41 approaches to talent management programmes with diversity policies and activities , can mean an organisation fails to reap the benefits of accessing and developing talent from the widest possible pool ,” says CIPD .
It also notes : “ As talent management operations continue to face challenges with the rise in skill gaps , operating in tight labour markets , and the rise of remote working due to COVID-19 , the new talent reality means organisations must pay more attention to developing talent rather than buying it in .
In a recent study conducted by McKinsey , the company identified a significant relationship between effective talent management and organisational performance . Among those that had a very effective strategy , 99 % believed that they outperform their competitors , compared with 56 % of others that did not have an effective strategy . In addition , companies that had a very effective strategy were six times more likely than those with an ineffective strategy to report a higher total return to shareholders ( TRS ) than their competitors .
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