December 10, 2007—PITTSBURGH—Organizations will continue to aggressively restructure, employees will need challenging work to excel at their jobs, and the competition for talent with global skills will become fierce. These are among the findings of a new study conducted by Development Dimensions International (DDI) and the Human Capital Institute (HCI) titled “Talent Management in Motion.”
DDI and HCI surveyed more than 700 HR executives, directors and managers in the U.S. and Canada on their predictions for the next three years, forecasting the workforce of the future, the growing impact of globalization and the new demands on leaders within global organizations.
“Leaders need to be agile as organizations and industries change shape, creating a more critical need to have the right talent onboard,” said Rich Wellins, Senior Vice President, DDI, and an author of the report.
“The demand for leaders with global skills, perspectives and sensitivities continues to grow and this research underscores the importance of identifying and developing a whole new breed of leader.” Said Allan Schweyer, President & Executive Director of the Human Capital Institute.
As the pace of business quickens with technology, product development and new business models, 72 percent of respondents are also predicting that organizations will increase investments in training and development. In fact, 90 percent of those surveyed said that “talent will be a primary differentiator of business success.”
This signals an ongoing pressure for companies and employees to continually adapt to the changing landscape and roles, especially when 74 percent of leaders surveyed expect to see an increase in organizational structuring. As one study participant shared, “everything we do now we will have to do faster, better and with fewer resources.”
A large-scale fight for top global talent
While organizations are cutting jobs or restructuring, they will still struggle to find talent. In fact, 91 percent of survey respondents say that competition for people with global skills will increase. More organizations and countries will be competing for the same people to grow their businesses. Eighty-five percent of leaders predict that “India and China will become dominant players in world markets” within the next three years. Borders will continue to blur as the trade of knowledge and intellectual capital across countries will increase according to 86 percent of respondents.
“Limited resources and expanding global markets make training and developing the right individuals crucial for organizations to thrive. More and more organizations are filling leadership positions from the inside in response to the competition for global talent,” Wellins said.
“In addition to trading knowledge internationally, teams themselves will be more geographically diverse. Leaders’ roles will continue to expand with globalization. They will have to manage more diverse teams and manage them over “long distance.”
As business experts tout the role of innovation and creativity as a primary competitive differentiator, 90 percent of those surveyed said that leaders will be expected to encourage higher levels of innovation to foster economic growth.
Challenging work—not money—tops the list for employees
Nearly 90 percent of leaders responded that challenging work is more motivating than even monetary rewards. “As competition for people intensifies, organizations will need to do more to keep their best employees by providing interesting assignments and other opportunities,” Wellins said.
The next biggest factors that drive workers to excel at their jobs were opportunities for training and development and constant learning opportunities. “Workers who are given development opportunities will be less likely to seek out opportunities elsewhere,” continued Wellins. “This is particularly important since more than half of the HR managers we heard from said that leadership positions would be filled from within.”
What doesn’t motivate employees? Only 27 percent said that loyalty to the company is what drives employees and fewer than half said that salary is what keeps people motivated.
Global leaders need to be ‘people savvy’ to succeed
The global leader needs to be nimble in nearly every area, but one area was almost unanimous. Ninety-three percent of respondents said that a “people black belt” – the ability to bring out the best in people – is the most important skill for managing a global team.
The expectations are high. A successful global leader will not only need to drive execution, according to 84 percent, but also act as a visionary for their team. In addition, leaders will also be held accountable for employee engagement and retention and encouraging higher levels of innovation
“Leaders have to wear many hats to be successful. In addition to juggling multiple roles, they have to understand and adapt to multiple cultures to lead across borders,” according to Wellins.
About DDI
Founded in 1970, Development Dimensions International, a global human resources consulting firm, helps organizations close the gap between today’s talent capability and future talent needs. DDI’s expertise includes designing and implementing selection systems, and identifying and developing front-line to executive leadership talent. With more than 1,000 associates in 75 offices in 26 countries, the firm advises half of the Fortune 500. For more information visit
http://www.ddiworld.com/aboutddi.
About The Human Capital Institute
The Human Capital Institute is a global think tank, educator, and professional association defining the agenda and setting the pace for the new business science of human capital management. With over 100,000 members in over 40 countries, HCI offers a new association framework that cuts across the silos of recruitment, HR/OD, finance, sales and marketing, operations, manufacturing and IT. We provide key executives, line managers and human capital professionals with the newest education, most effective tools and best practices in talent strategy, acquisition, alignment, engagement, deployment, measurement, and retention. The future belongs to leaders with innovative ideas and strategic knowledge. We invite you to learn, share and grow your career with HCI's comprehensive resources, and join our high-achieving, forward-looking membership community. For more information, please visit: www.humancapitalinstitute.org
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