Corporations must learn to adopt a holistic strategy to human capital, which means tossing aside a piecemeal approach to talent management, according to research by the Aberdeen Group.
For example, employers that instituted an integrated style to talent management showed “a 19% year-over-year increase in employee engagement versus non-integrated businesses,” the research report notes. In addition, those companies that combined traditional HR functions with training, professional development and compensation goals had nearly 50% more positions with identified successors, compared to companies without an integrated plan.
Overall, the data reveal that 76% of the executives report that their organization will increase efforts to improve talent management in 2010. About 85% of top-performing companies answer that they have at least partial integration of talent management processes and workflows, while 63% of bottom-performing employers claim no integration of talent management processes at all, the report cites.
“This research confirms what we've advocated for quite some time: successful businesses must do more than just manage personnel. Instead they must cultivate human capital talent to support their long-term objectives,” says Jim Hatch, CEO of TalentScope, co-sponsor of the report. “Especially in this economy, businesses must identify and work to retain top talent in order to survive. This requires an integrated approach that provides a true picture of human capital resources for more effective workforce planning,” he adds.
