Saturday, August 27, 2005

Talent Retention :The Challenge

Talent attraction and retention has become one of the biggest challenges which organizations face today. It’s no more just the HR’s responsibility to attract and retain the best talent. With the ever growing pace of knowledge economy, talent management has become a hot topicfor every organisation.

According to a study conducted by Accenture attracting and retaining skilled staff ranks highest on executive agaenda for 2005. The study, conducted annually, comprised interviews with 425 senior executives at leading organisations in North America, Europe and Asia, to identify and prioritise the issues of greatest concern to senior management, understand how their priorities shift over time, and identify key forces behind the issues.

Mike Berry writes

“Workforce improvement issues dominated the top priorities, accounting for four in 10 of the most commonly cited concerns. The majority of respondents (35%) selected 'attracting and retaining skilled staff' as a top priority, followed by 33% who cited 'changing organisational cultural and employee attitudes'.

“The most powerful theme emerging this year is a strong and consistent focus on people,” said Peter Cheese, global managing partner of Accenture’s Human Performance practice.

“Even though the business conversations have centered on global competition and the need for execution, business leaders are increasingly aware that nothing happens unless 'people talent' is engaged in the right way.”

Customer retention issues also occupy top spots on executive agendas. 'Acquiring new customers' (32%) and 'increasing customer loyalty and retention' (29%) were popular responses across all countries surveyed.

Survey findings

Top 10 current business
issues for senior executives Response%

1. Attracting and retaining skilled staff 35%

2. Changing organizational culture and employee attitudes 33%

3. Acquiring new customers 32%

4. Developing new processes and products to stay ahead of the competition29%

5. Increasing customer loyalty and retention 29%

6. Managing risk 29%

7. Improving workforce performance 28%

8. Increasing shareholder value 27%

8. Using IT to reduce costs and create value 27%

9. Being flexible and adaptable to rapidly changing market conditions 26%

10. Developing employees into capable leaders 26%

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