The key aim for businesses in 2014 will be implementing more efficient talent management strategies, in a bid to maximise future growth, a new survey from the Chartered Management Institute (CMI) has found.
The study, which was produced alongside The Conference Board, found that company bosses are adopting a worker-centric approach in 2014, with the number one priority of business leaders being reshaping workplace culture.
With employee engagement and better management at its heart, the general consensus is that this will improve competitiveness, as well as winning new customers and boosting productivity.
Across the world, the issue of Human Capital - namely how best to develop, engage, manage and retain talent - is the leading challenge facing businesses, followed by Customer Relationships, Innovation, Operational Excellence and Corporate Brand and Reputation.
As well as broadening their recruitment horizons, firms are focusing on creating a strong internal talent pipeline, with nine out of the top 10 Human Capital strategies selected focusing on providing training and development.
Other tasks include raising employee engagement and increasing efforts to retain critical talent, with an improvement in leadership development programmes also targeted as greater emphasis is placed on the importance of management performance.
When asked to identify the leadership attributes most critical to future success, CEOs rated integrity number one, as well as the ability to lead change, manage complexity, and retain and develop talent.
Petra Wilton, the CMI’s director of strategy, said that building world-class workforces is a "top challenge "for CEOs, but welcomed the increased recognition that leadership development is critical to achieving this.
"Leadership attributes like integrity, leading change and managing complexity are fundamental to cracking the challenges facing managers and leaders in the year ahead, and will be absolutely key to future success," she added.
Rebecca Ray, senior vice president of Human Capital at The Conference Board and co-author of the report, added: "Business leaders worldwide are working to optimise their greatest resource - their employees, and those who will lead them. This emphasis on people-related issues makes perfect sense in a still-uncertain economy."
Posted by Jon Aspinell on 16th January 2014
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