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Unformatted text preview: ugal, noted: “The key differentiating element in banking is people. Products are imitated, technology can be bought, but people make the difference.” How Executives View the Most Critical HR Topics This report aims to analyze how HR challenges have been changing over time and in different economic environments, through survey responses and interviews on 21 Exhibit 2. Managing Talent, Leadership Development, Employee Engagement, and Strategic Workforce Planning Are Perceived as the Most Critical Topics High 2010 Improving leadership development Managing talent Measuring workforce performance Enhancing employee engagement Transforming HR into a strategic partner Delivering on recruiting Future importance Improving performance management and rewards Managing labor costs Strategic workforce planning Becoming a learning Improving organization employer branding Managing change and cultural transformation Managing flexibility Mastering HR processes Managing work-life balance Managing demographics Managing Managing globalidiversity and zation inclusion Managing corporate social responsibility Restructuring the organization Providing shared services and outsourcing HR Low High Sample size: 5,561 Strong need to act Low need to act Medium need to act Relevance today Low High Low Current capability Sources: Proprietary Web survey with 5,561 responses; BCG/WFPMA analysis. T B C G • W F P M A Improving leadership development follows managing talent. Its importance has risen over the past two years—not surprisingly, because leaders are the ones charged with conveying the company’s vision, serving as role models, and engaging employees. Yet corporate capabilities in this area have actually declined since 2008, so companies will need to improve their programs to define, assess, and develop current and future leaders. low. Supply and demand of skilled employees change over time and as a company’s strategy shis—from, say, making an industrial product to offering services around the product. The HR function must be equipped with sophisticated models to predict supply-and-demand dynamics that closely align with an evolving company strategy; such models enable business leaders to undertake strategic workforce planning. Enhancing employee engagement has moved from the yellow zone in 2008 to the red zone today. In response to the financial crisis and worldwide recession, many companies resorted to cost-cutting measures, which dampened morale. Now executives want to instill a sense of pride and trust in the company that will get employees engaged again. K.K. Sinha, group HR director of Jindal Steel & Power in India, said that beyond compensation as a baseline factor, engagement is critical as “the glue” binding employees together in a common purpose. Taking a country view of the HR topics, executives in the vast majority of countries ranked managing talent and improving leadership development within their top five; only executives in Germany, the Ne...
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