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It’s all about talent. Really? Well, talent issues dominated the CEOs’ list of top challenges for 2011.When asked about their top business concerns for 2011, CEOs named Talent Management first. But what exactly do leaders require from their talent? I think there are three key requirements that CEOs (and many others in organizations) are now seeking talent to help overcome:1. Talent is required to address risk Adapting to the persistence of volatility is now a key issue for organizations, and they need the right people to help them do it. To achieve growth within the current economic and political climate, executives are taking a more proactive approach to risk.CEOs are asking their teams to be more aware of the risk-reward tradeoff. Volatility is no longer a reason to sit still, so companies must adapt. Yet, in the face of continued volatility and uncertain public investment, organizations must increase the veracity of the investment analysis and apply more stringent stress tests to ensure the risks are worth it.2. Talent is required to innovate The appetite for change is strong and CEOs are looking to reorganize and realign their workforces to put innovation at the center. Innovative companies have our attention. The world moves fast and people want to know what’s coming next.As such, CEOs are focused on innovation as a key element of success in a climate of ongoing volatility, and they’re confident their innovations will succeed. It’s clear, however, that CEOs already find access to the right talent to execute on transformative plans restrictive. Some 39% of CEOs this year expect the majority of their innovations to be co-developed. Instead of direct hiring, and working through all elements of product or service development internally, organizations see the speed to market as equally critical to success as the innovation itself.3. Talent is required for good leadership CEOs worldwide recognize the need to grow talent internally, but only 23% of business leaders say their firms are “strong at developing future leaders”. Already, companies are facing an acute internal talent supply problem:- Should the need arise, 51% of companies state they could not name a CEO immediately and 39% report having no internal candidates whatsoever.- Of those enjoying strong internal talent supply, 64% are highly concerned about losing those future leaders through voluntary turnover.- More than half of employers (57%) say the talent shortage impacts key stakeholders.Organizations are struggling with how to develop agile leaders that possess the business acumen and cultural savvy to operate in a global market. In fact, 66% of CEOs believe there is a limited supply of candidates with the right skills, while another study shows 75% of companies are experiencing a deficiency in candidate qualifications.This post is a summary of, Turning the Downside Upside: Why Talent Management is now the Top Priority of CEOs, a whitepaper in Talent Management issues. You can download your free version here.
Original source article: HR.COM