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Press releases issued to date are listed below:
Research* conducted by TalentMax, a leading
talent management consultancy, found that 61%
of HR directors at financial services organisations
describe their firms as failing to develop their
talent.
However, 88% of respondents believe that talent
is an important contributory factor to business
performance and nearly half of financial services
organisations interviewed have established a
talent management programme, whilst many others
also plan to do so. TalentMax interviewed HR
directors from 56 financial services organisations
of all sizes in investment banking, investment
management, insurance, retail financial services
and private banking.
The bear market has not yet played itself out
from a hiring perspective with organisations
confident about their ability to attract top
executives and two thirds describing themselves
as very successful at talent acquisition. Unfortunately,
financial services organisations often neglect
their expensively acquired talent by leaving
it to sink or swim. Only 21% of all respondents
could claim to be very successful at assimilating
new talent and just over 10% very successful
at engaging their talent.
Moreover, just 18% of financial services firms
were able to describe themselves as very successful
at retaining talent, a factor which increasingly
worries many who fear that their key executives
will be easy prey for competitors as the job-change
merry-go-round gathers pace.
"There is rising awareness that money is
a blunt tool for recruitment and retention that
can too easily be beaten by competitors eager
to lure talent away. Few firms are confident
that they are genuinely engaging and motivating
their talented executives," said TalentMax.
We are at a market watershed where the formerly
benign recruitment climate where firms simply
cherry picked redundant executives will be replaced
by hot talent bidding wars. Those firms who
have invested in career development will be
relatively retention-proof but others will suffer."
Future Focus: The Hottest Talent Issues
The areas where organisations most want to focus
their future development of talent are:
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Designing flexible career development
frameworks |
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Creating pools of multi-skilled executives
to fill the leadership pipeline |
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Providing Line Managers with the right
skills to engage and develop staff |
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Developing tailored development and
retention plans |
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Accelerating the value contribution
rate of new employees |
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Making talent an organisation-wide rather
than team/unit-hoarded resource |
"Talent management aligns the agendas of
both employers and employees. By translating
business objectives into divisional, team and
executive talent plans employees know exactly
how to create value. By identifying employee
talents the organisation can deploy them in
roles where they will shine. By uncovering employee
career aspirations the organisation can then
convert them into fruitful career paths that
feed the leadership pipeline and build loyalty.
It is encouraging to note that in financial
services, which is notoriously talent driven
and talent dependent, talent management has
finally arrived and is becoming mainstream"
added TalentMax.
* This research report was conducted over a
period of three months between April and June
2004.
About TalentMax
TalentMax provides engagement, career development
and retention solutions that help organisations
get the best out of their people for improved
bottom line performance..
For further press information including a copy
of "Maximising the Return on Talent: Winning
the Financial Services Talent Wars," please
contact:
TalentMax - + 44 (0) 20 7498
8239 / info@talentmax.co.uk
January 2004 - Research* conducted by leading
talent management consultancy TalentMax found
that many business leaders see talent management
as one of the most important ways of creating
competitive advantage. Despite this, only 31%
of organisations have an active talent management
strategy. 128 professionals from sectors including
financial services, TMT, professional services,
FMCG, utilities, engineering and public sector
comprising 39 business leaders, 42 HR directors
and 47 achievers took part in the research.
"Few organisations do more than pay lip
service to talent management", said TalentMax.
"In the knowledge economy the ability to
translate talent potential into profits and
performance dictates organisational success
or failure. Employees need to upgrade, repackage
and proactively market their talents to survive.
Employers and employees who neglect the new
career status quo do so at their peril."
The research found that talented individuals
are more mobile than ever:
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Only 15% of them feel that their organisation
is making the best use of their talents. |
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87% said that bad management extinguished
their talents. |
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80% said that their primary reason for
leaving an organisation was their manager.
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The HR directors interviewed acknowledged that
it is not enough just to hire the right talent.
Bringing in people is the easy step. The real
challenge is to nurture and engage talent over
the long term. 90% of HR directors interviewed
believed that for talent management to succeed
it must be championed by the Board then implemented
by line managers. Yet only a quarter of the
HR directors said that their organisation was
currently able to accurately and consistently
identify high and low performers.
The research discovered that while there was
still a huge gap between talent management rhetoric
and reality, a minority of organisations were
taking talent management very seriously and
reaping big rewards. Among the organisations
that had developed and implemented talent management
programmes, best practice initiatives included:
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Driving talent management from the boardroom:
all business decisions have talent implications
so translate business plans into talent
management objectives |
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Making people accountable for talent
management: it should be a key factor
in performance appraisals, compensation
reviews and promotion decisions |
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Equipping line managers to be front-line
talent conductors: providing coaching
skills so that managers engage with, rather
than alienate, their people |
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Understanding what makes individuals
tick: identifying and meeting personal
drivers, expectations and needs creates
ultra-committed, high-performing employees |
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Keeping talent fresh: moving, developing,
growing and evolving so that it continues
to generate high performance |
"Many of today's business leaders and HR
directors need to face up to the new realities
of the talent economy. HR must be seen to leave
its administrative bunker and lead its company's
talent development. Given the importance of
talent to business success, the HR director
of the future should rank alongside the finance
director at the boardroom table.
"Talent management recognises that all
employees drive business performance not just
the superhero CEO. Talent management requires
a different type of CEO", added TalentMax.
* This research was conducted over a period
of four months between September and December
2003.
About TalentMax
TalentMax provide engagement, career development
and retention solutions that help organisations
get the best out of their people for improved
bottom line performance.
For further press information including a copy
of the Talent Revolution, please contact:
TalentMax - + 44 (0) 20 7498
8239 / info@talentmax.co.uk
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