Eighty-nine percent of UK executives responding to a new survey said that talent management is their most important corporate strategy, ahead of marketing (11 percent), financial management (0 percent) and capitalisation (0 percent).
These are the findings of a survey of UK executives conducted from February 6 to March 8, 2013 by Korn/Ferry International, a global talent management company.
Despite the perceived importance of talent management, just 50 percent of respondents said their companies do not have a talent management strategy in place.
A further 85 percent of executives said that a strong management team is the most critical component to a company’s success. However, 57 percent said they do not believe their company has the right management team for the company over the next three years.
Three-quarters (75 percent) do not believe they will have the right team in five years, despite 13 percent believing their company’s strategy will remain the same in five years.
UK executives recognise the importance of talent management in creating a strong and sustainable business but it’s the practicalities – how to build a strong team – that seem to cause headaches. Existing talent must be nurtured through training to ensure they become as efficient as possible, while new talent must be hired with the long-term vision in mind.
Commenting on the results Jim Tapper, Managing Partner, Leadership & Talent Consulting, UK, Nordics and Middle East said: “The survey shows that despite the importance placed on talent management, many companies have yet to align their talent strategies with their business strategies.”