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.
Today CHRO’s are judged on what they deliver and how they get things done. Aligning talent, fostering engagement, enabling common shared vision and values are critical elements in their toolkit. The CHRO has a vital role in shaping the direction of the organization and ensuring business success for all its shareholders. A tall order for sure but one that I believe we are fully equipped to deliver.
I have personally witnessed HR’s evolution from the back room to the board room, from tactics to strategy, and to assuming ownership of the business and its outcomes. The HR profession has advanced dramatically since the days when I began my career as a recruiter, and we certainly have come a long way from the days of the “Personnel Department” managing things like payroll or vacation requests, and reporting into finance and accounting. I am proud of this evolution which I refer to as the professionalization of the human resources profession.
Philip C. Wilson, CHRL, CHRE, gained over thirty years of progressively responsible experience in business and the HR field. He is currently Director Corporate Services (formerly the Chief Human Resources Officer) for DST Consulting Engineers Inc. where he is responsible for the quality and depth of talent that differentiate DST in the marketplace, while supporting their ability to deliver on strategic goals. At Felix Global Corp., he provided board governance consulting advice, coached executives, delivered career transition support and facilitated business strategic planning. He provided global leadership as Vice President H.R. at Corel Corp. As Senior Vice President H.R. at CIBC Phil led a global, multi-functional team of HR professionals (125) responsible for CIBC’s executive leadership and training programs, organizational development, executive resourcing, global recruitment strategies, and business process outsourcing. Philip received the Queen’s University IRC Award for Lifetime Achievement in the Human Resources Industry at the 2015 HR Awards.