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Does Your Talent Management Strategy Need an Update?

by Eric Baker
on 2016-04-13

The saying goes, “if it ain’t broke, don’t fix it.” But how do you know if it’s broken?

On the surface, it might seem like your company’s talent management plan is working, But it could be important to take a deeper dive into your strategies to determine if there is room for improvement.

Mercer’s 2016 Global Talent Trends Survey examines trends that affect today’s World of Work, and the study incorporates the views of both employers and employees. In total, 1,730 HR leaders and more than 4,500 employees in various industries across 17 countries were included in the survey.

This year’s findings, released on Monday, report that a whopping 85% of companies believe their talent management strategies need an overhaul, yet only 4% of HR professionals surveyed felt that they function as a strategic business partner within their organizations.

Clearly, there’s a sense of disconnect, and not only between business leaders and HR professionals. While 70% of organizations surveyed feel confident about filling key roles with internal candidates, 28% of employees noted that they plan to leave within the next year, even though they are satisfied with their current role.

In order to future-proof their strategies and their workforce, organizations need focus on bridging the gap that exists between employers and their employees.

But there’s no one-size-fits-all answer here. Given each company’s unique talent pool, culture, and structure, business leaders will need to seek out unique solutions.

Perhaps it will involve implementing a mentoring program to facilitate the growth and development of employees, leading to enhanced relationships, increased skills, and a support of culture change. Or maybe it will require a survey initiative to measure employee engagement and gain an understanding of their attitudes toward critical issues.

If you think your talent management strategy might benefit from some polishing, the first step is to partner with a seasoned talent management firm. Professional consultants will guide you through the process of defining your corporate culture, identifying any areas for improvement, and developing a strategy to affect positive changes to your talent management plan.

Because if it IS broke, you’ll maximize your talent if you fix it.