Who will be the business leaders of tomorrow? This is clearly on the minds of HR leaders around the world, judging from a new survey from Right Management titled Talent Management: Accelerating Business Performance. The survey of approximately 2,200 HR execs from 13 countries finds that 46 percent identified leadership development as the top priority for this year and that only 13 percent have confidence in the strength of their leadership pipelines to fill critical openings.
This lack of confidence stems from the de-prioritization of talent development in the wake of cost cuts, according to Ruediger Schaefer, Right Management’s global talent management chief:
Today’s optimism for growth is limited by a lack of organizational agility, and employers are seeing the impact of the financial cuts and cost reductions that placed talent development on the back burner. As a result, too man companies are facing talent shortages, skills mismatches and weak leadership pipelines that threaten business growth. Future success is dependent on a sustained strategic commitment to assessing, developing and activating talent.”
Other findings from the survey include:
- The top three global talent management challenges are lack of skilled talent for key positions, shortage of talent at all levels and less-than-optimal employee engagement.
- Forty-eight percent of global employers plan to broaden their employee engagement programs to keep top talent on staff.
- Management succession planning ranks as a higher priority in the Americas (36 percent) than in Europe (17 percent) and Asia Pacific (31 percent).