The highest performing businesses are re-focusing on talent management.
As the world emerges from global recession, the talent management challenges that enterprises face are dramatically different from even a few years ago. In the U.S., relatively high unemployment contrasts with unprecedented labor shortages. According to Manpower, more than 52% of employers in the U.S. can’t fill open jobs—yet millions remain out of work. Companies are importing manufacturing talent to work in factories even as IT jobs are heading offshore. Workers are holding jobs for less time than in the past and employee churn in 2012 is estimated to have cost employers a whopping $2.1 trillion.
All of these talent constraints are undoubtedly hurting growth and profitability. When organizations can’t fill their ranks with the right people, they can’t move the business forward. In this environment, it’s more important than ever to refocus
the role of HR on talent management. Here’s a framework for rethinking HR’s talent management practices and processes.