Talent Management Takes On New Urgency

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Compensation & Benefits Review http://cbr.sagepub.com/

Talent Management Takes On New Urgency
Bill Leisy and Dina Pyron Compensation & Benefits Review 2009 41: 58 originally published online 30 March 2009 DOI: 10.1177/0886368709334323 The online version of this article can be found at: http://cbr.sagepub.com/content/41/4/58.citation

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compensation performance management

Talent Management Takes On New Urgency
Bill Leisy Principal Dina Pyron Partner Ernst & Young LLP

In a challenging global economy, organizations need a renewed focus on talent management. hen more than 150 global executives from Fortune 1000 companies were canvassed in Ernst & Young’s 2008 Global HR Risk Survey, the executives were asked, “Which area of human resources risk has the greatest impact on your organization? And in your judgment, which area of HR risk is most likely to occur at your organization?” In both cases, the risk area cited most often, by substantial margins, was talent management—an organization’s capability to recruit, develop, engage, retain and transition its employees. Sixty-five percent of respondents said risk related to talent management has a high or very high impact at their organization. Forty-two percent said such risk has a very high or high likelihood of occurring.

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of the unpredictability of human behavior. But there are other, more contemporaneous forces bringing talent management to the forefront of today’s human resources (HR) risk concerns–forces that include the ongoing crisis in financial and economic markets, changing business strategies and ups and downs in recruitment and retention. Also at play is the aging workforce, which requires organizations to simultaneously manage older workers while attracting Gen Y talent, typically defined as people born between 1982 and 1993. And then there is globalization, a mighty force indeed. With many organizations now viewing the entire world, not just a single country or region of the world, as the milieu in which they conduct business, managing talent optimally is an increasingly complex and critical goal. To compete globally, an organization must conduct numerous mega-processes, including • effectively manage a dynamic and diverse workforce that is dispersed throughout the world, • comply with a maze of ever-changing tax, immigration and other laws and regulations, • maintain accurate and responsive HR data reporting,

New Significance
It might be natural to assume that the Ernst & Young survey results primarily reflect recognition

Keywords: talent management; HR risk; business risk; globalization

58

DOI: 10.1177/0886368709334323

Compensation & Benefits Review
Downloaded from cbr.sagepub.com at Universiti Kebangsaan Malaysia on November 28, 2012

© 2009 Sage Publications

compensation performance management

address significant business and talent management differences between mature versus emerging markets, • deal with rising global labor costs in the face of a diminishing supply of skilled and semiskilled labor in emerging markets, • ensure that talent management programs are integrated and consistently applied to allow employees worldwide to be fully utilized, develop their careers and feel a part of one organization, • identify, develop and retain future business leaders around the globe, • maximize consistency, where appropriate, of worldwide HR policies and employee benefit programs....
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