According to a recent survey by Right Management, the career and talent management experts within ManpowerGroup, leadership development is the no. 1 priority for HR leaders globally. The Talent Management: Accelerating Business Performance survey of more than 2,200 senior HR leaders globally found that 46 percent identified leadership development as the top priority for 2014. Yet, a mere 13 percent reported having confidence in the strength of their leadership pipelines to fill critical openings.
Among U.S. HR decision makers, 48 percent reported that 2014 will be a year of growth marked by increased spending on talent management initiatives to help develop leaders and build talent pipelines. The majority of HR leaders in China/Hong Kong (88 percent), India (77 percent), Brazil (75 percent) and 45 percent in the United Kingdom have also planned increased investments in talent management programs.
“Boardrooms around the world are recognizing the critical role human resources has in driving competitive advantage,” said Ruediger Schaefer, Group Executive Vice President EMEA and Global Talent Management for Right Management. “Today’s optimism for growth is limited by a lack of organizational agility, and employers are seeing the impact of the financial cuts and cost reductions that placed talent development on the back burner. As a result, too many companies are facing talent shortages, skills mismatches and weak leadership pipelines that threaten business growth. Future success is dependent on a sustained strategic commitment to assessing, developing and activating talent.”
Other key findings include:
- The top three talent management challenges, globally, included lack of skilled talent for key position;, shortage of talent at all levels; and less than optimal employee engagement.
- 40 percent of respondents report their senior management team “gets it” and makes the connection between investing in talent management and its business impact.
- 48 percent of global employers plan to broaden their employee engagement programs to keep top talent on staff.
Download the complete results here.