Flipping the Coin for Talent:
How Well are You Hiring?
(c) 2004 Patsi Krakoff
Everyone agrees that talent is an important competitive advantage, but surprisingly, three out of four companies do not have a priority talent management program. Hiring processes are often random and decisions based on intuition. In many cases, hiring decisions have success rates similar to flipping a coin!
Executive turnover is at an all-time high. Fifty-eight percent of large and medium-size companies changed CEOs from 1998 to 2001, according to an international study of 481 corporations by Drake Beam Morin, a management-consulting firm. The median tenure of CEOs is now 2.75 years, down about a year from 1999, and only 12 percent of CEOs have held their position for 10 years or longer.
Low performing companies have nearly twice as much turnover among top performing employees as high-performing companies, according to the consulting firm, Watson Wyatt Worldwide.
Yet despite all the rhetoric about the war for talent, most companies don't have effective hiring processes.
The new reality is that it is becoming more critical for companies to hire talented managers in order to maintain a competitive advantage, but that talented people are scarce, more mobile and demanding. What can leaders do to ensure that their organizations have sufficient talent to drive their success?
Important concepts covered in the full 2,000-word article:
The War for Talent Is Still on
The High Error Rates for Hiring
Looking at the Statistics
The Increasing Demand for Talent
What's Wrong with Most Hiring Processes
The Importance of Performance-based Job Descriptions
Attracting Talented People: What Is Your Message?
A List of Resources on Hiring Well
To purchase the article (text-only), Flipping the Coin for Talent, $69 click HERE.
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