(in cooperation with the Economist)
Around the world, a talent crisis is looming. Global companies are aware that they need to improve their ability to find and develop better executives—and it must happen soon—or business performance will suffer. Yet awareness of the problem is not resulting in actual progress toward resolving it.
That was the most dramatic conclusion of a global online survey of 412 executives conducted by the Economist Intelligence Unit (EIU) on behalf of Development Dimensions International (DDI) in September and October, 2007. In the survey, 55 percent of respondents said that their firms’ performance was likely or very likely to suffer in the near future due to insufficient leadership talent.
The survey asked executives to assess their leadership, pinpoint important leadership qualities, and specify the obstacles to effective talent management. It also asked them to describe their own role in talent management. DDI found that while executives rank talent management high as a business priority, their actions do not support this claim. As a consequence, many organizations have not executed their talent strategies effectively and are not seeing the results they desire.
Given the centrality of talent to every organization’s success, it is difficult to imagine a more pressing business imperative than to engineer a sustainable means by which leaders will grow, and feed the business with the capability to conquer whatever new challenges it may face.
Read more insights from the study, Growing Global Executive Talent, as well as recommendations for addressing this talent management gap.