Royal
Bank of Scotland, Tesco and BP have the right approach to talent management and
are reaping the business benefits, according to a new study.
The
study of company reputation, by Hay Group was a follow up to its research,
carried out in collaboration with Fortune magazine, into the ”World’s Most
Admired Companies’.
The
latest study was based on interviews with senior executives from 150 global
organisations to identify the secrets of effective business performance.
According
to the report, the most admired companies are more likely to use a broader
range of development methods, such as coaching and secondments to develop and
retain their talent.
The
research revealed that two-thirds of the world’s top companies use coaching for
all their employees, not just their leadership teams – compared with less than
a quarter of average performers. The research also showed that 67 per cent of
leaders in the most admired list play an active role in developing future
talent, compared to 48 per cent within those companies ranked ‘average’ by the
study.
Nick
Boulter, managing director at Hay Group said: "Companies can’t rely on a
broad brush approach to training and development. Too often, training is used
as a Band Aid – a quick fix for average or below average performers. Companies
that properly invest in developing talent are much better placed to create that
coveted competitive advantage – it’s what separates the best from the rest.
"Coaching
is traditionally seen as the preserve of senior professionals, yet our research
reveals that the best companies are introducing employees to coaching and
mentoring much earlier on in their careers," he said.
Neil
Roden, group HR Director at Royal Bank of Scotland, said: “We constantly plan
and review our investment in talent management to optimise individual
development and organisational fit. We need a constant pool of ready leaders to
deliver business results and talent management is the key.“
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