When CEO’s were recently asked to rank their top ten priorities, “Business Growth” understandably received the top rating. What occupied the second spot? This was reserved for “Talent Management” activities.
In a survey of 704 CEO’s conducted by The Conference Board in late 2010 and early 2011, “Talent Management” was rated as an overall higher priority than such business-worthy topics as Cost Optimization, Innovation, and Customer Relationships.
Why the focus on Talent Management? Cost-cutting efforts have curtailed bringing in outside talent for many organizations, turning the focus on development towards internal staff members. In addition, many leaders are recognizing that their internal staff — like incumbents in other organizations — may be biding time in their current roles until the job market rebounds. Once this rebound occurs, a massive churning of the workforce could occur — and actively developing internal staff members can be an effective tool to aid employee retention.
The Conference Board survey included CEO’s from a variety of industries. While Talent Management concerns were not rated as the second highest priority by all industries, talent management was rated as a top 4 priority by CEO’s of all industries, and received a #2 rating overall.
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