groups emerge as the new foot soldiers in America’s “war
says 55% of companies now have talent management groups but can’t
find the staff to fill them.
on: February 26, 2008, 4:49 pm
Release Author: New Talent Management Network
Release Summary: A new survey by the New Talent Management Network
(NTMN) shows that formal Talent Management groups are becoming a
fixture in corporate America as companies fight for their share
of the shrinking talent pool.
Release Body: NEW YORK, NY – A new survey by the New
Talent Management Network (NTMN) shows that formal Talent
Management groups are becoming a fixture in corporate America
as companies fight for their share of the shrinking talent pool.
The 1st Annual Talent Management Survey showed
that 50% of companies have a group called Talent Management
(TM) with 82% of respondents forming TM groups within the
past 3 years. The field should continue growing rapidly since 52%
of respondents plan to increase their TM staff over the next 12
demand for TM professionals has resulted in a talent
shortage within their ranks. Survey respondents in 74% of companies
surveyed say that finding senior leaders to fill these jobs is “very
difficult” or “impossible.” That scarcity is driving
salaries higher, with the average Talent Management VP
earning a base salary of $231,000 and total compensation of $454,000.
a looming recession, smart companies understand that great talent
will always be a scarce resource,” said Marc
Effron, founder of the NTMN and lead researcher in the study.
“They’re investing in TM groups
today so they can identify, grow and retain the best talent as the
global talent shortage increases.”
TM profession is differentiating itself from traditional
human resource or leadership development roles through its focus
on succession planning and individual leader development –
activities that show business results faster than typical HR activities.
The NTMN survey found that managers in formal TM
groups are significantly less likely to lead performance
management (71%), organizational development (64%), and change management
(39%) activities than HR leaders not in formal TM groups.
responsibilities for TM leaders in 88% of companies
include designing tools for succession planning, assessment and
feedback, and career planning. Much less time is spent on actually
implementing TM practices and processes (56%) which
can result in a disconnect between business needs and how a TM
process actually functions.
Resource departments are increasingly under fire for not delivering
value to the business,” says Effron. “These
new TM groups can redeem HR’s reputation
by producing a corporation’s scarcest resource, high performing
the New Talent Management Network (NTMN)
More than 200 senior talent management professionals belong to the
recently formed NTMN, a free network committed
to increasing the quality of talent management practices, conducting
original research to benefit its members and providing networking
opportunities. More information and a complete copy of this survey
is available at www.newtmn.com.
# # #
Details: Marc Effron
Founder, New Talent Management Network
New York, NY
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