Talent Management: The New Business Imperative.

Talent Management
The New Business Imperative
Savvy executives know that a talent shortage is coming,
if it hasn't arrived already. Talent management, backed by strategic
workforce planning, can help companies face this crisis.
An exclusive report from BusinessWeek Research Services
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August 2007 2Table of Contents
Executive Summary .......................................................................................................4
Methodology ................................................................................................................4
Introduction.................................................................................................................5
How Big a Talent Shortage?............................................................................................5
Strategic Workforce Plans ...............................................................................................6
Talent Management Initiatives ........................................................................................7
Integration of Processes and Systems ..............................................................................8
Conclusion ...................................................................................................................9
Sponsor's Statement: The Right Tool to Fix the Talent Management Problem ........................10
3 August 2007Executive Summary
? More companies are beginning to adopt processes and tools to more effectively recruit, retain,develop and deploy talent.
? Workforce planning translates business strategy into talent management activities.
? Each company needs to understand the problem it faces, estimate the gaps in its industry anddetermine the skills it needs to meet business objectives.
? The direction in talent management is to a fact-based understanding and prioritization of whatis needed.
? It's important not to adopt individual processes and tools in isolation from others, or from thehuman capital management (HCM) platform.
? Talent management is a new, more holistic approach to HR. HR grew up in functional silos-recruiting, benefits, learning and training. If you believe in talent management, you destroythose silos.
? Companies need to set up governing bodies that cut across all talent initiatives and includepeople from business units to establish priorities and review progress continuously.
Methodology
BusinessWeek Research Services (BWRS) launched a research program in spring 2007 to deter-mine the views of senior human resources (HR) and information technology (IT) executives andCEOs on the talent shortage that is hitting, or will soon hit, many industry sectors and on howworkforce planning through the use of workforce analytics can help executives address this com-ing crisis.
This paper includes in-depth telephone interviews with senior executiv... [download for more]