Assessments of Global Talent Management Best Practices Reveals Concerns over Leadership, Performance Management, and Staff Retention

A new research bulletin based on assessments of more than 550 major organizations in 20 countries reveals substantial issues in talent management strategies compared to current best practices. Leadership succession planning, performance management, and the ability to adapt and retain staff skills in improving business conditions headed the list of executive concerns. In addition, the research found that more than 60 per cent of respondents believe their organizations’ talent strategies are not yet aligned with business priorities.

The bulletin "Should your Talent Management Strategy Be Regionalized?” uncovers extensive evidence of serious gaps in companies’ HR and talent management capabilities. The bulletin is based on assessments conducted through a unique, multilingual online assessment tool – www.talentstrategyassessment.com/ - hosted by StepStone (LSE:STPS) (OSE:STP). 61% of assessment respondents said that gaps in their leadership pipeline were their most important talent management challenge; this was a key concern for respondents in the US, the UK, China, France, and Singapore. 53% said that developing a performance-driven business culture was a priority, while 50% identified the development of staff skills for a changing business environment as a priority.

The www.talentstrategyassessment.com site continues to be available in English, French, German and Chinese. Companies that complete the assessment will receive a detailed report that compares their talent stategy to current global best practice data in Bersin & Associates’ benchmarking database.

The report also reveals that many companies may not be doing enough to retain their staff in a forthcoming economic turnaround: only 12% of assessed organizations have a high-impact talent planning system in place, only 11% have best-practice internal recruitment capabilities, and only 11% have good compensation planning systems. Meanwhile, only half of the companies assessed are encouraging their current employees to develop new skills to meet changing business conditions.

"It’s encouraging that talent management is being pushed higher up the executive agenda in global businesses.,” said StepStone CEO, Colin Tenwick. "But equally it’s clear that there is a lot more to do, especially at a time when we are seeing the first evidence of economic recovery. Talented staff want to work for organizations that offer them well-defined career paths and opportunities based on their capabilities and performance. As the job market eases, companies that want to find, retain and develop their global talent pools need to pay close attention to talent strategies that work for both sides – giving people great careers and also enabling great performance.”

The assessment results also highlighted that a regionalized approach to talent management was critical to achieving the strongest business impact, as it allows the HR professional to take into account the cultural and economic factors facing the region. While career planning was identified as a consistent challenge across all countries, different regions have faced challenges of their own:

• Respondents from France and Germany identified that the misplaced ownership of the talent management responsibility has contributed to struggles in aligning internal recruitment with the business strategy
• Respondents from China and Hong Kong have been facing difficulties in developing a performance-driven culture within their organizations, while those in Singapore are struggling to meet the development needs of younger workers
• U.S. respondents acknowledged that workforce planning had become a greater challenge – traditionally having a hierarchical approach to career and succession planning; the recent economic downturn has forced companies in this region to refocus their talent management efforts

Stacey Harris, principal analyst for Bersin & Associates, adds: "We’ve found that despite companies’ significant investments in talent management, many are woefully behind in their strategies. Over half of HR executives in all sectors believe their organization lacks a clear HR or learning development strategy. As the need to manage talent globally continues to grow, it will be important that organizations assess their key talent challenges to understand which factors to standardize across the company and what elements are best for regionalization.”

Companies interested in obtaining a copy of the research bulletin should contact StepStone: info@stepstone.com.

About the research
In 2009, Bersin & Associates and StepStone provided companies with a complementary Talent Management Strategy self-assessment tool. More than 550 organizations in more than 20 countries used the tool to evaluate their talent strategies against industry benchmarks. The assessment, offered in five languages, asked 19 critical questions focused on business alignment, leadership, technology and process integration.

To assess your own company’s talent strategy, please visit: www.talentstrategyassessment.com

About StepStone
StepStone helps businesses get increased performance from their people, helps them build and develop global talent pools, and helps people find new jobs that match their talents. Across the world thousands of organizations rely on StepStone every day to improve their business performance and talent development strategies while millions of people rely on StepStone to improve their careers. StepStone delivers world class technology and services for finding, recruiting, retaining, managing and developing talented people.

StepStone operates extensive global talent networks, accurately matching employers with potential employees, and provides a complete suite of Human Capital Management software solutions. StepStone’s on-demand (SaaS) software and services enable organizations to implement efficient processes, including; attraction and hiring, posthire talent management, performance management, compensation management, skills and competency management, career and succession planning, training and development management.

StepStone was founded in Norway in 1996 and is publicly traded on the London Stock Exchange (LSE:STPS).

More than 1,600 organizations, including many of the world’s leading businesses, use StepStone software and services. It operates in 17 countries and employs around 800 people. Its global customers include AT&T, Aviva, Deloitte, McDonald’s, New York Life, Volkswagen, and Waste Management.

For more information see: www.stepstone.com.
Read our blog at: http://www.stepstonesolutions.com/communitypost

About Bersin & Associates
Bersin & Associates is the only research and advisory firm focused solely on research in enterprise learning and talent management. The company’s WhatWorks® research and research-based services are designed to deliver actionable and practical guidance and to improve operational effectiveness and business impact. Bersin & Associates research members gain access to a comprehensive library of best practices, case studies, benchmarks, and in-depth market analyzes designed to assist professionals in making fast and confident decisions. Research areas include planning and strategy, learning programs and delivery, talent management, leadership development, talent acquisition, technology and infrastructure, and measurement and analytics. Member benefits include strategic advisory services, briefings, forums, analyst interaction, and workshops.

For more information see: www.bersin.com