Issue link: http://www.e-digitaleditions.com/i/295251
[ 53 ] APRIL 2014 | www.hrotoday.com Market Insight Figure 3 Training and development program changes for 2014 Source: Hackett Group's 2014 Key Issues Study It is also worth noting that 30 percent of companies anticipate a comprehensive change to their succession planning programs. For some, this will be the starting point for their overall strategic workforce plan; for others, this reflects a redoubling of efforts to ensure that the next generation of leadership is in place. Lack of a succession plan is a major talent risk. However, focusing solely on top leadership is also a significant risk. Given macro-level trends such as demographic changes in the workforce and increasing globalization of work, companies need to broaden their workforce planning endeavors. Within training and development areas, the hub of activity is changing too. Companies have been moving away from formal, classroom-based training for some time due to a lack of funding and growing evidence that this format is not appropriate for the development of many essential skills. Coaching and mentoring programs will be in the spotlight this year (see Figure 3). The 2014 Key Issues Study also shows a renewed emphasis on formal leadership—development programs and expansion of similar programs for middle managers. This is connected to the aim of putting more thought into formal succession plans. Given improving economic conditions globally, the recruiting market is expected to become even more competitive and retention programs will return to the fore. Companies are using improved employee data to facilitate increased rates of internal placements for open positions. This is occurring both in a proactive sense—to respond to employees' desires to tackle new challenges—and in a reactive sense, with internal recruiters able to identify qualified talent already inside the company. 3. Improving the utility of technology and data. Recent Hackett research found that low-quality data is an inhibitor to more effective strategic workforce planning processes. It is also the primary obstacle to strengthening operational planning and analysis capabilities. HR needs to make the most of the data it has, as well as gather more data in areas where it has not done so previously, such as employee competencies and external labor-market trends. Technology priorities for 2014 are heavily weighted toward making the most of existing investments. Companies are minimizing new technology purchases and seeking to roll out web-based and self-service options. Efforts planned to gain mastery over data will enable self-service and business- intelligence tool usage. But it will be necessary to be able to work cooperatively with the IT and operations departments, for example to marry employee data with indicators of productivity. Improved data quality will also allow HR to meet other goals for measuring its performance and better integrating its planning and analysis activities with those of the rest of the business. This has an analytical skills component, which HR must continue to develop. Once good data