It may be hard to believe but, 67% of organizations in the industrial world find it extremely difficult to identify, develop, engage and retain their talented people. Many deploy no talent management strategy at all. Most organizations actively spend thousands on carefully seeking out and identifying top talent but do nothing to continue developing that same important talent resource.
- Poor succession planning wipes an estimated $8.4 billion from the stock market value of the top Fortune 100 companies every year.
- Management retention is identified as a negligent error issue by nearly every independent business analysis; the cost of recruiting a middle manager alone is between 33% and 65% of their annual salary.
- 78% of organizations in the US and UK experience talent retention problems as opposed to 67% worldwide.
- Despite the challenging economy, US and UK employees are among the most likely to consider leaving their job during the next 12 months, with 53% of employees specifically stating in exit interviews that they are leaving to fulfill their career development needs elsewhere
- Changing workforce demographics means that leadership and management skills, which are often developed as talent moves up through the lower levels in a company, are in devastatingly short supply.