Employers are ramping up their talent management efforts in the in the areas of leadership, succession planning and development of career paths in response to in response to ongoing difficulty in attracting talented employees.
According to the Global Talent Management & Rewards Survey by global consultants Towers Watson, these plans are also a clear strategy to recruit those with the critical skills needed to help them rebound and prosper in the wake of the global financial crisis.
Hamish Deery, managing director - talent and rewards at Towers Watson in Australia, said: “While Australia has weathered the global financial crisis much better than most developed countries, Australian organisations are still rethinking their talent management strategies along with their global peers.
“Talented employees in Australia remain highly mobile and companies need to differentiate the employment deal they offer. Talent management, inclusive of succession planning and career path development, is key to the employee experience as well as to companies being able to deliver on their business strategy.
“Australian employers need to focus on these to hold on to their greatest talent, and attract the best new talent.”
When asked what their top talent management priorities were, 62 per cent of companies globally responded ensuring the readiness of talent in critical roles, followed by 60 per cent who said increasing the investment in building an internal pipeline of talent was a top priority.
Just over half (51 per cent) ranked creating more movement, rotation and development opportunities for talent as being a top priority.
Deery added: “At a time when labour markets are tight and employers are trying to lure top talent, it’s critically important that employers understand what factors are likely to influence whether an employee joins a company or not. Companies need to create an employment deal that helps them stand out from the pack.”