As more than half of companies believe that educational institutions cannot generate talent, companies have increased their spend on talent in the last few years. However, only 24% of companies say that their spends have been effective, according to a survey conducted by human resource consultant, Mercer.
“With the information and data analytics available today, employers can measure and manage their talent like never before. The question is whether the increased attention and efforts deliver the intended results. Outperformance requires a blend of innovative solutions and a fact-based approach to managing talent,” said Julio A Portalatin, president and CEO of Mercer.
Due to gap in education, organisations employ internships, apprenticeships, and teach high-demand skills in secondary and tertiary institutions.
The talent barometer survey says that 77% of the companies they surveyed had a strategic workforce plan in place. But, only 12% had plans that extended for five years or more.
“This lack of qualified talent is a real concern for employers and one that requires a multi-stakeholder approach to solving. We have found companies that are most optimistic about the future are actively involved in shaping it,” said Pat Milligan, region president at Mercer.
Missing out on ensuring a healthy workplace, which is a part of strategic workforce plans. Less than one-third or 31% actively use a formal, written multi-year strategic plan for health and wellness.
“The research suggests a strong link between employers’ focus on health and wellness and employee engagement and productivity,” said Dave Rahill, president, Mercer health and benefits.
