According to a recent survey, carried out amongst 100 HR Senior Managers, HR Professionals’ top three challenges for 2010 are employee retention, succession planning and supporting and sustaining their business’ leadership.
Whilst employee retention has always been named in previous surveys as one of the top three HR’s priorities, this year’s inclusion of succession planning let it transpire the importance HR recognise to long term growth and stability.
The problem is that 70% of the managers participating in the survey claimed they won’t have additional resources to support business leadership, 32% are expected their budget will be reduced this year, whilst a measly 18% are expected their budged will be raised. A considerable 50%, if anything, consider their budget will remain stable.
Whilst succession planning could represent the basis for a firm having the talent assuring its future growth, strategic succession planning could couple this aim, with retention and development of organisation’s best talents. Many HR Professionals, in fact, are showing a certain degree of concern in retention terms, considering the next economic recovery. So that, best talents need to be engaged and motivated before they even consider to leave.
HR Managers also stressed the importance of good software tools very useful to implement better performance management and improve succession and career plans.
Organisations that will be successful on retaining talent and deliver appropriate succession planning, will be the ones which will recover better and in a shorter period of time.