Talent Management in Tough Times
360-degree feedback Most companies now have a talent management strategy in place according to a new study by Hewitt Associates and the Human Capital Institute. However, very few of those companies are executing that strategy successfully. In short, plans on paper don't translate to reality in the workplace when it comes to recruiting, developing and retaining talent.
The research, entitled "The State of Talent Management: Today's Challenges, Tomorrow's Opportunities" included input from 700 senior-level talent leaders across a wide spectrum of companies. Among the findings:
Only 7 percent of organizations consistently hold managers accountable for developing their direct reports through performance management processes. *
Just 17 percent of respondents indicate their workforce strategy is consistently aligned with their business strategy across the organization. *
Only 10 percent of companies consistently measure the effectiveness of talent management programs.
At Convergys in Cincinnati, Senior VP of Human Resources Clark Handy says that, although the difficult economy is prompting the company to look for ways to save money, it is not pulling back on its talent management efforts. The company is relying on its coaching and mentoring programs to keep employees engaged, says Handy. "I've certified all my vice presidents as 'certified leadership coaches' and we've invested in external and internal coaching for all our managers. All of these efforts were put in place within the last 18 months and they've turned out to be a lifeline of sorts in these tough times," he said.
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