Los Angeles, March 18
Asked what they feel is the most important corporate strategy for their company to implement, 45 percent of global executives say talent management — and 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 Feb. 6 to March 8 by Korn/Ferry International, a talent management company.
Despite ranking talent management the No. 1 corporate strategy, 35 percent of respondents said their companies do not have a talent management strategy in place, and 6 percent of respondents said they had never heard the term “talent management.”
Further emphasizing the importance global executives place on talent, the survey also revealed that 86 percent of executives believe that a strong management team is the most critical component to a company’s success. Yet, 43 percent said they do not believe their company has the right management team for the company during 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 7 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 and mismatch their stated importance,” 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.”
Source: Korn/Ferry International