How to cope when demand for talent outstrips supply
http://www.accenture.com/NR/rdonlyres/AE0CB092-E8CB-48C5-ACCB-BDB484F43E4B/0/CTOUnileverInterview.pdf
“Businesses have woken up over the past ten years to the need for strong succession management. But it has come almost out of necessity. When you look at the war for talent and you combine this with the accelerating pace of change, it is almost inevitable that succession management would become an issue.
There is a talent shortage – the demand is outstripping supply in a lot of areas. And if you don’t have good talent management practices you can end up having big capability gaps that you can’t fill.”
Who knows wins
http://www.hrmreport.com/pastissue/article.asp?art=25622&issue=145
By 2008, 19 percent of current executive, administrative and managerial positions in the US workforce will retire. The surge comes as the baby-boomer generation gets set to hit retirement en masse, and with a large proportion of talent approaching the end of the working line a wealth of knowledge, skill and experience could potentially go with them. Those that are left must stretch to fill the gaps; to maintain stability, companies are going to have to become more responsive to their people, and they will need to find an increased awareness of where new skills and talent are needed – and where they are available.
It’s a problem with a broad impact that requires more than one solution. For knowledge-based occupations, a transfer of experience and information is needed to help bridge the gap; in industries such as utilities and manufacturing, companies are going to need to increase and encourage training and development programs similar to what were traditionally known as apprenticeships.
Management Training
http://www.dynamicbusiness.com/articles/articles-coaching/management-training.html
A major study of businesses in 2000 by the International Personnel Management Association shows that training alone delivered a 22-percent improvement in productivity, while training coupled with coaching delivered an 88-percent improvement. And 17 of the top 25 ASX companies have an executive coaching or training program.
"There has been a noticeable increase in the growth in leadership coaching in Australia and a leadership coaching style is evident in most successful organisations in Australia," O’Bree says.
A Guide to Using Executive Coaching - Best Practice Wisdom from HR Professionals
http://www.ahri.com.au/MMSDocuments/profdevelopment/research/research_resource/gavindagley_userguide_execoaching.pdf
- Executive coaching is an effective intervention for executive development, particularly in the area of helping executives understanding their personal styles and response patterns, and the issues that arise from these.
- Organisational benefits from executive coaching derive principally from development of the talent pool, and through retention and morale gains.
- Successful executive coaching programs are complex to implement due to the large number of factors that can have a critical influence on program outcomes.
These factors relate to the quality of the coaches, effective selection and engagement of participating executives, the level of environmental and organisational support, the quality of the working relationship between the coach and executive, the structures used in program delivery, and the reporting and measurement mechanisms. - Effective programs are based on three foundational concepts: organisational convictions around the effects of executive development, effective management of the natural tensions that arise through the use of coaching, and the appropriate selection and positioning of executive coaching as an intervention.
http://www.coachingrelationships.com.au/Measuring%20the%20Impact%20of%20Executive%20Coaching%20v1.doc
IMPROVED LEADERSHIP ability has emerged as the most important benefit gained from Executive Coaching, a new survey has found. It also found that this improved leadership by senior executives led to more effective teamwork and higher morale among their staff. The research, which looked at the impact of Executive Coaching on senior managers in both the private and public sectors, was conducted on behalf of Pacific Consulting, a Sydney-based management consulting company.The executives were either undergoing coaching at the time of the study or had been coached within the past two years.
Banks seek solutions to private banker shortage
http://news.asiarisk.efinancialcareers.sg/ITEM_FR/newsItemId-7829
Asian-based recruiters say private banks, faced with an undersupply of talent in the region, are strengthening in-house training and turning increasingly to corporate and retail bankers as candidates for retraining. “A lot of leading banks have taken the initiative and said that wage inflation and high staff turnover can’t last forever,” says Stanley Teo, manager for financial services recruitment at Michael Page International in Singapore.
'Talent on Demand': Applying Supply Chain Management to People
http://knowledge.wharton.upenn.edu/article.cfm?articleid=1899&CFID=59201880&CFTOKEN=34337069&jsessionid=a83034c806064761d643
This article includes many examples of how leading organisations have addressed the issue of matching undersupply and oversupply of talent. The author argues that these problems are caused by outmoded HR practices, and that by using supply chain management principals, organisations can minimize under and over supply of talent.
Background materials - of less direct relevance but may provide useful context
Three Models of Succession Planning
http://www.eowa.gov.au/developing_a_workplace_program/six_steps_to_a_workplace_program/Step_4/Women_in_Management_Tools/Develop_And_Implement_Succession_Plans/Three_Models_Of_Succession_Planning.asp
This Australian Government website describes three different approaches to senior succession planning - may be useful background.
Employment and HR Trends - The Hudson Report Australia, April – June 2008
http://au.hudson.com/documents/au-hudson-report-19-april-june-2008-ee.pdf
This report provides useful background statistics and trends on the Australian labour market.
The Hudson Report is an established and highly reputable publication, based on in-depth and nationwide research. Released quarterly, the Report uncovers and analyses the hiring expectations of Australian employers over the forthcoming quarter, and provides insights into a range of human resource issues currently impacting business and the broader Australian economy.
In the context of enduring tight labour markets, employees now have more negotiating power than ever before and as a result are demanding more from their employers. The latest report in the Hudson 20:20 Series shows that 60% of Australian employees are unsatisfied in their current role and that 57% of employees nationwide are either actively or passively looking for a new job. The challenge for employers is to provide an attractive, engaging employment experience where employees have the option to leave but choose to stay.
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