In the most recent Global Talent Management and Rewards Study, conducted by Towers Watson, it was found that companies are having difficulty attracting and retaining the high and critical skill employees necessary to increase their global competitiveness. Almost three in four organisations reported difficulties attracting critical skill employees, and more than half reported difficulties retaining them.
The study also found that attracting and retaining employees with critical skills, and engaging all workers, seems to be most effective when corporations strike a balance between employee and employer needs. Almost invariably, financially high-performing companies are the ones that achieve consistency and integration in the design and administration of programmes — not just for leadership, but for all employees.
We all know it’s essential to have a policy in place to manage talent. However, this should not only be at an operational level. A company strategy should embrace the identification of talent, the fostering and promotion of people and, above all, the development of leadership.
According to Professor Colin Coulson-Thomas of the University of Greenwich, many talented people are prevented from achieving their full potential because of restrictive corporate structures. It is not that there is a lack of talent – it is that there is a lack of identification of the talent that exists.
Of course, to apply one’s talents and strengths, these talents must first be identified. Implementing a culture of company-wide 360 Assessments is an excellent way to ensure that every employee’s talents are recognised. With this in mind, there’s a world of difference between ad hoc individual 360 Assessments, and adopting a regular (at least annual, but increasingly bi-annual) 360 Assessment approach. When this becomes part of ‘the way we do things here’, you’ve paved the way for a leadership development timeline or benchmark within your organisation. And in doing so, you’re guaranteed to not only attract high and critical skill employees, but keep them too.
To read the full 2012-2013 Global Talent Management and Rewards Study, click here.