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Title: Building & retaining global talent: towards 2002
Author: Mike Johnson
Publisher: Economist Intelligence Unit
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If there is one basic truth that this study proves, it is that talent--specifically management talent--is in short supply all over the world. Moreover, as more and more people work for knowledge-based enterprises, the available talent pool will get smaller. Any kind of management talent will become expensive and difficult to retain, and outstanding talent will demand and receive exorbitant rewards.
This study by the Economist Intelligence Unit with the co-operation of Hewitt Associates looks at three aspects of management talent today and in the future. First, how do you attract management talent to your business; second, how do you develop the talent you have; and third, how do you retain it in an ever tighter marketplace?
The research was conducted on a global scale, covering Asia and Australasia, Europe and the United States, making this one of the most extensive studies of management talent undertaken. Not only does it highlight where talent is scarce and the best practices used to develop and retain it, it also provides in-depth insights into how organisations are being managed today and will need to be managed tomorrow.
The key findings from the research, interviews and discussion groups are simple. Provide the right working conditions, superior pay and benefits and the chance for your people to grow and be challenged and you stand a better than average chance of holding on to them. In the words of one of the interviewees, you need to create "a sense of place that is so powerful that people cannot conceive of working anywhere else".
It is not only how much money you offer to attract and retain the best talent. It is about a great deal more than that. Common sense you might say, but there are an awful lot of companies today, particularly those with a history of messy downsizing, that are unable to create conditions necessary to keep their best talent.
This study will be a user's guide to what companies all over the world are doing to attract, develop and retain scarce talent. It aims to provide practical, workable insights that can be adapted and adopted in any business. Having the right talent on board will be one of the most important competitive advantages of any success-oriented company for 2000 and beyond.