Australian companies like their global peers have expressed concerns over their ability to attract and retain key talent as well as planning for an orderly replacement of talent, according to Towers Watson research.
The survey, conducted on more than 700 companies globally, found significant gaps in employers’ capabilities to address talent management and succession planning issues.
The research indicated finding and keeping talent was the most significant potential obstacle for companies to achieve growth in business, with 51 per cent of respondents worldwide citing the loss of talent in key areas of skills as a workforce challenge that could hinder growth.
Slightly fewer companies – 49 per cent – cited the lack of succession planning as a top challenge, while 38 per cent noted concerns about attracting necessary talent.
Furthermore, only a quarter of companies indicated they had an appropriate capability in place for acquiring talent (29 per cent) or retaining talent (25 per cent). Meanwhile, 21 per cent of companies said they had a sufficient capability for succession planning.
“Companies clearly see talent as an integral part of growing their businesses,” Towers Watson Australia head of talent management consulting Hamish Deery said.
“And despite respondents’ cautious optimism about growth in the coming year, they recognise that an inability to attract new talent or hold on to key individuals could prove to be the difference between growing and remaining stagnant. In light of this concern, what’s most striking – and worrisome – is that many respondents aren’t truly prepared to address talent issues.
“The lack of a sufficient governance capability in talent management and succession planning is a real concern, particularly since the least prepared organisations will not only find themselves at a significant disadvantage over time, but may lose critical momentum in trying to catch up to more advanced peers.”
