Embedded. Productive. Connected. Talent Management the YSC way...
Almost 15 years ago now, McKinsey declared that there was a “war for talent” coming, and it seems they got it right. Globalisation and shifting population demographics are causing competition for talent to steadily and persistently rise and making it harder than ever for businesses to find the talent they need.
In the West, only 18% of firms say they have enough talent in place to meet future business needs and more than half report that their business is already being held back by a lack of leadership talent. Worryingly, 75% of businesses report difficulty in filling vacancies too. The situation is generally not as critical in emerging markets at present, but this will change. The war for talent is going global.
It is not actual war, of course, but there will be casualties and there will be winners. We know that those businesses that are better at talent management and more able to find and keep the best people tend to outperform their industry’s average return to shareholders by around 22%. In fact, making good hiring and promotion decisions can have a bigger impact on market value than creating a customer-focused environment, improving benefits or having good union relationships. And amidst stronger competition for talent, these performance advantages for companies that are effective at identifying and managing talent are likely to increase.
At YSC, we partner with organizations to build a genuine talent advantage through developing talent strategies and solutions that add real value. It is talent management that is embedded in day-to-day business practices, productive in producing outputs, that make a difference, and connected with both business strategy and broader people processes.
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