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TMT Editor's Corner
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Warning: Businesses May Be Sailing into a Perfect Storm for Talent
by TMT Editor
Touting new research gathered and compiled in the company's partnership with the Economist Intelligence Unit (EIU), StepStone Solutions claims that recruiters worldwide need to be careful, or they'll sail directly into a perfect storm for talent.
What does StepStone mean, exactly? Of the 400 global senior hiring executives from major corporations responding to the joint survey by StepStone and the EIU, 50 percent expect to hire for new jobs and existing positions in the next 12 months, and yet, 44 percent report that they're finding it increasingly difficult to recruit talented employees.
An obvious question arises: Why? With unemployment rates at high levels everywhere, logic says plenty of "talented talent" is ripe for the picking as soon as organizations are ready to hire -- and the data suggest that many will be hiring soon. As the executive summary of "Companies at a Crossroads" says, "A growing shortage of people with the experience and talent to manage across a global marketplace are common problems shared by businesses worldwide," and these words provide part of the answer.
Providing even more context, the research on recruiting talent finds strong evidence not only of a breakdown in trust between management and staff, but also of talent drift, whereby the most capable employees are migrating to jobs elsewhere. Additionally, entry-level and graduate recruitment has fallen precipitously, further exacerbating the apparent dearth in qualified talent as companies worldwide strive to hire more in the coming year.
Interestingly, HR executives surveyed report that their organizations will be developing internal talent at a dramatically elevated pace over the next 12 months, increasing their investments in performance management by 46%, leadership development by 41%, and training and development by 36%. Whether or not these increases are direct responses to the gathering, perfect storm for talent is unclear, but the activities are intuitive nevertheless