Increased focus on talent management expected
After two years of widespread downsizings, many Canadian companies foresee no more staff cutbacks in the year ahead, according to a survey of more than 3,000 senior executives by Right Management. Forty-three per cent of respondents said they are not planning any staff cutbacks and 25 per cent said they are planning fewer cutbacks than last year.
Just three per cent of respondents anticipate significant cutbacks or restructurings and 17 per cent expect to see a modest number of cutbacks.
“For the past two years, Canadian organizations have cut costs and laid off staff, and most have very little, if anything, left to cut. Employers are at a point where they need to make a greater investment in talent to ensure strategic viability,” said Bram Lowsky, general manager for Canada at Right Management. “The biggest single differentiator an organization has is its people.”
The year ahead will be one of growth in Canadian organizations, said Lowsky. Firms should have a coherent talent strategy covering engagement and motivation and hiring should be aligned with the current and future goals of the business, he said.