(PRWEB UK) 14 January 2013
Over the last two decades, HR departments have made huge strides in proving the importance of talent management however in recent times the economic environment has posed a further challenge. HR has had to shift its priorities back to commercial matters as more businesses focus on cost savings yet talent management remains one of the biggest challenges facing organisations in the UK, according to recruiting experts Hays. The global economic downturn has created a dichotomy in many organisations – how do they cut costs while still addressing the skills shortage in different areas of the workforce?
According to the latest Hays Journal, out now, businesses need to recognise talent as an asset to be deployed within an organisation while HR needs to be more planned and strategic about talent allocation.
“HR professionals have had to become even more innovative and commercially driven, with a need to understand and address talent shortages in the new economic landscape in different ways,” says Barney Ely, Director, Hays Human Resources.
“This means discovering where untapped sources of talent lie and evolving creative ways of attracting and identifying new talent. Then, all of these assets must be developed and allocated effectively through a business, so that the talent balance sheet constantly improves. This shift is necessary to provide the talent needed to help organisations emerge from the tough economic times and rise to new challenges.”
Not only is talent management of increasing importance to the development and execution of an organisation’s business strategy, but it has become a unique competitive advantage for businesses. In the UK, half of companies reported that the current economic situation has led to an increased focus on talent management. The annual Resourcing and Talent Planning Report, conducted by Hays and CIPD found that 60% of organisations plan to recruit for key talent or niche areas, 10% more than in 2011. More firms are placing an emphasis on developing talent in-house, 70% in 2012 compared to 43% the year before. However, not all organisations are as committed to talent management programmes due to managing costs.
“Being proactive and deploying or sharing talented people within an organisation is what will make the difference for HR departments that are managing talent,” says Ely.
“HR professionals who understand corporate strategy and align it to the competitive landscape, the wider economic environment, technological changes and the behavioural and content preferences of the relevant talent communities are at a distinct advantage.”
As it may be difficult to find talent to cover jobs that require niché skills, there’s is also a strong need for businesses to develop programs that build talent over a longer timeframe.
“Businesses need to ensure talent is developed, for example, over the next five years so they will be ready to take on leadership roles,” says Ely.
“This not only involves identifying the top talent in a business but determining the needs of those employees’ in terms of mobility requirements, family situations and motivation.”
To view the complete Hays Journal, please go to http://www.hays-journal.com
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Hays plc (the "Group") is a leading global professional recruiting group. The Group is the expert at recruiting qualified, professional and skilled people worldwide, being the market leader in the UK and Asia Pacific and one of the market leaders in Continental Europe and Latin America. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As at 30 June 2012 the Group employed 7,800 staff operating from 245 offices in 33 countries across 20 specialisms. For the year ended 30 June 2012:
– the Group reported net fees of £734 million and operating profit (pre-exceptional items) of £128 million;
– the Group placed around 55,000 candidates into permanent jobs and around 182,000 people into temporary assignments;
– 33% of Group net fees were generated in Asia Pacific, 36% in Continental Europe & RoW (CERoW) and 31% in the United Kingdom & Ireland;
– the temporary placement business represented 56% of net fees and the permanent placement business represented 44% of net fees;
– Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Colombia, Chile, China, the Czech Republic, Denmark, France, Germany, Hong Kong, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Russia, Singapore, Spain, Sweden, Switzerland, UAE, the UK and the USA