Board's first HR metrics survey finds profession needs to focus on talent development
Canadian organizations do not have the bench strength they need to replace their current senior executives who are nearing retirement, according to the inaugural Conference Board of Canada survey on human resources metrics.
“Leadership succession and development is the number one talent-management priority for Canadian organizations responding to the survey,” said Ruth Wright, senior research associate, and author of The Strategic Value of People: Human Resources Trends and Metrics.
“Given the pressures that an aging workforce are putting on labour markets, the HR function needs to focus on talent development. In addition, HR needs credible and relevant measurements of workforce capability.”
According to the 166 Canadian organizations that participated in the study, the prospect of executive shortages is real. More than half of senior executives will be eligible to retire in the next five years. The feeder pool of second-level executives is just two years younger, on average.
Respondents identified attracting and retaining a highly motivated and skilled workforce as the second key issue. More than half reported facing challenges in recruiting employees with critical skills essential to their organization or industry.
“Leadership succession and development is the number one talent-management priority for Canadian organizations responding to the survey,” said Ruth Wright, senior research associate, and author of The Strategic Value of People: Human Resources Trends and Metrics.
“Given the pressures that an aging workforce are putting on labour markets, the HR function needs to focus on talent development. In addition, HR needs credible and relevant measurements of workforce capability.”
According to the 166 Canadian organizations that participated in the study, the prospect of executive shortages is real. More than half of senior executives will be eligible to retire in the next five years. The feeder pool of second-level executives is just two years younger, on average.
Respondents identified attracting and retaining a highly motivated and skilled workforce as the second key issue. More than half reported facing challenges in recruiting employees with critical skills essential to their organization or industry.
