Five Executive Talent Management Forecasts For 2011
As corporate growth plans for 2011 unfold and resources mobilize to achieve them, there is increasing focus on rebuilding and upgrading enterprise talent to realize business potential and to compete in increasingly competitive global markets.
But how best to deploy, motivate and measure the impact of Human Resources in a New Year that promises new business opportunity?
The answer for many global organisations in 2011 is to start at the top, by focusing on the most mission-critical executive management roles responsible for driving revenue, maximizing efficiency and exploring new markets. Just consider these five Executive Talent Management forecasts for 2011:
1. Continued corporate focus on leadership development. As the global economy continues to recover and select national economies realize actual growth, corporate Human Resources leaders will spend more time and money on leadership development. Investing in high-potential managers and exposing high performers to new learning experiences is the antidote for many companies' lack of continuous investment in succession planning.
2. Increasing spend on executive staffing. Having weathered budget cuts and hiring constraints, companies that find themselves lacking the talent to drive the enterprise toward 2011 strategic goals will spend more to attract new management talent and engage their executive search scouts to fill key talent gaps in the year ahead.
3. Review and realignment of executive compensation. To stay competitive and attract top executive talent, companies around the world will need to adjust compensation policies and practices and align them to a more competitive jobs market. Companies will pay more to sustain their workforces in 2011 than they have over the past couple of years. Recognizing effective pay, recognition and incentive practices as important talent management levers will be critical.
4. More executive departures – and the need to focus on executive retention. As more businesses invest in growth, they're presenting talented executives with more career options. Expect an increase in executive departures in 2011 as they decide to explore opportunity elsewhere, and expect companies that have failed to prioritize retaining key business leaders to lose more of them.
5. An increasing appetite for workforce innovation. As talent management continues to elevate as a strategic function of corporate Human Resources, expect to hear about new and innovative workforce management practices that align HR more consistently to business results.
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