60% of companies without strategy to win, develop and retain talent

A survey of over 2000 executives, conducted jointly by BCG and the European Association for People Management, found that talent management and leadership development remain the most important HR challenges in Europe.  60% of respondents said that these issues, which are critical for success, are insufficiently managed. There is therefore a significant opportunity for HR professionals to take a strategic role and adopt a fact-based analytical approach to ensure they are contributing to corporate success.

The value of such approach is evident in the performance of the companies analysed by the study: 53% of the top-performing organizations (measured by revenue and growth over the past three years) have already established an integrated strategy to recruit, develop, and retain suitable talents. Whereas, only 27 percent of the less successful companies have done so.

The report highlights a number of clear trends which must be addressed in a more strategic approach to HR. The most critical are the impact of the imminent shortage of talent; the targeted promotion of workforce diversity aligned with business requirements; the integration of online social networks into the core activities of personnel management; and the promotion of international standards and processes within the HR function.

A copy of the full report can be downloaded here.