefit the process, let us learn how to create an effective one and get it into your hands. Here are three effective talent development strategies for your blockchain startups to cultivate employees and the company’s potential.
Create effective learning systems
One of the best ways is to help them improve themselves by creating a learning center for talent development. However, when it comes to developing an effective talent development program, a one-time program isn’t going to cut it. In the real world, workers spend time in the conference chair, but by Friday afternoon they’ve forgotten all they were taught.
Therefore, good learning systems should be easily remembered and applied in the real world. Thus, many of the Big Four provide a learning program for employees to better themselves, not just professionally, but also in terms of mental health or social skills.
Blockchain technology, by its very nature, makes information more accessible to more people. It could be a blow to the egos of training and education providers to realize that blockchain technology can eliminate the middleman in the training and education process. The talent development and education communities may be a valuable resource for peer-reviewers and subject-matter experts.
Here are some guidelines about how to put these into action:
- Firstly, you should do a training needs analysis to determine what skills your staff members need to succeed in their jobs and in other aspects of their lives as a whole.
- Second, provide content in the most effective format for the sort of skill being honed, such as microlearning materials for the complex, or long-term development of hands-on, collaborative projects for team-building.
- Finally, provide opportunities for practice: learning by doing is highly recommended
- Last but not least, make sure to solicit comments and thoughts in order to make any necessary changes.
Leadership matters
Talent development studies have shown that the most effective leaders are those who prioritize their employees’ professional growth.
Managers must also figure out how to accept the use of blockchain technology to offer a free-for-all of data while still recognizing the need for personal connections that can only come through real-world interaction.
By its nature, blockchain’s primary objective is to increase transparency. The use of trusted ledgers to guarantee accurate data and smart contracts to establish confidence between employees and employers will have a significant impact on the evolution of organizations over the next decade.
Leaders that succeed in fostering a culture of trust and authenticity within their teams will find that their efforts strengthen their relationships with outsiders as well.
How to implement it?
- Make sure your company communicates it clearly. Not only should the manager say it once, but he should also always remind employees that support from upper levels is always available. This not only benefits the employees, but also serves to strengthen the company culture.
- Consistently coaching and checking in with employees: The key is delegation, as coaches can be found anywhere in the company. Coaching, when needed, is acquired so they can provide regular feedback and guidance.
Give employees opportunities to level up their skills
Even the smallest companies are brimming with talent. It’s entirely possible that after a period of training and working, all the skills employees have acquired are already available. As a result, you must acknowledge it by providing opportunities for hands-on projects.
You have to show employees that you are committed to them, not only in their careers but also as well-rounded people who may be under-utilized and ready for more challenging work.
To do that, blockchain technology can be adopted in order to record employees’ skills for talent development strategies. It can use DLT to assemble a collection of badges to denote the skills of the employees. Although the badges and skills are initially self-reported by the candidate, they are verified across the blockchain and impossible to corrupt, making the information far more reliable than simply listing one’s skills on a resume or website.
For instance, you can take an entry-level technician who has demonstrated experience in management and offer them time away from their work to attend a talent development program and manage a new team. This might equip them to lead a new initiative to increase our company’s capacity but also level their skills.
If you are in the process of establishing a blockchain startup and are having difficulty developing talent development strategies, it’s worth checking out Satom. Satom offers unique financial and enabling services to assist founders in building successful blockchain businesses. If you’re interested, please contact us at hello@satom.vc.
