Grow your own leaders

A new report from the Boston Consulting Group and World Federation of People Management Associations (WFPMA) found companies are struggling to fill their leadership and workforce needs. It notes that talent management needs are particularly critical at the senior leadership level and that only nine precent of companies surveyed deploy sophisticated workforce supply-and-demand model.

And while it’s generally accepted its easier and more effective for homegrown talent to step into leadership roles, companies fill more than half their executive positions from outside, the survey found.

The report titled Creating People Advantage 2010: How Companies Can Adapt Their HR Practices for Volatile Times includes input from 5561 executives in 109 countries. Participants were surveyed on 21 HR topics and deemed four to be critical. These were:

Managing talent: identifying, attracting and retaining the right people. It was noted that corporate capabilities in this area haven’t improved much since the last survey in 2008.

Improving leadership development: in volatile times, leaders who can convey the company’s vision and motivate employees are invaluable.

Strategically planning the workforce: something that’s become more urgent as companies start increasing headcount.

Employee engagement: this has suffered during the recession and employment cutbacks but could be improved through work flexibility measures.

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