Integrated talent management strategies result in a 41 per cent lower turnover among high performers, new research has found.
Talent management which is implemented in this way also leads to 26 per cent more revenue per employee, the study by researchers Bersin & Associates showed.
Despite talent management often being viewed as a non-essential HR practice, the poll conducted in partnership with Human Resources Executive magazine also found that organisations with integrated talent management were 28 per cent less likely to experience a major layoff.
This highlights their ability to rapidly adapt to change, the report noted.
"CEOs and senior business leaders must take ownership for talent management and make it as important as their focus on products, sales, marketing and distribution," commented Josh Bersin, president of Bersin & Associates.
Almost half of respondents claimed that their firms now implement strategies for integrated talent management.
In an attempt to improve its performance, the HR director of the Royal Bank of Scotland, Neil Roden, recently said it would overhaul its talent management programmes to ensure the strongest leadership is in place for future success.