Strategic HR Practices for Volatile Times
by Barry Frey, Senior HR Consultant & Certified Talent Management Consultant
What are the top HR issues on the minds of CEO's in the current business climate? "Creating People Advantage 2010 - How Companies Can Adapt Their HR Practices for Volatile Times" is the title of a survey recently released by Boston Consulting Group that answers that question.
According to the survey, four issues top the list:
Managing Talent - the ability to identify high performers, attract them to the organization and keep them on board was the number one concern voiced in the survey, even in this tough economy.
Improving Leadership Development - not having successors in place for baby boomers who will be moving out in the next 5 to 10 years was the number two big concern. Respondents indicated that more than half of executive positions are filled from the outside. This will increase competition for senior talent in the coming decade and potentially create a revolving door in executive suites as organizations raid each other to fill leadership voids.
Employee Engagement - the past two years have had an impact on workforce morale and loyalty. Restoring trust and a sense of commitment among workers will be a critical issue for organizations wanting to ramp back up, remain competitive and protect their intellectual capital as economic improvement creates more job options for talented employees.
Strategic Workforce Planning - organizations need to know the makeup of their workforce, not only in terms of demographics such as age. They also need a clear view of how knowledge and strategic capabilities are spread across their internal talent pool. Are there areas where bench strength is thin? Where is the organization vulnerable? Which key players would be difficult or impossible to replace if lost?
All four of these areas are linked to creating sustainability in an uncertain world. Organizations that not only survive, but thrive in the coming recovery will be those have successfully addressed these four critical issues.
Barry Frey, is a Senior HR Consultant with LMA Consulting Group. He is also a Certified Talent Management Consultant. Contact Barry at 717.509.8889 or via email bfrey@lmaconsulting.cc.
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