When asked what they feel is the single most important corporate strategy for their company to implement, 45 percent of global executives say talent management – and they indicate it is more critical than marketing (26 percent), financial management (21 percent) and capitalization (7 percent).These results are from a survey of global executives conducted from February 6 to March 8, 2013 by Korn/Ferry International, a premier global talent management company.
Despite ranking talent management the No.1 corporate strategy, 35 percent of respondents say their companies do not have a talent management strategy in place.
Further emphasizing the importance global executives place on talent, the survey also reveals that 86 percent of executives believe that a strong management team is the most critical component to a company’s success. Yet, 43 percent say they do not believe their company has the right management team for the company over the next 12 months and 56 percent do not believe they will have the right team five years from now. This is despite the fact that just seven percent of respondents believe their company’s strategy will remain the same in five years.
“Our survey indicates that even when top executives say that a strategic approach to determining human capital needs such as recruiting, hiring and retention is one of the highest priorities on their agenda, many companies’ talent management practices lag behind the minimum accepted standards,” said Ana Dutra , Chief Executive Officer, Korn/Ferry Leadership and Talent Consulting. “Many companies today have yet to align their talent strategies with the changing nature of business strategies.”
“What apparently has yet to take hold in companies is recognition that business strategies are constantly changing and that companies need their leaders to be able to grow and learn from their experiences as well as update their talent strategies in order to execute on more challenging business performance targets,” added Dutra.
