Maynard Leigh Study Finds Recession has Sharpened UK Talent Management Practices to Give a Harder Commercial Edge
In a new study, Talent Management at the Crossroads, the directors of people development company Maynard Leigh set out to interview 20 of the UK's most enlightened employers to find out how talent management is faring through the worst recession for more than half a century. With talent management practices in UK companies under harsh commercial scrutiny and pay rises and bonuses in short supply, the best companies are focusing on increased communication and challenging work to keep staff motivated.
London (PRWeb UK/PRWEB ) May 20, 2009 -- Talent management practices in UK companies are under harsh commercial scrutiny because of the recession but leading companies believe investment in people supports business performance. This is one of the conclusions of a new study carried out by people development company, Maynard Leigh in detailed conversations with 20 of the country's most enlightened employers.
The study, carried out in Q1 of this year, set out to discover whether the advances in talent thinking over the last 20 years have really become embedded in the boardroom or whether, with the pressure on, companies feel they have to scale back their commitment because the return on investment is too intangible.
The conclusions identify a growing divide in the definition of talent: "We found that in certain types of company, budgets are being diverted from developing relatively few top performers and cascaded down to empower more people to take ownership of how the business performs," said Andrew Leigh, a Director at Maynard Leigh and co-author of the report.
HR, once seen as a marginal discipline is under increasing pressure to help deliver growth and profitability. "The overall message emerging from our discussions is stark and simple", said Andrew Leigh, "Companies that now choose to turn their back on developing people could suffer the consequences for a generation."
Other factors that are forcing a rethink of talent management include freezes in recruitment budgets. One in four of the companies consulted had frozen hiring putting pressure on staff retention and internal development as budgets for external recruitment have dried up. "Talent management used to be thought of as a succession management discipline, to retain and develop people in senior or business-critical roles, but this mindset is being reframed due to the challenges of the recession," added Andrew Leigh.
On a more positive note, the companies interviewed agreed that it was crucial to keep staff motivated through the downturn, but with pay rises and bonuses in short supply, increased communication and challenging work were proving effective.
The study comments on other factors that determine companies' responses to talent management:
Board commitment: 75% of the companies interviewed decided talent strategy at board level.
Business strategy: Every company links talent management to business strategy. The recession has made the connection more tangible as HR directors take a more holistic view of the business.
Surviving recession: Talent is crucial to long term strategy and most of the companies interviewed believe the key is to identify, develop and recruit talent from within the company.
Retention: The best way to hang on to talent is not through higher salaries or bonuses, but through more challenging rewarding and meaningful work.
Budgets: None of the companies had cut their talent management budget, but most are prioritising spend and all are paying close attention to internal communications.
Employee engagement: 90% of companies consulted conduct a staff survey at least once a year with a significant proportion taking the temperature more frequently, sometimes on a quarterly basis. Companies included employee engagement in their talent management metrics with the results feeding back to inform people strategies.
"Our overall impression is that the advances in talent strategy we've observed during the 20 years we've been in business have not been trampled by the recession. On the contrary, the most enlightened companies are taking positive and in some cases innovative steps to put people at the heart of their competitive strategy despite the extremely challenging business environment," Concluded Andrew Leigh.
Copies of the study: Talent Management at the Crossroads; How 20 of the UK's best employers are rising to meet the challenge of turbulent times are available to download from Maynard Leigh Report: Talent Management at the Crossroads
About Maynard Leigh Associates:
Maynard Leigh's core purpose is to unlock people's potential. A pioneer in techniques drawn from the world of theatre, mixed with psychological insight and tools from organisational development, Maynard Leigh has a 20 year track record in helping to dramatically improve workplace performance. Over 100,000 people have participated in their development activities in the UK since 1989.
By developing cognitive, emotional and behavioural skills, Maynard Leigh maximises each person's effectiveness and improves overall organisational performance. Founders Andrew Leigh and Michael Maynard have written extensively on the subject including The Charisma Effect, (Pearson Education 2008), The Perfect Leader (Random House, 2003 ), Leading your team (Nicholas Brealey, 2002 ) and Perfect Communications (Random House, 1999). Recent client case studies available at www.maynardleigh.co.uk include work for DHL, Ernst & Young and Barclaycard.
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