Businesses risking future growth due to ineffective talent strategies, research reveals
This oversight could cost a business some of its best staff, to the detriment of the company’s competitive advantage.
In a survey of senior HR professionals at its recent Talent Leaders Connect event, the recruitment crowdsourcing specialist found that while retaining talent was the biggest challenge for over half (51%) of those in attendance, very little internal career progression is being offered. Only 17% of those questioned had an effective succession plan in place, while 34% admitted that less than 10% of roles were filled with internal promotions in the last year.
Ken Brotherston, chairman of TheJobPost, commented, “While it’s encouraging to hear more organisations are looking at increasing headcount – with The Sage Business Index revealing that almost half of UK SMEs plan to recruit in the near future – this cannot be done to the detriment of existing employees. Hiring activity needs to have a balance of internal promotions and external recruitment. Without this balance, businesses could be risking losing the best talent to other organisations, potentially impacting corporate growth. It can’t be overlooked that if more external candidates are looking for a new opportunity, existing employees could also be having the same conversation with competitors.”
“Retaining existing employees is just as important as bringing new talent in. In order to keep hold of the best staff, HR teams need to ensure the right promotion opportunities and career development are available.”
A full report of the event is available online