LOS ANGELES, Sept. 6, 2012 /PRNewswire/ -- As the still-struggling world economy forces them to do more with less, only one third of organizations manage their talent effectively, according to a survey of global leaders by the Korn/Ferry Institute.
What is hampering talent development? Three-quarters of the respondents felt their organizations lacked the appropriate levels of budget, staff and skills necessary to manage their talent effectively. Further, only 29 percent of respondents said their organizations have the technology to integrate their talent data.
In response to the survey findings: "It's clear that organizations have more work to do in the way they manage talent," said Ilene Gochman, Ph.D., Global Leader of Integrated Talent Management at Korn/Ferry.
"Companies must invest in resources to support talent management and to differentiate talent based on well-defined measures of potential and performance. The good news, though, is that most organizations already have the foundational basics in place."According to the survey, 60 percent of organizations polled have created and implemented clear talent strategies, while fully 71 percent have core competency models in place that articulate and illustrate the skills and traits most valued by these organizations. Despite such widespread adoption, only 53 percent say that their companies apply their core competency models across the talent-management spectrum in hiring, evaluating, developing and promoting employees. Just one-third of respondents said their organization's talent processes are anchored in validated assessments, while roughly the same number (32 percent) agreed that metrics and analytics guide their workforce planning. Overall, the survey shows a disconnect between talent strategies and corporate commitment to building and integrating talent management processes that support the business. In another recent Korn/Ferry survey of executives, the picture of the state of talent management was even bleaker. Only 35 percent of the respondents said their organizations have communicated talent strategies internally. In addition, that survey found that while 58 percent of organizations follow core competency models, only 37 percent follow such models in their hiring and promotion decisions.