UK: Well-managed talent is key to health

(From Recruiter) -- With rapidly changing markets, global life science executives know they face major HR and people management issues. But what do executives really think?

Turn your people into your competitive advantage

Planning for the future is crucial, particularly as the life sciences market has changed and contracted in the economic downturn. Have you stopped to consider what your organisation needs to look like next year - or in five years? In RSA's recent talent management survey, nearly 400 leading life sciences senior executives and HR directors answered this very question. What follows is a summary of their wisdom.

The current approach

Nine out of 10 life sciences executives surveyed identified talent management as being a key strategic priority for this year. Yet many of the executives surveyed say their companies had not considered the company's changing skills requirements when reducing headcount last year.

Of the respondents, 76% experienced downsizing at least once in the last 18 months, and of these, over a quarter (27%) identified employees for redundancy without first assessing them against the organisation's future skills requirements.

What's more, 62% did not use formal talent assessment processes when deciding which of their employees would face redundancy or reduced working hours.

Despite this, most executives are only too aware of the risks of downsizing without a clear skills needs and the potential of existing staff. Of the people RSA spoke to, 69% are nervous that they will lose valuable skills and competencies when their business downsizes.

Read the full article. 

For more information on talent management and employee retention, consider attending the session Talent Management According to Shakespeare at the ASTD 2010 International Conference and Exposition!