Survey: Firms Concerned If Senior Execs Have Skills to Generate Growth

Los Angeles — April 5

According to the latest executive survey by the Korn/Ferry Institute, 75 percent of corporate executives question whether their senior executive teams possess the appropriate mix of skills to generate growth for their companies in 2012.

In the survey, 52 percent of executive respondents say their companies need to acquire at least a modicum of new talent or invest in more talent development efforts for their executives. About 23 percent go further, saying that their companies need an overhaul in senior talent.

When asked if a lack of internal talent led their companies to postpone or abandon altogether potential actions in the past two years, 73 percent responded “yes,” encompassing mergers and acquisitions (6 percent), geographic market expansion (11 percent), product launches (6 percent), as well as multiple initiatives (32 percent).

When it comes to succession planning, nearly 45 percent report their companies are committed to building a robust internal talent pipeline and identifying high-potential talent deep into their organizations. But 37 percent also believe there’s neither rhyme nor reason to executive appointments and promotions.

Forty-five percent of the executives say their companies regularly identify areas of development as part of their performance review processes, and have deployed structured developmental programs for all employee levels. Another 40 percent say their companies identify developmental areas for employees, but report the follow-up is “weak and inconsistent.”

Source: Korn/Ferry International