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Talent Management
A recent survey of companies by Ernst & Young and the Human Capital Institute found that more than 85 percent of respondents had no formal retention programs. The study concluded that corporate America is "facing a significant wisdom withdrawal."
US News & World Report, June 12, 2006
A recent report by Bersin confirms the rapid convergence of learning and performance. The report, "Performance Management 2006: Market Analysis, Trends, Best Practices, and Vendor Profiles," is the first comprehensive study of the emerging performance management market. Surveys and interviews conducted as part of the study revealed that 63 percent of respondents wanted to link performance, development, and learning. The report also notes that the biggest integration challenge organizations face in accomplishing this goal is the integration of performance management systems with learning management systems. Consequently, Bersin believes that many customers will choose to purchase a performance management system that easily integrates with their LMSs.
Business Wire, May 31, 2006
Accenture Human Performance, Australia, which conducted the survey in conjunction with Fairfax Business Research recently found payroll is the most common IT-enabled function (82 per cent), however, only 23 per cent had implemented business intelligence and 18 per cent were utilising talent management systems. Less than half of those surveyed said that they have attempted to measure the ROI of HR technology systems.
Human Resources Magazine (Australia), May 30, 2006
A recent whitepaper by the Economist Intelligence Unit, in cooperation with Development Dimensions International (DDI), found that CEOs believe strong talent management leads to improved financial performance, but they do not explicitly measure return on investment.
While talent management has traditionally been the domain of HR, the whitepaper found that two factors largely account for increased CEO involvement in the past few years: the shift in focus towards intangible assets such as talent, and increased board scrutiny in relation to both ethics and performance.
Of the executives interviewed,
- 35% spent 30-50% of their working time on talent management,
- 35% estimated their time commitment to be about 20%
- 30% said talent management is a priority and either spend 5-15% of their time on it or could not provide a time estimate.
The survey found that although executives engage in talent development activities and succession planning, much of their involvement is ad hoc and does not stem from a formal plan explicitly linked to corporate goals.
Human Resources Magazine (Australia), May 30, 2006
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