Korn Ferry: Companies Overlook Expert Talent Pool
The global economy has become reliant on knowledge, technology, and innovation, with organizations relying on specialist talent, rather than management generalists. Korn Ferry finds that despite the importance of this specialized talent segment, when it comes to talent management practices, professionals with specialist expertise are often overlooked. Korn Ferry cites GE as an example of a firm that has changed its executive development strategy from one of trying to create a “jack of all trades” to one where specialists are valued.
In a recent report, Korn Ferry defined these professionals as: “individuals who have the capacity and interest to continuously develop their expertise for effective performance in progressively more challenging roles within their specialties. At the highest level, they can either be the most senior individual contributors, with titles such as scientist fellows or chief engineers, or, when equipped with leadership skills, they can lead their functional area in roles such as chief technological officer or chief science officer.”
Companies often lavish over high potentials, focusing on ways to find, develop, and retain them. Businesses see a focus on high potentials as a way to fuel the leadership pipeline. However, companies that depend on expert talent could see their pool depleted if they fail to provide reward structures and advancement opportunities for high professionals.
The full report is published on Korn Ferry’s website. Read the full report.