TALENT MANAGEMENT
Global - Organisations will focus on leadership, succession planning and career pathing programmes over the next three years after six in 10 companies globally reported difficulties in attracting top performers this year.
Besides failing to lure high-performing talent, 65% of companies globally have problems attracting employees with critical skills, according to the new Towers Watson Global Talent Management and Rewards Survey. As a result, 62% of 1,176 companies have listed "ensuring the readiness of talent in critical roles" as a top talent management priority. While half of respondents will create more job rotation and development opportunities for talent, 60% deem increasing investment in building an internal talent pipeline as vital.
Yet companies are finding it easier to retain employees than attracting talent. Only one-fifth of global respondents reported difficulties in retention while only 11% of 314 companies in the US have problems holding onto employees. Slightly over half (52%) of US respondents reported problems attracting specialised talent while 45% have difficulty attracting top performers.
The severe cost cutting measures such as hiring and salary freezes, layoffs and bonus reductions implemented by US employers during the financial crisis have an adverse impact on workers, following the economic recovery. Six in 10 felt the actions have increased employees' workload while 53% said employees' ability to manage work-related stress had been affected. Half of respondents also said the measures had a negative impact on employee engagement and work-life balance.
Laura Sejen, global head of rewards consulting at Towers Watson, attributed the recruiting challenges to the short supply of available top talent and the lack of desire to switch jobs during economic uncertainties. She said, "As a result, many companies find themselves in a position of having to find new and innovative ways to entice and ultimately develop talent and leadership for the future."
Laurie Bienstock, North America rewards practice leader at Towers Watson, said focusing on key talent management practices is particularly important for companies that have reduced the number of management layers. "Advancement opportunities have become fewer, and the gaps and complexity between levels have increased, making it significantly more difficult for companies to ensure leaders are prepared to effectively take on new and larger roles."
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