Just one-third of organizations believe that they effectively manage and develop talent, according to a global-leaders survey by the Korn/Ferry Institute. The remaining respondents felt that their company lacked the budget, staffing, and skills required to manage their talent appropriately. Only 29 percent of respondents reported having the proper technology to ingrate talent data. Further, while 60 percent of organizations reported already having implemented talent strategies and 71 percent have core competency models in place, only 53 percent said that those competency models are applied across the talent-management spectrum in hiring, evaluating, developing, and promoting employees.
“It’s clear that organizations have more work to do in the way they manage talent,” said Ilene Gochman, Ph.D., global leader of Integrated Talent Management at Korn/Ferry. “Companies must invest in resources to support talent management and to differentiate talent based on well-defined measures of potential and performance. The good news, though, is that most organizations already have the foundational basics in place.”
One-third of respondents said their talent processes were secured in validated assessments while 32 percent said that their workforce planning was led by metrics and analytics. In a second survey by the Institute, only 35 percent of respondents reported that their organizations had internally communicated talent strategies. The survey also found that although 58 percent of organizations follow core competency models, only 37 percent follow these models in hiring and promotion decision making.