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Richmond Events' Business Panel Report - Talent Management


Headline findings include:

  • Almost 2/3 of responding organizations have a talent management program in place within their organization, whilst a further 23% admit to having a ‘sort of / informal’ one. 
  • For the majority of organizations the talent management program is designed by the HR department.
  • For over ¾ of the panel their talent management program is run in-house, whilst for a further 18% it’s run with a combination of in-house personnel and outside agencies / trainers.
  • The # 1 motivation for a talent management program is succession planning.  This is followed by staff retention, which may suggest that in order to keep your best employees you need to offer them ‘benefits’ such as a talent management program.
  • Only 2% of organizations run a program because their competitors do (thankfully), whilst only 5% say it effectively cuts waste, where ‘waste’ means individuals are trained, only for other companies to reap the benefits.
  • Internal training is the most popular area covered within talent management programs, which makes sense on the presumption that future leaders must know the workings of their organization from top to bottom.
  • Organizations have had their talent management program in place for an average of 5.4 years.
  • Operations and IT are the most represented job titles in an organization’s talent management program.
  • Just over 10% of the panel think the existence of a talent management program will have a significant bearing on its share price, whilst a small minority feel it may significantly improve the attractiveness of an organization to potential investors. 
  • A much higher percentage the panel feel a talent management program may significantly improve the attractiveness of an organization to potential new employees.
  • The average annual cost of a talent management program is $259,032.
For full report http://revents.info/l/6r0

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