Media Advisory: Boston Consulting Group Experts Available to Discuss Landmark 'People' Study.Recruiting, Retaining and Developing Talent is Biggest 'People' Challenge Facing Companies in U.S. and Worldwide--and It's the One They Are Least Prepared to Handle, Says New Global Study
Talent Management Is a More Urgent Priority Than Performance Management, Restructuring, Globalization globalization
Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation , Diversity, Social Responsibility and Other Issues Typically Involving Human Resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees.
Other Top People Challenges in U.S. Relate to the Talent Problem: Leadership Development, Dealing With Changing Work-Force Demographics The attributes of people in a particular geographic area. Used for marketing purposes, population, ethnic origins, religion, spoken language, income and age range are examples of demographic data. and Managing Cultural Change
Study Is Based on Survey of Nearly 5,000 Executives in 83 Countries and Markets--Largest and Most In-Depth of Its Kind
BOSTON -- Recruiting, retaining and developing talent is the biggest "people" challenge facing companies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and worldwide, and it's the one they are least ready to handle, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. a major new survey of nearly 5,000 executives in 83 countries and markets.
Talent management emerged as the most urgent priority not only among companies in the United States, but also among companies in every region of the world and in every industry. Other people challenges requiring urgent action, both in the United States and globally, are improving leadership development, managing demographics, and managing change and cultural transformation--issues closely linked to talent management.
Among U.S. executives and many others worldwide, these four challenges rank far above the more traditional imperatives of modern people management, such as measuring HR and employee performance, managing work-life balance The expression work-life balance was first used in 1986 in the US (although had been used in the UK from the late 1970s by organisations such as New Ways to Work and the Working Mother's Association) to help explain the unhealthy life choices that many people were making; they were , managing globalization, managing diversity and managing corporate social responsibility.
Managing demographics--i.e., adapting to an aging workforce and the shifting needs of incoming "Gen Y See generation X. " employees--was rated the challenge whose importance will grow the most between now and 2015.
These are among the key findings and insights of "Creating People Advantage: How to Address HR Challenges Worldwide Through 2015," a report based on a global study conducted by The Boston Consulting Group (BCG BCG bacille Calmette-Guérin.
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SHRM Saw Horse Roof Mount (construction) ). The study, which included over 200 in-depth interviews with senior executives worldwide, is the most comprehensive review of global HR practices ever conducted.
"The corporate world is fundamentally shifting, and companies around the globe are ill-prepared to meet the challenges of an increasingly globalized marketplace," warned Anna Minto, a BCG partner and leader of the firm's People Advantage Initiative in the Americas. "While most CEOs and their executive teams are focused on quarterly results and managing the financial side of the business, they are at risk of neglecting the people side. The anticipated gap between the talent-related capabilities companies have now and what they expect to need by 2015 is significant across a number of dimensions. CEOs and other leaders need to ask themselves whether they're doing enough today, and putting the right resources in place, to prepare for the people challenges they'll face in just a few years."
Added Chuck Scullion scul·lion
A servant employed to do menial tasks in a kitchen.
[Middle English sculyon, probably from Old French escouvillon, dishcloth, diminutive of escouve, , a BCG partner and leader of the firm's Organization practice in the Americas, "Human resources should be at the center of most companies' strategies--not an afterthought af·ter·thought
An idea, response, or explanation that occurs to one after an event or decision.
1. once the strategy is set. How can an organization manage a far-flung multicultural mul·ti·cul·tur·al
1. Of, relating to, or including several cultures.
2. Of or relating to a social or educational theory that encourages interest in many cultures within a society rather than in only a mainstream culture. work force and find the talent needed in rapidly developing economies? How can it develop globally-minded leaders, and replace the knowledge and skills of retiring employees? These are difficult questions, and they require boardroom attention now to avoid a boardroom crisis later."
As examples of talent shortfalls, Scullion pointed to U.S. hospitals having a perennial perennial, any plant that under natural conditions lives for several to many growing seasons, as contrasted to an annual or a biennial. Botanically, the term perennial shortage of nurses and other health care professionals; India not being able to meet its demand for IT experts; China lacking a sufficient number of experienced managers; and Germany having too few engineers.
"In the near future, finding and keeping talent may become harder than raising money in an IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ," Scullion said.
Ms. Minto and Mr. Scullion are available to speak about and elaborate on the findings. During a conversation, they can discuss, among other issues...
* The talent management and retention initiatives that U.S. executives say they will need to step up between now and 2015.
* What companies believe they'll do to manage the capacity loss that is resulting from the aging workforce.
* Other steps that HR will take to help companies managing an aging workforce.
* How companies and the HR function expect to spring into action to prepare leaders.
To arrange a conversation with BCG experts Anna Minto or Chuck Scullion, and/or to receive a copy of the report and supporting materials, please contact Alexandra Corriveau at Sommerfield Communications, Inc., at 212-255-8386 or firstname.lastname@example.org.
About the Study
BCG and the European Association for Personnel Management (EAPM EAPM Early Adapter Program Management
EAPM Efrém Anastasios Pétros Macheras ) conducted the Web survey in Europe through January 2007, receiving 1,355 responses from HR and other executives in 27 European countries. In conjunction with that survey, during May 2007, we interviewed 102 senior executives in Europe. Between September and November 2007, a global Web survey was conducted in cooperation with the WFPMA, eliciting an additional 3,386 responses from participants in 56 countries. The SRHM assisted with data collection for the survey in the United States. This survey was rounded out with 118 interviews with executives from those countries. In all, the two Web surveys elicited e·lic·it
tr.v. e·lic·it·ed, e·lic·it·ing, e·lic·its
a. To bring or draw out (something latent); educe.
b. To arrive at (a truth, for example) by logic.
2. 4,741 responses from 83 countries and markets, and BCG conducted 220 interviews with senior executives.
About The Boston Consulting Group
The Boston Consulting Group (BCG) is a global management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business
service industry - an industry that provides services rather than tangible objects firm and the world's leading advisor on business strategy. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. Our customized approach combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable competitive advantage, build more capable organizations, and secure lasting results. Founded in 1963, BCG is a private company with 66 offices in 38 countries. For more information, please visit www.bcg.com.
About the World Federation of Personnel Management Associations
The World Federation of Personnel Management Associations (WFPMA) is a global network of professionals in people management. It was founded in 1976 to aid the development and improve the effectiveness of professional people management all over the world. Its members are predominantly the continental federations, which are made up of more than 70 national personnel associations representing over 400,000 people-management professionals. For more information, please visit www.wfpma.com.
About the Society for Human Resource Management
The Society for Human Resource Management (SHRM) is the world's largest association devoted to human resource management. Representing more than 225,000 members in over 130 countries, the Society serves the needs of HR professionals and advances the interests of the HR profession. Founded in 1948, SHRM has more than 575 affiliated chapters within the United States and subsidiary offices in China and India. Visit SHRM Online at www.shrm.org.