When asked what they feel is the single most important corporate strategy for their company to implement, 89% of UK executives say talent management, placing it far ahead of marketing (11%), financial management (0%) and capitalization (0%).
These results are from a survey of UK executives conducted from February 6 to March 8, 2013 by Korn/Ferry International (NYSE: KFY), a premier global talent management company.
Despite ranking talent management the No.1 corporate strategy, half (50%) of respondents say their companies do not have a talent management strategy in place.
Further emphasizing the importance global executives place on talent, the survey also reveals that 85% of executives believe that a strong management team is the most critical component to a company’s success. Yet, 57% say they do not believe their company has the right management team for the company over the next three years and 75% do not believe they will have the right team five years from now. This is despite the fact that just 13% of respondents believe their company’s strategy will remain the same in five years.
Commenting on the results Jim Tapper, Managing Partner, Leadership & Talent Consulting, UK, Nordics and Middle East said: “The survey shows that despite the importance placed on talent management, many companies have yet to align their talent strategies with their business strategies.”
Questions and detailed results are as follows:
Q: What do you think is the SINGLE most important strategy for a company to implement?
Talent Management 89%
Financial Management 0%
Q: Has your company implemented a talent management strategy?
Never heard of 17%
Q: Who has primary responsibility for your company’s talent management strategy?
Chief HR Officer 21%
No one 0%
Q: Of the attributes listed below, which one do you think is most critical to a company’s success?
Strong management team 85%
Effective marketing 15%
Sound financials 0%
Long-term funding 0%
Q: Does your company have the right management team to guide and operate the company for:
12 Months 3 Years 5 Years
Yes 71% 43% 25%
No 29% 57% 75%
Q: Do you think your company’s strategy will remain the same for the next…?
12 Months 3 Years 5 Years
Yes 40% 50% 13%
No 60% 50% 87%
The Korn/Ferry Institute Executive Survey is based on a global survey of executives registered within the firm’s online Executive Center, ekornferry.com. Respondents representing a wide spectrum of industries and functional areas participated in the most recent Executive Survey in February and March 2013. Due to rounding, percentages of responses may not equal 100 percent.
About The Korn/Ferry Institute
The Korn/Ferry Institute generates forward-thinking research and viewpoints that illuminate how talent advances business strategy. Since its founding in 2008, the institute has published scores of articles, studies and books that explore global best practices in organizational leadership and human capital development. For more information, visit www.kornferryinstitute.com.
About Korn/Ferry International
Korn/Ferry International is a premier global provider of talent management solutions, with a presence throughout the Americas, Asia Pacific, Europe, the Middle East and Africa. The firm delivers services and solutions that help clients cultivate greatness through the attraction, engagement, development and retention of their talent. Visit www.kornferry.com for more information on Korn/Ferry International, and www.kornferryinstitute.com for thought leadership, intellectual property, and research.