Korn/Ferry Survey: Executives Say Most Important Strategy For Leading Global Companies Is Talent Management
-Yet 35 Percent Say They Do Not Have a Talent Management Strategy in Place-
LOS ANGELES, March 21, 2013 /PRNewswire/ -- When asked what they feel is the single most important corporate strategy for their company to implement, 45 percent of global executives say talent management – and they indicate it is more critical than marketing (26 percent), financial management (21 percent) and capitalization (7 percent).
These results are from a survey of global executives conducted from February 6 to March 8, 2013 by Korn/Ferry International (NYSE: KFY), a premier global talent management company.
Despite ranking talent management the No.1 corporate strategy, 35 percent of respondents say their companies do not have a talent management strategy in place.
Further emphasizing the importance global executives place on talent, the survey also reveals that 86 percent of executives believe that a strong management team is the most critical component to a company's success. Yet, 43 percent say they do not believe their company has the right management team for the company over the next 12 months and 56 percent do not believe they will have the right team five years from now. This is despite the fact that just seven percent of respondents believe their company's strategy will remain the same in five years.
"Our survey indicates that even when top executives say that a strategic approach to determining human capital needs such as recruiting, hiring and retention is one of the highest priorities on their agenda, many companies' talent management practices lag behind the minimum accepted standards," said Ana Dutra, Chief Executive Officer, Korn/Ferry Leadership and Talent Consulting. "Many companies today have yet to align their talent strategies with the changing nature of business strategies."
"What apparently has yet to take hold in companies is recognition that business strategies are constantly changing and that companies need their leaders to be able to grow and learn from their experiences as well as update their talent strategies in order to execute on more challenging business performance targets," added Dutra.
Questions and detailed results are as follows:
Q: What do you think is the SINGLE most important strategy for a company to implement?
| Talent Management |
45% |
| Marketing |
26% |
| Financial Management |
21% |
| Capitalization |
7% |
Q: Has your company implemented a talent management strategy?
| Yes |
59% |
| No |
35% |
| Never heard of talent management |
6% |
Q: Who has primary responsibility for your company's talent management strategy?
| CEO |
45% |
| Chief HR Officer |
36% |
| COO |
10% |
| CFO |
0% |
| No one |
8% |
Q: Of the attributes listed below, which one do you think is most critical to a company's success?
| Strong management team |
86% |
| Effective marketing |
8% |
| Sound financials |
5% |
| Long-term funding |
1% |
Q: Does your company have the right management team to guide and operate the company for:
| 12 Months |
3 Years |
5 Years |
|
| Yes |
57% |
43% |
44% |
| No |
43% |
57% |
56% |
Q: Do you think your company's strategy will remain the same for the next…?
| 12 Months |
3 Years |
5 Years |
|
| Yes |
40% |
28% |
7% |
| No |
60% |
72% |
93% |
Methodology
The Korn/Ferry Institute Executive Survey is based on a global survey of executives registered within the firm's online Executive Center, ekornferry.com. Respondents representing a wide spectrum of industries and functional areas participated in the most recent Executive Survey in February and March 2013. Due to rounding, percentages of responses may not equal 100 percent.
About The Korn/Ferry Institute
The Korn/Ferry Institute generates forward-thinking research and viewpoints that illuminate how talent advances business strategy. Since its founding in 2008, the institute has published scores of articles, studies and books that explore global best practices in organizational leadership and human capital development. For more information, visit www.kornferryinstitute.com.
About Korn/Ferry International
Korn/Ferry International is a premier global provider of talent management solutions, with a presence throughout the Americas, Asia Pacific, Europe, the Middle East and Africa. The firm delivers services and solutions that help clients cultivate greatness through the attraction, engagement, development and retention of their talent. Visit www.kornferry.com for more information on Korn/Ferry International, and www.kornferryinstitute.com for thought leadership, intellectual property, and research.
SOURCE Korn/Ferry International
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