Given the slow economy, employers are still doing more with fewer employees; however, only one-third of employers effectively manage their talent, according to a survey of global leaders by the Korn/Ferry Institute.
Specifically, three-quarters of respondents say they do not have the necessary budget, staff and skills to manage talent effectively while only 29% of respondents report that their organizations have the required technology to integrate talent data.
"It's clear that organizations have more work to do in the way they manage talent," says Ilene Gochman, global leader of integrated talent management at Korn/Ferry. "Companies must invest in resources to support talent management and to differentiate talent based on well-defined measures of potential and performance. The good news, though, is that most organizations already have the foundational basics in place."
The survey also finds that 60% of respondents report designing and applying clear talent strategies. Another 71% of respondents say they have put in place core competency models that define the most valued skills and traits. However, only 53% of respondents say they use their core competency models across all talent-management areas, including hiring, evaluating, developing and promoting employees.
One-third of respondents say their talent processes are based on validated assessments, and 32% of respondents say they guide work force planning through metrics and analytics. In conclusion, the survey finds a gap has been wedged between talent strategies and corporate commitment to creating and implementing talent management processes to support the business.
According to a second Korn/Ferry survey of executives, only 35% of the respondents report that they communicate talent strategies within the organization. Although 58% of respondents say they use core competency models, just 37% of respondents base their decisions on these models in their hiring and promotion decisions.
This article was originally posted at BenefitsPro.com, a sister site of Credit Union Times.