Talent pipeline, succession planning, knowledge exchange.
Does your organisation do this? Asks the Institute of Leadership and Management ahead of National Learning at Work week, 18 – 25 May 2015.
Improving the quality of leadership and management in the UK is one of the single most important challenges businesses face if they are going to compete and thrive nationally and internationally in the world today.
UK plc needs good managers – lots of them. Research by the UK Commission for Employment and Skills (UKCES) shows the need for 500,000 new managers between the years 2010 to 2020.
But the UK’s largest management organisation, The Institute of Leadership & Management (ILM) has found businesses are still struggling to develop a dependable source of talent to meet demand.
ILM is a proud supporter of Learning at Work Week and sees it as an ideal opportunity to put the spotlight on the benefits of learning and development opportunities for all employees.
When it comes to bridging the management skills gap, ILM believes employers can implement simple strategies for planning their future talent requirements so they have the correct skillset when they need them - essentially a talent pipeline.
“National learning at work week is a great time to take time out and think about how your organisation works. HR has a vital role to play in creating a formal talent plan, by assessing capabilities and career ambitions against organisational needs and goals,” says Charles Elvin, CEO of the Institute of Leadership Management.
ILM’s Leadership and management talent pipeline research found:
- 43% UK organisations having no talent plan at all
- Only 55% of managerial vacancies are filled internally
- Only 18% expect managers to have received training before appointed to a new role
Charles Elvin: “Relying on the market to ensure people are available with the exact skill-set you need is a risky and expensive strategy, which is why a management talent plan or succession planning is so valuable. There are strong arguments for developing managers internally. They understand the business and the company culture. They hit the ground running, and can make an immediate impact.”