A simple Google search on the words “talent management” reveals almost 17 million hits, and if we look at studies in all countries over the last decade, every time CHRO’s & CEO’s are surveyed, two of the top three challenges they say they face are lack of talent and a shortage of leadership. It isn’t clear whether these two are linked (i.e. is talented leadership scarce; or is it that both leadership and specific talents at all organizational levels are in short supply.)
Whatever the answer, it does appear to be a universal and long-standing issue. One would think that if it is so important and companies have been working on it for decades, they would have found a solution by now.
This raises the question, with all this information and such a multiplicity of studies, why has it not been fixed? Thus we address the question “Is the talent gap reality or fiction?”
In a previous articles, we described a Human Resources Framework encapsulating the five knowledge competencies which we believe are requisite elements for CHRO success:
- Strategic Business Planning and HR Alignment
- Talent Acquisition Allocation and Management
- People Management
- Compensation, Rewards and Recognition
- Employee and Leadership Professional Development
In our most recent article, Making of the Super CHRO, we discussed how HR must align people strategies with the overall corporate mission. In this article, we cover the only sustainable factor that differentiates successful organizations from those that don't make it – finding, developing and keeping talent.
The fact that it continues to be a problem means that either it isn’t as important as surveys say; or it is important but no one has the answer. This conundrum is a tough nut to crack.
There seem to be four overarching factors that make the issue a real challenge.