Talent Management for Finance Professionals Gains Traction, But There is Further Work to do, ACCA Survey Reveals
‘Talent Management in 2010 ‘report shows talent development programmes were hit hard in downturn.
London, United Kingdom, July 02, 2010 --(PR.com)-- The critical importance of strong talent management programmes for finance professionals following the global economic crisis has been revealed in a comprehensive global study by ACCA (the Association of Chartered Certified Accountants).
The report, called Talent Management in 2010 shows that whilst talent management practices are becoming more widespread, there is still an informal approach to finance talent development in many organisations around the world.
The survey of more than 1,400 individuals from 105 countries shows that talent development programmes were hit in the downturn, with recruitment put on hold and investment in training reduced. The downturn also exposed skills gaps across the finance function. The survey follows up on a similar survey four years ago.
While a wide range of finance talent management activities are available to organisations – such as secondments and experiential learning – the survey found there is significant under-use of activities which respondents perceived to be most effective, with potential over-use of activities seen as less effective. ACCA says that organisations may need to reconsider current offerings, and possibly rebalance their talent investment.
The survey also showed that there are few programmes that fully integrate talent identification, development, deployment and retention across the finance profession. Fewer than 20% of respondents indicated that their organisations had an integrated talent strategy that included finance people.
Jamie Lyon, senior manager at ACCA and author of the report says: “Our survey suggests that, at present, most talent management practices are informal, sometimes run in isolation, and often functionally based without being part of a wider plan. Even so, there is an improvement in comparison with the survey in 2006, and most organisations are now recognising the relevance and importance of talent development.
“Looking back over the last 18 months, there has been significant pressure on the cost base for most organisations, and as a consequence investment in talent programmes has been affected. However, many organisations are recognising that now is a critical time to begin reinvesting in the finance people that will make a big difference to their organisation, and drive value.
Mr Lyon continued: “We see in the report significant differences between sectors and between organisations of different sizes – both in the approaches to talent management and the challenges faced. Our survey suggests that talent management programmes are more well-defined in larger organisations than they are in smaller ones, have broader coverage, and are generally perceived to be more successful by employees working in public practice, the corporate sector and in financial services. However, the principles of identifying, nurturing and trying to retain an organisation’s best people now need to apply across the board.”
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The report, called Talent Management in 2010 shows that whilst talent management practices are becoming more widespread, there is still an informal approach to finance talent development in many organisations around the world.
The survey of more than 1,400 individuals from 105 countries shows that talent development programmes were hit in the downturn, with recruitment put on hold and investment in training reduced. The downturn also exposed skills gaps across the finance function. The survey follows up on a similar survey four years ago.
While a wide range of finance talent management activities are available to organisations – such as secondments and experiential learning – the survey found there is significant under-use of activities which respondents perceived to be most effective, with potential over-use of activities seen as less effective. ACCA says that organisations may need to reconsider current offerings, and possibly rebalance their talent investment.
The survey also showed that there are few programmes that fully integrate talent identification, development, deployment and retention across the finance profession. Fewer than 20% of respondents indicated that their organisations had an integrated talent strategy that included finance people.
Jamie Lyon, senior manager at ACCA and author of the report says: “Our survey suggests that, at present, most talent management practices are informal, sometimes run in isolation, and often functionally based without being part of a wider plan. Even so, there is an improvement in comparison with the survey in 2006, and most organisations are now recognising the relevance and importance of talent development.
“Looking back over the last 18 months, there has been significant pressure on the cost base for most organisations, and as a consequence investment in talent programmes has been affected. However, many organisations are recognising that now is a critical time to begin reinvesting in the finance people that will make a big difference to their organisation, and drive value.
Mr Lyon continued: “We see in the report significant differences between sectors and between organisations of different sizes – both in the approaches to talent management and the challenges faced. Our survey suggests that talent management programmes are more well-defined in larger organisations than they are in smaller ones, have broader coverage, and are generally perceived to be more successful by employees working in public practice, the corporate sector and in financial services. However, the principles of identifying, nurturing and trying to retain an organisation’s best people now need to apply across the board.”
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Contact
ACCA
Hannah Smith
+44 (0)20 7462 8900
www.accaglobal.com
Hannah Smith
+44 (0)20 7462 8900
www.accaglobal.com
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