With the economy cautiously turning the corner, senior leaders are focused on hiring and developing talent, according to a survey of more than 450 senior executives on LinkedIn by Right Management. Ninety-four per cent of executives said talent management is a top priority for 2010. Right Management is the talent and career management expert within Manpower, the global leader in employment services.
The findings present good news for employees and job seekers. Employers are preparing themselves for growth opportunities as the economy rebounds and are looking for ways to enhance performance and productivity. One-third of the senior executive respondents will be hiring new talent in 2010, while 36 per cent will focus on developing current talent. Twenty per cent reported that increasing engagement is a top priority. Career development opportunities and efforts to increase engagement typically improve retention, which may explain why only 4 per cent of senior leaders indicated they would be focusing efforts on retention.
Leaders in finance functions are the most focused (44 per cent) on developing current talent, followed by information technology executives (36 per cent). Skills gaps were acknowledged by business development executives, as well as operations and information technology leaders, who will all be mostly focused on hiring new talent next year.
“Whether hiring or developing, we anticipate there will be heightened efforts for employers to assess the competencies needed to be successful in 2010 and beyond,” says George Herrmann, Right Management’s group executive vice president of the Americas. “Businesses and governments will continue to demand highly-specialized skills and behaviors. The pressure to find the right skills in the right place at the right time will increase as the working age population declines, the economy rebounds and the nature of work shifts.”
Herrmann advises that the most competitive companies will ensure they have an assessment process to identify competencies of their current workforce and clarify gaps. “This will streamline hiring efforts, while also creating a roadmap for precise talent development initiatives. And we know that developing talent also fosters higher levels of employee engagement. The priorities for 2010 look like a win/win for employers and employees.”
The LinkedIn survey of 461 senior executives was conducted between September 17 and October 20, 2009 in the United States, Canada and Latin America.
Right Management is the talent and career management expert within Manpower, a global leader in employment services. For more information, visit www.right.com.