- McKinsey Study
McKinsey says that we in HR have a different perception of our role in talent management than managers do.
| The McKinsey Quarterly Chart Focus Newsletter August 2008 |
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Realigning the HR function to manage talent |
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Although McKinsey surveys show that business leaders around the world are deeply concerned about the intensifying competition for talent, few companies make it an integral part of a long-term business strategy, and many even try to raise their short-term earnings by cutting talent-development expenditures. Other factors compound the difficulties of recruiting enough appropriate talent: minimal collaboration and talent sharing among business units, ineffective line management, and confusion about the role of HR, not to mention challenges such as Generation Y employees seeking greater work/life balance, expansion into global markets, and the specific needs of the fast-growing category of knowledge workers. The exhibit below focuses on another problem: the declining influence of the human-resources function. Yet only HR can translate a company’s business strategy into a detailed talent strategy. HR professionals should assert their influence and provide credible and proactive business counsel and support for individual business units. |
Human Markets says, “know your market better than it knows itself.” Talk about talent management as a risk management issue, not as some entitlement program created by Great Society politicans.
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