Organizations Struggle to Recruit, Retain Talent
A new survey shows that organizations have a difficult time attracting and retaining the “necessary talent required to succeed.”
Just as recruiting pipelines help the University of Kentucky men’s basketball team succeed year after year, they can also help businesses and associations maintain strong leadership teams. But only 12 percent of major organizations have a fully implemented talent management strategy, according to a survey conducted by the consulting firm Right Management.
Of the 537 U.S. companies surveyed, 12 percent said they do not have any talent management strategy in place.
Of equal concern is that “76 percent of organizations face many obstacles preventing them from implementing a talent management strategy,” Right Management CEO Owen J. Sullivan said in a statement. “The findings suggest that organizations of all types are struggling with how to address the critical challenge of attracting, developing, and retaining the necessary talent required to meet and execute their business strategy.”
Organizations identified several implementation obstacles, including insufficient budget or resources, lack of clarity or focus, the challenge of balancing short-term and long-term needs, and lack of senior management support.
While respondents generally agreed that talent management strategy is necessary, they showed little consensus on what that strategy should look like.
“The concept appears to vary from one company to another,” said Sullivan. “The lack of clarity and focus suggests that organizations have yet to spend time developing the real business case for a talent management strategy. A disciplined process is needed that reveals the actual and quantifiable risks and trade-offs associated with having or not having a strategy.”
What efforts is your organization making to bring in and develop future leaders? Let us know in the comments below.