Building a new talent management model
Businesses are on the brink of a talent crisis. Only a “paradigm shift” — a major shift in thinking and assumptions — can help tackle the global talent shortfall.
Our new global talent management survey shows that much work remains to be done before organizations' talent strategies can match what the market and economic environment will demand in the future.
Talent is not a “soft” skill anymore. It has a positive and quantifiable connection to a company's financial performance. High-performing companies tend to manage their talent more effectively than their lower performing counterparts:
- High performers put greater emphasis on linking pay with performance than low performers do. They also provide more customized training and development.
- High performers are more likely to invest in talent management to meet the organization's financial targets.
- When looking for potential C-suite leaders, they are more likely to choose people who can lead successfully in an international business environment and who can effectively convey the values and culture of the organization.
- When it comes to leadership development, high performers have a strong pipeline of future leadership talent, robust succession planning and the intent to develop future leaders with diverse experiences and backgrounds.
Talent management in the mining and metals sector: in search of new solutions
Over the past decade, some categories in the mining and metals sector have received more investment than others. While many businesses have spent huge sums on cutting-edge plant and machinery, the same level of commitment has not been so apparent when it comes to human capital.
If growth continues at the same pace, mining and metals companies will find themselves competing even harder for a limited pool of talent, leading to wage inflation, lower margins, technical difficulties and possible project delays.
Also, increased resource nationalism and environmental awareness means that the skills of managers with narrow, technical backgrounds may not be sufficient to deal with the demands of a broader range of stakeholders, including governments, environmental campaigners, charities, non-governmental organizations and labor unions.
With skills shortage ranked as the second largest risk in our Business risks in mining and metals report 2012-2013, the industry's focus on people management is now more important than ever before. Solutions include: