Employee development vital in war for talent and business performance

SuccessFactors, the Business Execution software provider and SAP company, has recently completed research into employee perspectives on the skills shortage. The findings are startling but also present an opportunity to develop a highly skilled and motivated workforce.

It seems that businesses aren’t blind to the talent shortage: an estimated 46% of HR managers across Europe consider the skills shortage to be their biggest challengeⁱ. So, losing key talent in a time where the availability of some skills is a challenge, presents a huge risk to any business in terms of time, cost and productivity, especially when it could be avoided.

Too many companies are ignoring the dissatisfaction that already exists in their skilled workforce. This could spell disaster as the war for talent heats up.

A SuccessFactors surveyⁱⁱ found that companies are failing to develop the talent that lies under their own roof:

• 81% of employees feel they aren’t supported in their role
• 83% of employees don’t feel their skills are being fully used
• 58% of the surveyed workforce will leave if you don’t develop them

Nearly two thirds of employees are prepared to leave their employer due to a lack of training and recognition of their potential. A startling statistic when you consider the uncertain labour market across Europe. This suggests that employee development is becoming an increasingly vital weapon in the war for talent, as it helps to improve business performance, retain key employees and also prevents a widening skills gap in a workforce.

This is why smart businesses are investing in talent management and staff development strategies. A more engaged workforce is a happier and productive workforce, and is less likely to feel the ‘itch’ that makes them an easy target for your competitors as the war for talent heats up.

SuccessFactors’ benchmarking test allows business leaders to see how their company compares to other companies. Immediate recommendations on how to improve and where to get guidance on creating a winning talent management strategy are made after completing the test.

To take the skilled workforce benchmarking test, visit http://www.successfactors-skilledworkforce.com/benchmarking.php.

ⁱ ‘2001 EUSkills Survey of Skills Issues

ⁱⁱ ‘The SuccessFactors Employee Perspectives Snapshot 2012’ – Conducted by Vanson Bourne