A new survey by Mercer has found that 60% of businesses are spending more on talent than they have been in the past, but only 24% consider this investment highly effective.
Mercer interviewed 1,260 businesses around the globe, 77% of which replied that they had a strategic workforce plan in place. However, only 12% of respondents said that those their workforce plans extended at least five years.
‘Effective workforce planning is an essential part of positioning talent as a strategic asset and maintaining a competitive business advantage,’ says Julio A. Portalatin, President and CEO of Mercer.
‘With the information and data analytics available today, employers can measure and manage their talent like never before. The question is whether the increased attention and efforts deliver the intended results.’
More than half of the participants admitted that they are not confident that educational institutions will generate the quality of talent needed by the organisations of today and the future.
The study also suggests that more organisations are seeking involvement in apprenticeships, secondary and tertiary education and internships in a bid to recruit the right talent.
Mercer currently have a number of graduate job and internship vacancies.