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Adopt Talent Strategies to Retain High Performers, Drive Innovation
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New York — Dec. 17
A recent research report from Deloitte reveals that, for the first time since initiating a longitudinal study of global talent trends and strategies in January, surveyed executives are more inclined to believe the worst of the economic crisis has passed. While many of these leaders look to adopt talent strategies to prevent key employees from leaving for better opportunities, others may be at risk for not implementing talent or innovation strategies needed to seize the opportunities presented by a recovering economy.
“Companies may soon find themselves in a fight for talent as the recovery takes hold,” said Jeff Schwartz, principal, human capital, Deloitte Consulting LLP. “A defensive strategy of hunkering down with cost cutting and head count reductions may very well prove to be a losing strategy for weathering the impending resume tsunami. To excel during changing times and the economic recovery, we believe organizations must take an offensive approach, implementing talent strategies dedicated to driving innovation.”
The survey of 325 executives revealed the following key findings:
The worst may be behind us. For the first time since this study was launched in January, more surveyed executives now believe the worst of the economic downturn is over as opposed to impending by a decisive 31 percent to 7 percent margin.
Reducing head count is secondary to training and retention as a top talent priority. Fewer than half (48 percent) of surveyed executives reported layoffs in the last quarter, down from 61 percent in May.
When asked to rank top talent priorities three months from now, for the first time, survey participants pushed head count reductions down to a clear third, with just 22 percent ranking it highest, behind both training and development (32 percent) and retention (30 percent).
Surveyed executives are ramping up retention initiatives to keep key leaders and high-potential employees onboard. Nearly 1 in 3 executives surveyed (31 percent) reported they are increasing career path opportunities — a jump of 11 percent from January (20 percent).
After nearly a year of austerity, even compensation is back on the table, with 28 percent reporting they plan to increase compensation levels over the next 12 months, up from 15 percent in January. Talent managers also see flexible work arrangements as an effective retention tactic; 35 percent of those surveyed plan to increase their focus on this area.
Surveyed executives clearly understand innovation will help navigate today’s difficult economy, but they are not prepared. By overwhelming margins, executives surveyed responded that innovation is either very important or important to their company now (84 percent) and will continue to be important one year after the recession ends (82 percent) and three years in the future (85 percent).
However, more than 6 out of 10 survey participants (61 percent) acknowledged that they either had no talent strategy currently in place to drive innovation or did not know if they had one. An overwhelming majority of surveyed executives (88 percent) fear they will not have the necessary talent to lead their innovation programs after the recession ends.
For more info: http://www.deloitte.com/view/en_US/us/Services/additional-services/Talent-Human-Capital-HR/index.htm
Executive Search
ESI International Director, eContent Strategy
01/14/2010
The Director, eContent Strategy is responsible for providing ESI’s executive team with strategic-level direction to implement alternative blended learning delivery formats to our worldwide client base.
Senior Manager, Global Learning & Talent Development
11/19/2009
Deloitte Touche Tohmatsu (DTT) is an organization of member firms devoted to excellence in providing professional services and advice. We are focused on client service through a global strategy executed locally in nearly 150 countries.
Director, Leadership & Organizational Development Parkland Health & Hospital System
10/26/2009
Parkland Health & Hospital System (www.parklandhospital.com) located in Dallas, Texas has been voted one of "America's Best Hospitals" by U.S. News & World Report for 16 consecutive years and recently named one of the "Top 100 Hospitals to Work For" by Nursing Professionals Magazine.
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