Posted: Wed Feb 27, 2008 9:13 am Post subject: Talent Management groups emerge as the new foot soldiers in
Talent Management groups emerge as the new foot soldiers in America’s “war on talent”
New survey says 55% of companies now have talent management groups but can’t find the staff to fill them.
Released on: February 26, 2008, 4:49 pm
Press Release Author: New Talent Management Network (www.newtmn.com)
Industry: Human Resources
Press Release Summary: A new survey by the New Talent Management Network (NTMN) shows that formal Talent Management groups are becoming a fixture in corporate America as companies fight for their share of the shrinking talent pool.
Press Release Body: NEW YORK, NY – A new survey by the New Talent Management Network (NTMN) shows that formal Talent Management groups are becoming a fixture in corporate America as companies fight for their share of the shrinking talent pool. The 1st Annual Talent Management Survey showed that 50% of companies have a group called Talent Management (TM) with 82% of respondents forming TM groups within the past 3 years. The field should continue growing rapidly since 52% of respondents plan to increase their TM staff over the next 12 months.
This demand for TM professionals has resulted in a talent shortage within their ranks. Survey respondents in 74% of companies surveyed say that finding senior leaders to fill these jobs is “very difficult” or “impossible.” That scarcity is driving salaries higher, with the average Talent Management VP earning a base salary of $231,000 and total compensation of $454,000.
“Despite a looming recession, smart companies understand that great talent will always be a scarce resource,” said Marc Effron, founder of the NTMN and lead researcher in the study. “They’re investing in TM groups today so they can identify, grow and retain the best talent as the global talent shortage increases.”
The TM profession is differentiating itself from traditional human resource or leadership development roles through its focus on succession planning and individual leader development – activities that show business results faster than typical HR activities. The NTMN survey found that managers in formal TM groups are significantly less likely to lead performance management (71%), organizational development (64%), and change management (39%) activities than HR leaders not in formal TM groups.
Job responsibilities for TM leaders in 88% of companies include designing tools for succession planning, assessment and feedback, and career planning. Much less time is spent on actually implementing TM practices and processes (56%) which can result in a disconnect between business needs and how a TM process actually functions.
“Human Resource departments are increasingly under fire for not delivering value to the business,” says Effron. “These new TM groups can redeem HR’s reputation by producing a corporation’s scarcest resource, high performing talent.”
About the New Talent Management Network (NTMN)
More than 200 senior talent management professionals belong to the recently formed NTMN, a free network committed to increasing the quality of talent management practices, conducting original research to benefit its members and providing networking opportunities. More information and a complete copy of this survey is available at www.newtmn.com.
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