Business Implications of the New Reality 2008: - Stanton Chase ...

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16 The New Reality 2008 boomers is well underway and that robust, documented and well-accepted succession planning practices are rare. 4 More than half of all respondents (51 percent) report that their organizations do not have a talent acquisition map in place or planned for the next five years. Almost a third (31 percent) said their organizations have one planned but not implemented, and just 18 percent indicated that their companies currently have a talent acquisition map in place. While more U.S. respondents reported having a map in place (20 percent, compared to just 13 percent of Canadian respondents), more Canadian respondents indicated having one planned but not implemented (37 percent, compared to 29 percent of U.S. respondents). The Role of Emotional Intelligence The term emotional intelligence is often misunderstood and maligned as unscientific or a concept inappropriate for the talent management field (and even less appropriate for the corporate world). Nothing could be further from the truth. Keep in mind that emotional intelligence comprises a large set of abilities that have been studied by psychologists for many years. Thus, the way to measure emotional intelligence or competence is through tests of specific abilities. 5 A valuable place to start when discussing emotional intelligence is the review of academic studies and psychological publications on the subject. Emotional intelligence, according to psychologists John D. Mayer and Peter Salovey, is the ability to perceive emotions, to access and generate emotions so as to assist thought, to understand emotions and emotional knowledge and to reflectively regulate emotions so as to promote emotional and intellectual growth. 6 Highly rational executives may find the term and the concept itself too soft for the business world—something more fitting for a Dr. Phil broadcast than a discussion of talent management. This is shortsighted. In his book, At the Heart of Leadership: How to Get Results with Emotional Intelligence, Joshua Freedman describes emotional intelligence as the ability to integrate thinking and feeling to make optimal decisions. 7 Integrating the rational with the emotional reality of associates and subordinates is one of the key attributes of successful leaders. 4 The Waters Consulting Group, Inc. “A Gathering Storm: Succession Planning in the Public Sector.” June 2007. 5 Cherniss, Cary. “Emotional Intelligence and Why It Matters.” Paper presented at the Annual Meeting of the Society for Industrial and Organizational Psychology, April 15, 2000. 6 John D. Mayer and Peter Salovey, 1997. 7 Freedman, Joshua. At the Heart of Leadership: How to Get Results with Emotional Intelligence. June 2007.
17 Retaining in the New Reality The New Reality 2008 Seventy-one percent of respondents reported that retaining productive employees is a challenge for their organizations. The top challenges organizations face in retaining productive employees include maintaining competitive compensation (65 percent), lack of clarity about advancement opportunities (58 percent), keeping long-standing employees interested and challenged (55 percent) and the approaching retirement age of baby boomers (44 percent). Does your organization view the retention of productive employees as a challenge? Overall, retaining productive employees is a challenge for the majority of companies. Just 23 percent of all respondents report that their organizations have a talent retention plan in place or planned for the next five years. While 29 percent have one planned but not currently in place, almost half (48 percent) do not have one in place or planned.
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