Rally the Talent to Win: Transforming Strategy into Reality
According to a global survey of 548 executives conducted by The Economist Intelligence Unit and sponsored by PMI, only 17 percent of respondents say their talent management strategies are quick to react to changing business conditions. For one-third, effective response takes several years or longer. On average, for all companies surveyed, talent deficiencies significantly hamper 40 percent of strategy implementation efforts.
Best practices to improve talent management include:
- Improving focus by giving talent management the attention and resources it deserves
- Closely aligning talent strategy with strategy formulation, implementation and execution
- Developing and managing key leaders through strategic partnerships among the C-suite, HR and line managers
- Deepening C-suite involvement in talent strategy
Of surveyed executives, 62 percent say talent management is one of their organization’s leading challenges to strategic effectiveness. An additional 13 percent say it is their biggest challenge.
Download the report for more on the connection between talent management and strategy implementation.