How do Organisations Approach Talent Management?
Today more than ever before, keeping the Talent Management strategy simple is the fundamental key driver of success for organisations. However, research has identified that whilst the majority of organisations have a TM strategy in place, very few organisations effectively communicate this to their business leaders. As a result, it is often that leaders feel unclear about what their organisation means by ‘talent’, let alone a ‘talent strategy’. Here, we understand that much of this uncertainty results from poor communication across the organisation as a whole, meaning that organisations fail to embed talent into the mindset of the workforce, resulting in a lack of employee buy-in. As a result, this research seeks to develop a greater understanding of how organisations approach talent management and whether or not they effectively define, communicate and apply a strategy across the organisation. Arguably, it is through effective communication and application that business leaders then emphasise the importance of human capital as an asset in driving organisational aspirations.
To explore the prevalence and effectiveness of talent management strategies, 150 senior leaders were interviewed through online surveys and telephone interviews. Interviewees were sourced from a total of 85 organisations, all of which derived from various organisational sectors including: Financial Services, Legal, Healthcare, Logistics, Utilities, Leisure & Technology.
Zircon’s research into The Future of Talent Management found:
Many organisations do not have a clear definition of talent or a clear talent management strategy: TM strategies are often not fully defined or understood within organisations.
Talent Management strategies are not consistently applied across organisations and are therefore not being embedded in the mindset of employees: Whilst many organisations claim to have a talent management strategy, it is often not supported by a consistent implementation strategy.
Talent Management strategies are not communicated effectively across the whole organisation: Less than 20% of leaders believed talent management strategies are openly communicated.
Keeping a Talent Management strategy simple is the key to success: 88% of leaders said that keeping things simple is a key driver to developing the talent management strategy.
Please click here to download our The Future of Talent Management publication and the following previous Zircon publications:
HR and Talent in the 21st Century