More than half of UK businesses are failing to develop future talent, according to research conducted by recruitment outsourcing provider Capital Consulting and university business school Cranfield School of Management.
Researchers found that only 49% of UK businesses implemented talent development programmes.
After analysing responses from 608 human resource directors, the report pointed to a lack of financial investment and insufficient senior management support that hinder talent development.
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Jeremy Tipper, group managing director of Capital Consulting, said: “The changing nature of UK and global economies and the demographics that lead to a shrinking talent pool entering the workforce will really begin to bite over the next three to five years. Acquiring and keeping people is already very important, and will only become more so.
“Creating an effective talent management framework has the potential to make HR directors the organisational heroes because of the ever-growing impact it will have on business performance and the bottom line,” he said.
