Crucial Talent Management Statistics
Shihab Khan, CKPI-P, CLDP, CTMP, COKRP
HR Professional | Transforming People and Process for GREATER Purpose | Story Teller
#Statistics speaks for #Talent Management more than ever!
In a survey by HBR with 24 top CEO found Talent management as one of the top challenge in current and upcoming business challenge. While McKinsey complementing such findings saying that organization having strong leadership pipeline and holding leadership accountable for strong talent pipeline achieving 198% higher CAGR EBIT. Yes, you heard it right!
Mercer global talent trends(2021) telling 20% of workforce world wide is consisting of GenZ, means a reduction of baby boomers(now very less at workplace) with a major part of GenX and Gen Y! The diversity at its best! Which demands a wide range of programs in Talent Management program.
Lets see some crucial findings through international survey related with Talent Management-
1. Employee Engagement Impact:
According to a Gallup poll, companies with highly engaged employees experience a 20% increase in productivity.
2. Importance of Recognition:
A study by Bersin & Associates found that companies with recognition programs that are highly effective at improving employee engagement have 31% lower voluntary turnover.
3. Focus on Employee Development:
The 2020 Workplace Learning Report by LinkedIn stated that 94% of employees would stay at a company longer if it invested in their career development.
4. Remote Work Challenges:
A survey by Gartner in 2020 revealed that 49% of employees working remotely felt a lack of motivation, while 46% struggled with work-life balance.
5. Diversity and Inclusion Impact:
McKinsey's "Diversity Wins" report highlighted that companies in the top quartile for ethnic/cultural diversity on executive teams are 36% more likely to have above-average profitability.
6. Succession Planning:
The Corporate Leadership Council found that organizations with effective succession planning are 2.5 times more likely to outperform their peers.
7. Skills Gap Concerns:
According to PwC's 2020 CEO Survey, 79% of CEOs were concerned about the availability of key skills in their workforce. Thats a lot from total!
8. Impact of Training:
A survey by IBM found that companies that offer comprehensive training programs have a 218% higher income per employee than those with less extensive training. OMG!
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9. Talent Shortage:
ManpowerGroup's Talent Shortage Survey reported that 69% of global employers struggled to find skilled workers in 2020.
10. Job Satisfaction and Productivity:
A study by the University of Warwick found that happy employees are 12% more productive than their less satisfied counterparts.
11. Technology and Talent:
Deloitte's 2020 Global Human Capital Trends report revealed that 53% of companies are actively exploring and experimenting with AI to increase efficiency in HR processes.
12. Employee Burnout:
A survey by FlexJobs reported that 75% of workers experienced burnout in 2020, attributing it to a lack of separation between work and personal life.
13. Remote Work Preferences:
Buffer's "State of Remote Work" 2020 report found that 98% of remote workers would like to continue working remotely, at least some of the time, for the rest of their careers.
14. Employee Well-being Programs:
The World Economic Forum stated that 84% of companies are set to rapidly digitalize their work processes, including a significant expansion of remote work.
15. Millennial Workforce Priorities:
PwC's Millennials at Work survey highlighted that 88% of millennials desire work-life integration and 75% believe that technology makes it easier to balance work and personal life.
(data source internet & surveys)
These study, survey and analytics were focused for Talent management, however general HR practitionars can be equiped with these.
These study and metrics indicates the growing importances of practiciting right talent management with appropriate philosophy. These tend an organization to align its people strategy in line with business strategy. Remember what McKensey said ? (first para of this article) yes, 198% CAGR EBIT due to appropriate succession plan! Hence the urge is to re focus talent management actions.
Whats your thought on talent management!
write me- [email protected]
CPO | Business Head | Operational Excellence | Business Development | RTM Designing
1 年Great Findings! Thanks for sharing!
Head of OD & Training | Ex BSRM, National Bank and RIA Money Transfer
1 年Excellent
HR Professional | Manager | HRBP | Certified Assessor - XLRI | Talent Acquisition Specialist | Performance Management | Talent Management | HR Operations | Organizational Development
1 年Very well written and Informative. Thanks for sharing.
CTMP | CLDP | OD | Capability Development | HRBP | Sales Training
1 年Excellent writing. The research data made it rich. In this VUCA world, the corporate game is changing rapidly. Covid, war, global politics, import sanctions made the situation complex compared to the year before covid. So, TM became very important not only for profitability but for survival in the current context. I hope the strategic leaders understand the need.
Assistant Manager at Prantik Group
1 年Excellent writing! In traditional management systems, employers often treat investment on employees, employee engagement, succession planning as a cost! Most Surprisingly, working long hours is considered productive! Hopefully this attitude will soon change qualitatively!