How do I attract and keep the best people?
Recent research by Hay Group revealed that less than a quarter of business leaders believe their organization’s talent management processes would deliver the leaders they need. In fact, as many as 70 per cent of them felt that their talent management had to change.
For many organizations the problem lies in the generic approach they’ve adopted: instead of identifying – and delivering – exactly what the business actually needs, they focus on generically enhancing the overall supply of talent in the hope that this will meet future demand. Hay Group’s experience working with organizations across different sectors underlines our belief that this approach is not sufficient.
Organizations have to be more forward looking. They need to understand their future direction as well as the changes happening in their markets. They can then put in place more rigourous systems for identifying the talent they will need in the future, offer formal programs to develop potential leaders, ensure that the right reward programs and incentives are in place to retain those staff they’ve invested in, and ongoing monitoring of potential hot spots across the organization.
In the US alone, the next decade is set to see the retirement of some 75 million workers – including 50 per cent of the CEOs of major organizations. The available talent to replace them will need to be picked from the next generation of just 45 million.
To find out more about Hay Group’s thinking on identifying and developing your future leaders, download our ‘Potential for What?’ whitepaper.