Talent matters right now. With rising costs, higher wage bills, and the very real possibility of a recession next year, current business headwinds are not showing any signs of letting up anytime soon.
With unemployment now around 4.2%, the visible talent pool is shallow. Yet the hidden talent pool is anything but.
The current economic backdrop is clearly signposting the need to double down on the potential talent you already have.
Yet how many organisations have taken a truly objective look at just how robust and fit for purpose their current talent management programme is when it comes to delivering what the business actually needs?
Assessing your skills
Only 30% of CEOs say that their businesses currently have the right skills.
It comes as no surprise then that globally 72% feel that upskilling is a priority for their business right now.
This powerful combination of economic headwinds and skills shortages means businesses simply cannot afford to wait any longer.
So, what steps do talent leaders need to take now to find the optimal balance between build, borrow and buy when it comes to closing this mission critical skills need?
Our own Cornerstone research called Talent Health Index, conducted over the past three years, has some surprising findings. Top of the list is overall confidence gap in the ability to develop the future skills needed.
This has hardly moved, remaining stubbornly fixed at around 29%. Why is this? Is the market been missing something? We think our latest research may well have pin-pointed the underling source of this persistent Skills Gap.
While 77% of UK employers are confident, they can develop skills in their workforce, only 56% of employees feel the same way. When it comes to the resources needed to deliver those strategies, 89% of UK employers are confident they have the right resources, yet only 64% of employees agree.
The clear take away is employees are calling out for a more integrated approach to talent development that moves well beyond where we are today. They are actively seeking a future where initial skills build is a ‘passport’ to more experiential and collaborative based learning. Put simply, they are looking for a Personal Growth Experience.
Determine your Talent Health Index
Want to see exactly how your current talent programme stacks up against the competition and determine valuable insights into what could be the right next steps for your talent programme?
Our online Talent Health Self-assessment, allows you to find out just how well – or otherwise – your current talent management strategy lines up to the best practice out there.
It gives you instant insights into the seven dimensions that should make up your talent programme. Finally, it provides helpful resources to calibrate your approach and accelerate your talent ROI.
We have also created an e-book, Your Holistic Guide to Talent Success. This examines just what is the global and national state of play when it comes to talent management, and highlights what we believe it takes to make up a truly successful talent management strategy.
There is even a podcast where you can listen and learn more about the latest trends in talent management.
You can access all these by clicking here now.
Whichever one you choose, you will find a wealth of information and ideas to enable you to improve and refine your talent strategy so that it is fully fit for purpose – both now and into the future – whatever that future might hold.
Dominic Holmes is principal consultant, thought leadership and advisory services at Cornerstone