This is a very interesting blog post on Harvard Business Review on the survey results of 1000 Board Members on the success (or rather the lack of success) of talent management. bit.ly/142U4oF “ Corporate directors identified talent management as their single greatest strategic challenge.”
They define the nine dimensions of talent management as attracting top talent; hiring top talent; assessing talent; developing talent; rewarding talent; retaining talent; firing; aligning talent strategy with business strategy; and leveraging diversity in company’s workforce.
Some rather alarming statistics: Only 20% of North American board members surveyed thought their companies were doing well in attracting top talent. Only 19% thought they were doing well in hiring top talent.
“One hopeful sign is that boards are becoming more interested in talent management. They are realizing it can no longer solely be the charge of HR executives or even of the CEO and top management — and that they must integrate talent management with the long-term strategic goals of the organization if they are to have any hope of claiming competitive advantage.”
As Executive Talent Professionals we’ve been aware of these issues for quite some time and are encouraged to see that more executive boards are beginning to understand that talent management is a crucial component to the success of a company and are looking to drive their talent management strategy process forward.
If your company is facing issues with talent management strategy, Hager Executive Search may have the solution you are seeking.