Talent Pipeline

Top talent is in high demand. Today’s hiring market has gone from an employer-driven to a candidate-driven market. In a recent report Epsen Fuller finds talented candidates often have multiple opportunities and are only interested in those that fully meet their career goals. Companies have to pay attention to top trends in order to build a talent advantage and stay ahead of the competition.

A report from Heidrick & Struggles revealed significant gaps between the importance of talent management and a board’s ability to influence it. Heidrick & Struggles found that 92% of respondents placed importance on “a comprehensive review of top talent performance and engagement in succession planning.” However, over half said board performance was only satisfactory.

Across all industries and geographies, there has been a shortage of talent. A report from Amrop finds that the stakes are even higher for the mining industry. In order for the industry to sustain a stable future, mining and technical engineers are needed.

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.

As more impact investing positions arise, boards and management teams need to achieve alignment and balance to meet their specific position. Korn Ferry recommends a four-dimensional framework to help identity how well a candidate fits with their organization.

Change is inevitable and it will affect every organization. While many organizations have succession plans in place, this does not mean they have a viable replacement for the departing executive. MERC Partners found that 6 in 10 participants said their company had a succession plan, but 80% said their company would need at least a year to find their replacement.

Spencer Stuart finds organizations throughout the EMEA region are coming under growing pressures to increase the representation of women on their boards.  The forces range from legally enforced quotas to recommendations in governance codes.

It is increasingly understood that making lateral moves can be more beneficial than climbing the rungs of the proverbial ladder. Lateral moves can help develop technical skills and broaden an individual’s knowledge of the business and test readiness for a new position. However, Spencer Stuart reports the potential benefits and possible risks should be carefully considered.