Organisations are sitting on a timebomb when it comes to their talent management practices, according to new research. The report, ‘The Talent Culture Timebomb’, reveals that outdated approaches to talent are having a devastating effect on productivity and commercial performance. HR leaders need to act now to avoid further damage.
In this blog post, we'll explore the findings of the report in more detail and explain why, when it comes to talent management, leadership is lagging behind market demands. Stay tuned for some eye-opening insights!
1. Unprecedented uncertainty
In today's business world, recession, digital disruption and the pandemic have created an unprecedented set of macro challenges for corporate leaders to navigate. While these upheavals expose organisational fragilities within many businesses, they also offer a unique opportunity to reconsider the place of talent in the strategic landscape. Thomas’ Talent Culture Timebomb research report shows that organisations often lack a modern approach to talent management, and this outdated mentality has disastrous results for productivity and commercial performance. With such seismic forces at play in today's business world, leaders must now reimagine how they nurture talent in order to unlock their full potential in such an uncertain landscape.
2. Disruption overtakes talent readiness
With rapid changes in the world of work, soft skill shortages, and an ever-dwindling succession pipeline, organisations need to re-think their approach to talent acquisition and development. An agile approach that values aptitude over experience is essential for staying ahead of the competition, but our research suggests that many organisations are lagging behind - with disastrous results for productivity and commercial performance.
3. The productivity puzzle
The productivity puzzle has been plaguing businesses for years, yet the recession brought bigger challenges. Our research revealed that demand for soft skills exceeds that for technical skills. An outdated approach to talent is one of the major contributors to the productivity and commercial performance crisis. Without modernised strategies and processes, companies face a devastating financial future.
4. Talent culture transformation
To remain a leader in their industry, organisations must take proactive steps to talent culture transformation. This means evolving their approach to talent and leadership development, creating dynamic succession plans, and embracing agile workforce planning to anticipate changes in the talent pool's needs and skills. Our research reveals the importance of staying ahead of the curve when it comes to talent; organisations who fall behind pay a high price in terms of productivity and commercial performance.
5. Getting ahead of the competition
Companies have traditionally adopted a one-size-fits-all approach to talent management, but research exposed this habit as fundamentally flawed. By shifting to an agile and progressive strategy in managing their workforces, organisations can better understand and meet the needs of employees whilst remaining competitive in a crowded market. This ground-breaking research demonstrates that such an approach can significantly improve productivity and commercial performance - something that no business can afford to ignore.
Download our Global Research Report, ‘The Talent Timebomb’, and our guide to evolving your talent culture today to see how your organisation scores against global talent benchmarks and which steps you can take to boost productivity and commercial performance through your people.