HR Is Still Not Ready for Talent Management
May 07, 2008
The Human Capital Institute (HCI), a professional association and think tank advancing the science of strategic management, and Vurv Technology, a leader in on demand talent management software, today announced research that HR leaders still do not meet the measures of talent management and business acumen. “The Role of HR in the Age of Talent,” shows that only 22 percent of HR leaders were considered experts across talent management issues like globalization, outsourcing, workforce integration and financial acumen.
For extended periods of time HR has been viewed as a “necessary evil” in corporations. But now, with the transition from industrial to information economies, talent management has become a critical need for organizational executives. No department is better suited to fulfill this need than human resources, but in order to meet the challenge HR organizations need to evolve into talent management facilitators.
“The good news is HR comprehends the need to adopt the talent management concept into the larger lexicon. But the gap between understanding and effectiveness remains significant, and now executives and HR professionals alike must focus on how to fix it,” said report author Alan Schweyer, who is also Executive Director of the Human Capital Institute.
Other key findings from “The Role of HR in the Age of Talent” include the following:
- More than 70 percent of HR Organizations focus on Risk Avoidance rather than Risk Taking - Two thirds of respondents said that HR is either important, respected and/or consulted with on corporate strategy - Almost 60% of HR heads report directly to the CEO - There now exists a 50/50 split in HR versus talent management mindsets - While only 22% of leaders were assessed as expert, only 15% were considered expert by non-HR respondents.
“Certainly there has been progress. But now HR needs to address the inability to meet top challenges in talent management over the next three years. Professionals can expect issues like knowledge worker attraction and leadership succession to only get worse as the movement towards global information economies continue,” said Kevin Marasco, Senior Vice President of Marketing at Vurv.
A full copy of “The Role of HR in the Age of Talent” is available to interested members of the media, and can be downloaded at www.vurv.com/ageoftalent. The Human Capital Institute and Vurv Technologies surveyed 662 HR practitioners, managers and executives and 117 non-HR practitioners, managers and executives. Participants included companies from across North America, Europe and Asia/Pacific, with a majority in the United States (84%). The statistical validity of the survey is 95%.
ABOUT THE HUMAN CAPITAL INSTITUTE
The Human Capital Institute (HCI) is a global network of more than 115,000 members in 40 countries committed to shaping the world’s new talent economy. Leaders, executives, and practitioners in HCI’s network represent organizations of all sizes across public, charitable and government sectors, and collaborate on the next practices in strategic talent management. Through communities, education, events and research, HCI provides actionable, results-driven solutions to help members foster talent advantages to ensure organizational change for competitive results. In tandem with HCI’s training, peer-to-peer learning, and public and private research on talent management best practices, the HCI Human Capital Strategist designation sets the bar for expertise in talent strategy, acquisition, development and new economy leadership. www.humancapitalinstitute.org
SOURCE: Human Capital Institute
© 2008, YellowBrix, Inc.