Ebook Talent Management The New Business Imperative
Hardly a week passes without a headline like this: “Baby boomers’ Farewell Likely to Slow Growth.” he article, in the Financial Times of May 30, 2007, cites a report by the Organization for Economic Cooperation and Development in Paris that predicts the rate of U.S. economic growth is at risk because baby boomers are about to retire in droves—and there is too little talent to replace them.
The report is among the many studies and statistics that suggest companies face or soon will a talent crunch because of demographic and other trends, not just in the United States but across the industrialized world. According to staffing services and employment provider Manpower Inc., companies in most industrial nations, including India and China, struggle to fill positions (see chart 1, “Global Talent Shortage,” at right).
Talent shortage predictions began about a decade ago and were largely ignored, but surveys now suggest that CEOs are paying attention (see chart 2, “Challenges to Growth,” next page).
“Acquiring and managing talent has become the business imperative,” says Mike Ryan, an executive who leads a talent management initiative at Rio Tinto Ltd., a global mining company based in Melbourne, Australia. “It is the one thing we constantly see in our corporate board reports and presentations.”
Like Rio Tinto, most companies understand the trend. Some have even begun strategic workforce planning. But Rio Tinto is among a much smaller number that has gone beyond planning to adopt processes and tools to more effectively recruit, retain, develop and deploy talent. Failure to adopt a strategy for integrated talent management could result in too few workers and a slow decline in a company’s fortunes.
“I’ve been at this for 25 years and the concern over talent has never been greater,” says Jay Doherty, a principle at Mercer Human Resource Consulting LLC. “Most companies fall into the area of being concerned, asking questions and not finding easy answers.”
Contents
Executive Summary
Methodology
How Big a Talent Shortage?
Strategic Workforce Plans
Talent Management Initiatives
Integration of Processes and Systems
Conclusion
Sponsor’s Statement: The Right Tool to Fix the Talent Management Problem
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