Finance sector is failing to develop talent

Sixty-one
per cent of HR directors at financial services organisations describe their
firms as failing to develop their talent.

However,
research by TalentMax, a talent management consultancy, found that 88 per cent
of respondents believe talent is an important contributory factor to business
performance. Nearly half the financial services organisations interviewed have
established a talent management programme, and many others plan to do so.

The
survey shows financial services organisations often neglect their expensively
acquired talent by leaving it to sink or swim. Only 21 per cent of all
respondents claim to be very successful at assimilating new talent, and just
over 10 per cent claim to be very successful at engaging their talent.

Moreover,
just 18 per cent of financial services firms are able to describe themselves as
very successful at retaining talent.

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TalentMax
interviewed HR directors from 56 financial services organisations of all sizes
in investment banking, investment management, insurance, retail financial
services and private banking.

By Quentin Reade