Economic Downturn Transforms Talent Management, Leadership
As the economic downturn begins to intersect with the recovery, Deloitte announced a new report about talent trends in the changing economy based on a full year of in-depth research.
This latest report, “Has the great recession changed the talent game? Six guideposts to managing talent out of a turbulent economy,” captures ways surveyed executives and talent managers have adjusted their workforce and talent strategies to deal with the shifting economic forces. Further, the report identifies six key guideposts for executives to consider as they map out their talent strategies to address the challenges of the changing economy.
“Based on Deloitte’s research, many executives are planning to use their pre-recession playbooks to manage their talent programs,” said Jeff Schwartz, Deloitte Touche Tohmatsu Global Organization and Change Leader. “However, relying on old methods to address entirely new talent challenges may prove detrimental in today’s global economy that is desperate for innovation, refreshed leadership programs, and new demographic and skill gap challenges.”
Since January 2009, Deloitte has been conducting a longitudinal survey to gauge how senior executives and talent managers have positioned their workforces. In this report, the last in the series, Deloitte presents the following key research findings and corresponding guidance for senior executives and talent managers to consider as the downturn morphs in to the recovery:
- The problem may look familiar, but the solutions are not
• Only 39 percent of executives surveyed have a talent plan aimed at driving innovation.
• Two out of three executives surveyed acknowledge that workforce planning is not being integrated at both the corporate and business unit levels.
• While the recession may have put retention planning on hold, 20 percent of executives surveyed acknowledge their companies have not updated their retention plans to take into account a changing economy.
