The coming Talent Storm. Are you ready?
A talent storm could be brewing in your organization. The clouds may be gathering just over the horizon. There are several studies and articles that have recently come across the wires that incorporate some form of this critical warning: Retain and attract talent or risk being left behind as the world recovers.
In December 2009 a study conducted by the Economist Intelligence Unit and sponsored by StepStone Solutions found some very troubled waters indeed. Those closest to the workforce are warning that the most talented are not fully engaged in their work yet those at the very top have not yet realized that fact.
A summary of this new report – Companies at the Crossroads which surveyed executives spread over three continents – can be found here. The full version is available at www.stepstonesolutions.com/eiu. Here are a some statistical findings from the report:
- 41% of respondents agreed they have a shortage of talent in their organization
- 44% agreed they find it increasingly difficult to recruit talented employees
- One respondent in two plans to ramp up recruitment over the coming year; only 18% still plan to reduce or freeze headcounts
- Only 16% of line managers said that staff were fully engaged with the business, yet this is not recognised in many boardrooms, with 38% of CEOs saying that trust is ‘high’.
- The top three priorities for talent investments for 2010 are:
- Performance management (voiced by 46% of respondents)
- Leadership development (41%)
- Training and development (36%)
How can you get ready? There are many ways that you can tackle the coming talent storm. Some are strategic. Some are organizational. Some require new policies & procedures for retaining and attracting talent. And some will require better technology.
One new technology worth considering is PeopleSoft HCM 9.1’s talent management product. A previous posting entitled Managing Talent Mismatches covers some of the more useful talent management features incorporated into the current release. Maybe it is a time to take a closer look before the coming talent storm dampens your organization’s prospects for success.
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