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- Press Release - From CRF International Date 19 April For
- Press Release - From CRF International Date 19 April For
- Press Release From: CRF International Date: 19 April For immediate release Finders keepers? Not always. Eighty percent of employees are either actively job hunting or open to better offers from elsewhere, according to a survey conducted by Salary.com. (Fortune, How Admired Companies Find the Best Talent). In a global – ageing - labour market characterised by skills scarcity and increased mobility, where money is not the primary motivator, finding and keeping talent is top of leadership’s to do list. In principle, maybe. But while global executives highlight talent management as one of their foremost concerns according to a McKinsey Quarterly article The People Problem in Talent Management, the majority of the business leaders and human resources professionals interviewed say that a lack of time and attention from senior executives and line managers is one of the principal barriers to managing talent effectively. The findings reinforce the need for companies to integrate talent management into their wider business strategy, to move key people around the organisation, and to make performance in this area a significant part of the annual evaluation process. The value of talented people Making a Market in Talent (McKinsey Quarterly) reports that companies that understand the value of talented people in generating brands, reputations, and other intangibles often spend considerable time recruiting such workers but then fail to provide them with opportunities to develop and grow. When managers have difficulty finding talented people for new roles, and when employees face barriers trying to find new development opportunities, the company’s efforts to build knowledge and assets weaken. “A company’s objective to remain competitive and consistently achieve its revenue over the long-term centres on the retention of talent,” says Susan White, manager human performance service line at Accenture, South Africa. “Therefore companies need information that will enable them to gain the critical edge in attracting and retaining talent, while building and extending their employer brand. In the current marketplace external recognition is invaluable because a strong employer brand is a magnet for talent.” So, what are the best employers doing that the rest aren’t? And how can organisations uncover the secrets to successful talent management? Benchmarking best practice is critical Several international benchmarks and studies, including Fortune’s annual ranking of the Most Admired Companies reveal insights about strategies implemented at the best global employers. But South African companies engaged in the most important battle – the war for talent – require more than tales from abroad. They need contextually relevant, objective, reliable information about their – and the competition’s – talent management techniques. Companies need to be able to answer critical talent questions such as how they will staff global locations; where the next generation of leaders come will from; how they can create a performance- driven culture; how they will attract and retain Generations X and Y; and how they will find sufficient technical skilled talent. White says Accenture’s Human Capital Development Framework (HCDF) – one of Accenture’s offerings that was utilised in the creation of CRF International's human capital practices HR Benchmark™ (which is used to rank companies in the BEST Employers™ publication) - is a very powerful diagnostic tool that can assist organisations to identify areas for improvement in the processes that support acquiring developing and retaining talent. “South African business needs to generate a solid body of knowledge about the key metrics that address attraction and retention,” says Andrew Johnson, Edcon Group OD and Assessment Executive. “Benchmarking in a South Africa context provides critical research for organisations as it enables companies to compare themselves within and across industries.” Getting it right in South Africa “Irrespective of the industry, all organisations face similar challenges,” says Johnson. “And one of these challenges is retaining talent. If there are key activities an organisation needs to implement to attract talent, local benchmarking provides an indication of whether the company is focusing on the right aspects. CRF’s publishing manager, Samantha Crous adds that the company is excited to be able to offer this online benchmarking facility to SA companies as a value-add outcome of the BEST Employers™ South Africa publication. “In responding to the needs of SA companies participating in the BEST Employers™ publication, we understood first and foremost that we needed a scientific way to assess best practice and rank top performing organisations based on this. “The benefits of boosting the research credibility for all participating organisations were obvious to us, but the outcome of developing that research delivered a tool that exceeded our expectations. And we are delighted to be in a position where we can offer recognition in HR and people management from a solid view of best practice as well as the information companies need to arm their HR function going forward,” explains Crous. According to White, the HR Benchmark™ questionnaire comprises learnings from Accenture’s human performance service offering within South African based companies, including recognition that the right leadership and culture, and corporate social responsibility (CSR) are exerting a strong influence in attracting and retaining people. “Diverse gender, generational and cultural requirements mean companies also require flexible working conditions - work-life balance is pivotal. The more adaptable a company’s benefit programme, the more it allows employees to select what suits them as individuals.” “Recognition emerged as a crucial component in retention too. Organisations must develop a culture that values people where individual performance is aligned with business performance, and where employees have the opportunity to develop personal and professional growth aspirations. It is all about making an individual feel valued,” she says. “But for companies to determine how well they are doing this, they need to critically assess the human capital processes that support – or negate – the development of this type of culture.” “An independently conducted survey enables companies to begin to benchmark themselves against critical factors that influence the attraction and retention of people. Organisations can assess how they compare to others, particularly those with a strong employer brand,” says Johnson. Released by CRF South Africa and CRF International For more on this and other stories contact: Publishing Manager Samantha Crous Telephone: +27 21 425 0320 Mobile: +27 72 406 7514 Email: firstname.lastname@example.org Website: www.crf.com / www.crf.com/southafrica About CRF International CRF International, otherwise known locally as CRF South Africa (Corporate Research Foundation), is an international, independent research-based publishing company currently active in eight countries on three continents. CRF’s country operations include the United Kingdom, Switzerland, China, South Africa, Belgium, The Netherlands, Spain and Denmark, with more country offices planned. CRF International has more than 2 000 clients worldwide, ranging from Fortune 500 companies to leading small and medium-size specialist companies, as well as non-profit and governmental organisations. Among them are Microsoft, DaimlerChrysler, Shell, Unilever, McKinsey, Clifford Chance, Morgan Stanley, Deloitte, TNT, Bayer, McDonald’s, Sony, Britain’s Inland, Ernst & Young, SABMiller, to name only a few. Vision To use scientific, objective and credible research tools to identify top performing companies in the areas of HR, strategy and leadership, and to publically recognise and reward those top performers. Mission To harness the value of local partnerships with the best media organisations, research institutions and industry associations in the search for and recognition of top performing companies and individuals. Through this, to deliver targeted awareness-generating marketing and brand publicity value to companies committed to business best practice for their own organisations, staff, customers and shareholders.
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