The Future of Talent Management: Key Findings Part 12

September 14th, 2012 by Sarah Green Leave a reply »

In this economic climate, organisations are more likely to develop existing employees than recruit new talent.

Here is the next part of this series of blogs summarising our 2012 findings into the Future of Talent Management.

65% of Leaders reported that their organisation is more likely to develop existing talent than recruit new talent, including 75% of Business Leaders, 54% of Talent and 67% of HR Leaders. A total of 35% report the opposite suggesting that not all organisations are doing enough to develop and retain their current key talent. This concurs with The RSA Group (2011) research which found that “55% of executives say the industry does not give adequate consideration to retaining top talent”.

If Leaders are to create an environment of internal development, they are more likely to be successful when applying a talent mindset, by ensuring they “create, champion, and drive ways to bolster talent” (McKinsey and Company, 2001), forging the link between talent and business strategy.

Organisations need to consider the pros and cons of recruiting versus developing existing talent. They need to use their TM strategy to support their succession planning requirements, identifying skill, knowledge and capability gaps so they can make informed recruitment decisions.

We propose that organisations need to evaluate their TM strategy to ensure that all succession, development and recruitment considerations are met. A strong talent strategy should have no boundaries, it should enable the organisation to identify, develop, connect, share and retain talent across the whole organisation.

“We have observed that organisations are often extremely poor at promoting high-potential candidates across divisions, so it’s important to make a special effort to break through silos to identify promising inside-outsiders working in other units.” (Fernadez-Araoz, Groysberg & Nohria, 2009, page 80). ✓

Look out next week for Part 13: Organisations encourage their Leaders to be authentic and unique whilst acting in line with the organisational norms and values.

For further information please contact: Dr Amanda Potter 01737 555 862. Reference: Talent Management. Copyright © 2012 Zircon Management Consulting Limited. All rights reserved

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