For 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.
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?
Does your talent have the right experiences to help it succeed in the current business environment?
Does the talent in your company have the right mindset required for global role expansion?
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%