Managing talent proves to be a headache

Global - More than half of senior leaders are worried that talent management efforts are not meeting business needs.

According to a recent report from Development Dimensions International (DDI), although senior leaders recognise the importance of talent management for the success and future of their companies, they are not taking a hands-on approach about what needs to be done.

In the study, 85% of CEOs surveyed said that talent management is as important as or more important than other business priorities. However, only two in 10 leaders say they often spend time managing talent and one in 10 review it regularly with their boards.

"Leaders see the opportunity, they talk about it, they invest in it, but this is a job that requires their direct involvement, and most just aren’t skilled or experienced at doing it themselves," said Matt Paese, DDI’s vice president of executive solutions.

The biggest hindrance to execute business strategies well, according to executives in the study, is not having the right person in the right job. "This suggests that while organisations fully recognise the criticality of talent management, they are often not prepared to replace leaders who are not executing effectively," Paese said.

On top of that, 60% of organisations are dissatisfied that the rate of talent growing is not fast enough to meet their most critical business needs.

The report titled Growing Global Executive Talent: High Priority, Little Progress was conducted by the Economist Intelligence Unit, on behalf of DDI with more than 400 senior leaders in North America, Europe, Asia and Australia.