The London-based Corporate Research Forum (CRF) has published a report into the talent management of companies both in the UK and internationally, with clear warnings for a post-Brexit world, that current practice amongst companies is not only outdated and inefficient, but poses an increasing threat to business over the coming years.

The research, entitled ‘Rethinking Talent Management’, was based on surveying CRF’s membership of global companies. It was commissioned to investigate current attitudes and levels of satisfaction among companies with regards to their current talent management structures.

The report states that its results identified the extent to which talent management tools are lagging behind in today’s organisations, and are failing to take account of longstanding trends such as high attrition rates in companies, labour shortages in key skilled areas and changing demographics.

Furthermore, the UK public’s decision to leave the European Union has added an extra layer of complexity to the issue of talent management, with uncertainties abounding over hiring freezes, abilities to retain foreign nationals in organisations, further currency devaluations, possible recession planning etc., according to CRF.

 The key findings from the research show that while talent management continues to be a top priority for most CEOs, only 6% own the talent management process in their organisations, with over two thirds (61%) placing it solely within HR. Meanwhile, despite great shifts in workforce demographics, 54% of respondents are not currently adapting talent management processes to fit; and 17% rated their organisations as efficient in planning and predicting for future talent needs – with the majority of businesses (67%) not looking beyond a 2-5 year timeline.

 “One of the most striking findings of this report is the low levels of overall satisfaction that our respondents have towards their organisations’ talent efforts (only 20% were satisfied),” Gillian Pillans, co-author of the report and Research Director at CRF, said. “Today’s workforce feel they cannot count on the loyalty of their employer to manage and progress their careers – which, inversely – makes them less loyal to their employers and more likely to leave.”

 “Having found ourselves in a double bind with talent moving into a new era and talent management needing to be reinvented, we now need to encourage organizations to open up the ‘black box’ of talent processes and share their plans for individuals with them, giving people more insight into what leaders think of their performance and career prospects,” Jay Conger, co-author of the report said.