More “Ready Now” Leaders Needed in Today’s Changing Global Environment

460807473For leaders across the globe, having the right talent in the right place is critical to success. Unfortunately, most executives in a recent survey don’t feel their companies are where they need to be in terms of having the right people ready to take on new challenges.

In March, Korn Ferry surveyed more than 100 executives from 49 countries. Results showed that 66 percent felt that they either were not ready or only somewhat ready now to promote talent.

In addition, nearly one third didn’t feel their companies had the right talent to succeed in today’s ever changing global environment.

So what’s the problem? Well, according to that same survey, the top issue detracting from talent management efforts is a lack of buy-in by the organization’s leaders of a global talent management approach.  The organization’s design and culture, which may reinforce “siloed” thinking, are also significant barriers.

There are ways to combat this. Organizations need to focus on the way that leadership candidates are being developed and their ability to seamlessly lead across borders.

Effective global succession management, or the practice of identifying successors for leadership roles, requires companies to promote and develop people not only based on ‘what they do’ but ‘who they are.’  That means finding and developing leaders who have a blend of the right competencies and experiences, as well as the right personal traits, such as assertiveness, risk taking and logic; plus motivators such as autonomy, status and challenge. When companies evaluate the full person, they will achieve greater success.

PREMIUM CONTENT: Short‐term and long‐term contingent workforce projections

Survey results

 Is your organization ready to promote its talent? 

a. Ready now                              34%
b. Somewhat ready                    36%
c. Not ready at all                        30%

Perceived barriers and derailers – what are the most important factors detracting from your enterprise’s readiness?

a. Leadership ownership             28%
(or buy in to the importance of global talent management)
b. Organizational structure          20%
c. Cultural factors                       20%
(e.g., the organization manages things more independently by region)
d. Talent issues                           18%
(i.e., don’t have the right competencies, experiences and dispositions to manage the talent effectively)
e. Lack of budget/funding           12%
f. Technology issues                    2%

Do you feel your organization has the right talent to succeed in this changing, global environment?

Yes                                          16%
Mostly                                     23%
Somewhat                               34%
No                                           27%

Does your talent have the right experiences to help it succeed in the current business environment?

Yes                                          27%
Mostly                                     47%
Somewhat                               20%
No                                             6%

Does the talent in your company have the right mindset required for global role expansion?

Yes                                          19%
Mostly                                     27%
Somewhat                               38%
No                                           15%

What competency listed below is most critical to the success of your global organization?

a. Values differences                    6%
b. Develops talent                       17%
c. Attracts top talent                    14%
d. Drives engagement                15%
e. Interpersonal savvy                  1%
f. Collaboration                           17%
g. Communicates effectively     12%
h. Global perspective                  11%
i. Cultivates innovation                 9%

MORE: Executive hiring trends every leader should know

Ilene R. Gochman
Ilene R. Gochman, Ph.D., is senior partner, global leader, talent strategy, Korn Ferry.

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