Managing talent in turbulent times | Whitepaper
At the end of 2009, Deloitte Luxembourg launched a local survey to better understand which talent issues organisations are facing today what they are doing to address these and how they are aligning their talent management strategies. This specific Luxembourg survey is part of a broader set of studies carried out by Deloitte on the same subject at an international level.
This executive summary provides an overview of the survey’s key findings, notably which talent areas are seen as critical by respondents and how current initiatives to address those are perceived by management, HR and employees.
The majority of respondents think that the current economic situation is difficult and will remain so into 2010. In this context, the priority for organisations is to preserve the volume of activity by excelling in customer service and retention, continuing to reduce bottom line costs and leveraging their existing workforce.
Despite the economic downturn, attracting talent continues to be important to organisations although not a priority. The focus is on profiles that are experienced and strongly aligned with their strategic long term needs rather than young graduates or temporary workers - so as to ensure that recruits are quickly operational. In order to sustain and improve their attractiveness, companies are trying to become less and less dependent on remuneration factors, working instead on their brand image and the promotion of personal development opportunities and multidisciplinary and managerial responsibilities.
In terms of talent management, training and development of employees has become a priority in a majority of organisations as they seek to widen the range of competencies of their current workforce in order to facilitate internal mobility and redeployment. This increased focus on upskilling and flexibility is also contributing to fostering innovation and the development of new product offerings and services.
On the employee satisfaction and engagement side, the survey results point to a decrease in employee morale and trust in leadership over the past year. This has led organisations to improve their internal communication to staff on how the organisation plans to involve employees in the progress and development of their firm’s activities. An interesting element to note is that this worsening of social relations in the workplace does not however appear to have affected employee commitment towards their companies.
To conclude and taking into consideration data gathered from similar recent Deloitte surveys carried out across the world, this study shows that in terms of talent management, Luxembourg organisations (although more pessimistic on certain business issues than other respondents – notably those from the Americas and Asia/Pacific) are quite similar to other European countries facing a difficult economic situation. Organisations aim to optimise efficiency and performance of their workforce whilst managing costs and are focussing their efforts on retaining top talents with high potential, by putting in place individual career plans, guaranteeing a high level of employability and establishing (more) direct links between performance levels and remuneration.
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