State of Talent Development Report

State of Talent Development Report

Preliminary findings and recent research conducted by TPC on the current state of talent development points to major hurdles and opportunities.

The State of Talent Development: Recent Research and Key Findings

  • 89% of managers believe employees leave for more money. But, in fact, the survey found that 88% of employees leave for reasons other than money. 1 —Leigh Branham,   The 7 Hidden Reasons Employees Leave
  • 62% of CEOs say they need to change the way they recruit, motivate, and develop employees.2 — PriceWaterhouseCoopers
  • Even as companies take significant steps to lower their workforce costs through staffing cuts and other measures, talent shortages remain 3—Towers Wyatt
  • Only 4 out of 10 CEOs believe HR is adequately prepared to support change…  CEOs report a 57% lack-of-confidence vote in HR.4 — PriceWaterhouseCoopers
  • Important studies show that a major reason why newly hired employees struggle and ultimately leave employers is a failure to establish key connections and build strong interpersonal relationships within the company. 5 —Saratoga Institute
  • The very definition of human capital is that it walks out the door every evening, and exits permanently with an employee who leaves a company. . . You cannot separate a person from his or her knowledge, skills, health, or values the way it is possible to move financial and physical assets while the owner stays put.6 —Gary S. Becker, Nobel Prize winning economist Gary S. Becker, who coined the term ‘human capital’
  • Nearly 1/3 of newly hired employees do not last a year with the organization. 7 — PriceWaterhouseCoopers
  • The manager needs to look at the employee not as a problem to be solved but as a person to be understood. 8 Nicholson, Nigel (Jan., 2003).  How to Motivate Your Problem People. Harvard Business Review, pp. 57-65

Sources:

1 Branham, Leigh (2005).  The 7 Hidden Reasons Employees Leave. AMACOM publishers.

2 PricewaterhouseCoopers LLP. (2009).  Establishing a Workforce Intelligence Center of Excellence. Retrieved from pwc.com.

3 Towers Wyatt (2010), Balancing Cost and Talent Needs: Tough Solutions for Tough Times. Retrieved from Towers Wyatt.com.

4 PricewaterhouseCoopers LLP. (2009).  Establishing a Workforce Intelligence Center of Excellence. Retrieved from pwc.com.

5 Saratoga Institute (2006). Best practices for retaining new employees: New approaches to effective onboarding.

6 Becker, Gary S.  (2nd Edition, 1983).  Human Capital, University of Chicago Press.

7 PricewaterhouseCoopers LLP. (2009).  Establishing a Workforce Intelligence Center of Excellence. Retrieved from pwc.com.

8 Ibid.

9 Nicholson, Nigel (Jan., 2003).  How to Motivate Your Problem People. Harvard Business Review, pp. 57-65.

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