Manage Your Critical Skill and Top Talent

According to a recent blog posted in the Industry News section of Talent Management.com’s website, “A vast majority of companies worldwide are having difficulty attracting the critical-skill and talented employees needed to help them rebound and prosper in the wake of the economic crisis.” The difficulty in attracting workers varies greatly from country to country because economic recovery is a variable in different regions, according to the new Towers Watson Global Talent Management and Rewards Survey. This survey is a study of 1,176 companies globally, including 314 from the U.S.

According to the survey, nearly two-thirds (65%) of companies globally and more than half (52%) of U.S. companies reported problems attracting critical-skill employees. Six in 10 (61%) companies globally, and 45% of U.S. companies, reported similar difficulty attracting top-performing, talented employees.

The impact of cost cutting on employees has created some problems too. The economic crisis has forced companies across the board to take cost management actions, like hiring freezes and bonus reductions. U.S. companies took the most aggressive actions. These cost cutting measures created larger work loads for employees or adversely impacted their ability to manage work-related stress. Not to mention that these cuts had a negative impact on employee engagement and employee ability to balance their work and personal lives.

“Leadership development is getting a lot of attention in the United States, and rightfully so,” said Laurie Bienstock, North America rewards practice leader at Towers Watson. “For companies that reduced the number of management layers, advancement opportunities have become fewer, and the gaps and complexity between levels have increased, making it significantly more difficult for companies to ensure leaders are prepared to effectively take on new and larger roles.”

To learn more about how to keep your employees satisfied and happy during a time of significant change, read the full article here. For additional information, visit http://www.towerswatson.com/talent-management-rewards/.

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