Key talent a priority amidst widespread redundancies

News Article - 21 January 2011
Category: Business

Nearly half of European businesses believe that attracting and retaining talent is essential to growth, according to new research released by professional services firm Towers Watson.

Out of 700 global organisations surveyed last September, 324 admitted that difficulties in finding and keeping talent were a significant obstacle to development. Many firms also highlighted the difficulties involved with replacing key employees.

A third of European respondents said that they would begin, or continue, redundancy drives in 2011. Three out of five are likely to impose greater restrictions on staff travel, whilst a further two in five will tighten bonus criteria or restructure career ladders.

Joris Wonders, senior consultant on talent and rewards at Towers Watson, believes that whilst firms recognise the need for revamped recruitment and training procedures, many are unprepared to implement such measures:

"Despite respondents' cautious optimism about growth in the coming year, they recognise that an inability to attract new talent or hold on to key individuals could prove to be the difference between growing and remaining stagnant. In light of this concern, it is striking that the research found that many respondents aren't truly prepared to address talent issues."

Respondents also highlighted the role that effective performance management plays in shaping a 'high performance culture,' something that many companies admitted was key to growth. On issues that offer the most concern, 39 per cent of respondents cited a lack of employee engagement as a top three worry.

Companies aiming for growth in 2011 must dedicate sufficient time to getting the most out of current employees, identifying key talent and ensuring all staff are motivated and productive. Yet many managers will no doubt be worried that financial pressures in 2011, such as the VAT rise and Government spending cuts, may zap available time and prevent them providing the time required to deal with these issues.

Access business software is designed to promote time efficiencies throughout an organisation; by automating many common tasks, including HR administration and recruitment and selection, bosses have more time available to identify and nurture key talent.

For more information on how Access business and HR software can help firms more efficiently attract and retain key talent, please call us on 0845 345 3300.

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