Getting talent right is getting business right. Research has continually shown that businesses must hire, retain, and deploy the right talent to meet business challenges, grow their organization and keep customers happy. A study conducted in November-December, 2011 by Aberdeen Human Capital Management looked at key strategies, technologies and capabilities deployed by Best-in-Class organizations and the positive impact of those activities on business performance.
Given high unemployment, financial regulations and escalating healthcare costs, the uncertain economy remains the number one driver behind Human Capital Management efforts. Efficiency is a paramount concern for talent initiatives in this economy and organizations need to balance cost-savings with quality investments.
Historically recruiting was measured on its ability to fill positions as quickly and cost-effectively as possible. Today, organizations can no longer afford a bad hire when based on recent data, the average estimated cost of replacing a sales rep is $34,420. Organizations that need to achieve results must focus on quality of hire. The balance of cost-savings and quality is essential to making the organization more efficient.
The study identified the following as top challenges faced by many organizations today:
Although today’s organizations face some difficult challenges and choices, taking time to reevaluate and update processes used to identify and manage talent will help move organizations forward in 2012.
Article provided by Aberdeen Group: Aberdeen.Research@aberdeenreport.com