UK firms are lacking effective talent management schemes, prompting concern over the development of British workers and competitiveness of UK business at large.
According to research from Capital Consulting and Cranfield School of Management, less than half of all businesses have implemented dedicated talent development programmes, suggesting that many employers are failing to take full advantage of the employment talent available.
This is despite the fact that 60 per cent of businesses surveyed agree that such talent management is essential for effective business development.
Factors highlighted as a barrier to the implementation of talent management schemes include a lack of financial investment and inadequate senior management support.
Of those businesses who do have schemes in place 47 per cent have published their talent management strategy internally and a fifth do not link the strategy to their wider business plan.
"Businesses are becoming increasingly aware of the growing importance of attracting the best available talent from the marketplace," commented Jeremy Tipper of Capital Consulting.
"[They] often fall short when it comes to following through on development, retention and allowing talented people to reach their potential."
A recent study by Top-Consultant.com found that a significant number of firms around the world are failing to hold on to their star consultants as a result of poor employee experiences.