RETENTION
Talent management under threat in uncertain times
A new research report by the Chartered Institute of Personnel and Development has found that despite the downturn, the war to keep top talent remains a priority for most organisations.
Key survey findings
Among the 705 survey respondents, the majority (74%) have not changed their talent strategy at all.
Of the 26% that have revisited and changed their strategy, almost one in five (18%) are actually placing more emphasis on identifying, developing and retaining talent.
In light of the downturn, talent strategies have been revisited, reworked and streamlined to improve their cost effectiveness, with organisations looking for internal options to retain talent - the most popular positive practices include: developing more talent in-house (55%) and focusing on essential development (45%).
While a quarter of respondents have had to downsize, they have consciously preserved key talent throughout this process. Just 3% of those that are downsizing are having to let go of key talent, while 11% are taking the opportunity to recruit talent discarded by competitors.
“The War on Talent: Talent management under threat in uncertain times” is the first in a two-part series looking specifically at talent management in a downturn. Part Two, entitled “Fighting Back through Innovation”, which provides organisational examples of innovative talent strategies, will be available in summer 2009.
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A final word
“It is essential that organisations avoid knee-jerk reactions and cost-cutting in the very areas that will make the biggest difference. Now is not the time to halt employee development, nor is it the time to postpone or scale back talent management strategies. However, more cost-effective solutions need to be found as return on investment will come under greater scrutiny. Managing, developing and motivating talented employees is even more important because it is the one thing that can differentiate organisations and ensure that they not only survive the short-term but thrive in the long term.” - Claire McCartney, organisation and resourcing adviser at the CIPD.
Want to know more?
Title: The War on Talent: Talent management under threat in uncertain times (part 1), Chartered Institute of Personnel and Development.
Availability: You can download the 17-page report, free of charge, in PDF format from the CIPD web site at www.cipd.co.uk/subjects/recruitmen/general/_war-on-talent.htm?IsSrchRes=1.
The Chartered Institute of Personnel and Development (CIPD) has over 133,000 members and is the “leading professional institute for those involved in the management and development of people”. To find out more visit www.cipd.co.uk.