Multi-nationals re-evaluating talent management
Northern Trust is a global bank headquartered in Chicago that provides asset management, asset servicing and private banking services. So in an ever more globalised world, where the fight for talent no longer has jurisdictional boundaries and has become a time and money hungry affair, organisations are increasingly rediscovering the advantages of ‘growing their own’. Indeed, the notion of developing your own talent and progressing through the organisation is hardly a new concept, but it is one that seems to have taken a back seat when the times were good and recruitment budgets were fat.
The quest for transplanting external 'expertise’ into an organisation (and hoping the new host didn’t reject it) had become the norm. And yet, in these new times of austerity and with the lingering smell of burnt fingers from the inevitable failure of a few high profile talent transplants, many multinationals appear to be re-evaluating their approach.
In times of low employee turnover and restricted investment, some may think a significant focus on evolving global career development platforms is a nice-to-have.
Some may more simply view the need to provide solid career opportunities to its people as the right thing to do and a basic pre-requisite of being in business (and have been doing so for years). Irrespective of your view, there are two things that most commentators agree on:
1. Buoyant economic times will (eventually) return.
2. The growth of emerging markets is increasing the need for versatile employees who are versed in multiple cultures and markets. This demand is rising exponential to supply. So, here’s the conundrum. The realisation of these two points will unquestionably deliver fresh, exciting and rewarding job opportunities to the marketplace, as part of this brave new world.
Opportunities that will undoubtedly offer temptation and career progression to those who feel they have stagnated, unnecessarily, over preceding years. Indeed if my synopsis of conversations from two recent HR networking events are anything to go by, it’s already started. Organisations anticipating these trends are investing in the retention and progression of their talented employees now. In these instances, career development will equal competitive advantage.