Managing talent for high-performance will play an increasingly crucial role in an organization’s growth and future success. Effective talent management (TM) is a top priority in organizations of every size.
Organizations recognize the need to acquire, engage, and retain top talent, yet they continue to struggle to implement effective strategies to do so. In our Business Focus 2014 Survey released last month 45% of global executives cited TM as the single most important corporate strategy, yet 35 percent said they do not yet have a talent strategy in place.
In our State of Talent Management Survey 2014 that is currently open, early results show that, more than 93% of companies of all sizes feel their talent management needs to improve. Of those same organizations, almost 40% say that they are an under-performing or low-performing organization as a result of ineffective talent management practices.
If you haven’t yet had an opportunity to take the survey, please let your voice be heard and complete the survey today.
Regardless of your most pressing business challenge – gaining market share, cutting expenses, innovating new products and services, improving brand recognition, expanding to emerging markets, or something else — the early data from the survey show that high-performance talent management plays a vital role in business success and the sharp disconnect between its business priority and its effective execution is alarming.
Why does talent management prevail as a critical business strategy yet very few of us are getting it right? The answer could reside within a number of reasons. Here are just a few:
- Lack of alignment between talent processes (talent acquisition, leadership development, performance management, etc.) and business goals
- Command-and-control cultures that discourage learning and innovation
- Little if any technology enablement of talent processes to improve consistent and enterprise-wide application
- Variance between how talent processes are applied to employees versus managers
- Absence of accountability holding leaders and employees responsible for improved performance both individually and collectively to improve organizational performance.
In most occasions, ineffective talent management is the result of all, or some combination of these factors, and effective execution of each factor varies not only between organizations but also between business units within the same organization.
Improving the effectiveness of talent management starts with being familiar with leading talent management practices and failure points. Our State of Talent Management 2014 Survey will reveal this very information — leading talent management practices, what works and why, as well as today’s talent management drivers, challenges, and priorities, and the size/spend/growth of talent management.
Again, if you haven’t yet had an opportunity to share your thoughts on any or all of these topics, please let your voice be heard and complete the survey today. We are closing it very soon so we can analyze the data and share the results and our analytics-based insights with those eager to improve their business performance.
Until next time….
Vice President, Talent Management Practice and Principal Analyst