Korn/Ferry launches new approach to talent management

July 2nd, 2008 - 9:37 pm ICT by IANS  

New Delhi, July 2 (IANS) Global talent management solution firm Korn/Ferry International Wednesday announced the launch of Korn/Ferry Advantage, a new innovative approach to talent crisis management. The new approach will increase the alignment between an organisation’s strategic hiring needs and the candidates’ true potential, the New York Stock Exchange-listed company said here in a press statement.

“As Indian companies globalise, the ‘war for talent’ is intensifying. The cost of replacing an executive is already a minimum of 1.5 times their wage and productivity,” said David Everhart, Asia Pacific managing director of Korn/Ferry’s leadership development solutions division.

“Corporate India’s focus on relieving attrition and recruiting replacement executives at ever higher salaries is costing the country upwards of $10.8 billion per year. Shifting that focus to a more careful assessment of potential hires could reduce the burden,” he added.

“The managers who hire executives need to change their mindsets about how they identify and attract the best performers and take a holistic view not only of executives’ education and work history but also their career motivations and soft skills,” Everhart said.

“In today’s market, the companies that do not invest in identifying and developing the best and brightest risk losing them to competitors who do that,” said Deepak Gupta, managing director of Korn/Ferry India.

“More than ever, executives are transitioning between organisations. Management needs to realign their expectations about what they want newcomers to achieve - and how quickly,” he added.

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