Retailer study reveals importance of talent development

NEW YORK More than 83% of retailers rank leadership development as critical to their organizations' success, according to a study by Deloitte and the National Retail Federation. However, 21% of those surveyed said they do not monitor their future supply of critical talent and one-third 34% believe that their succession planning efforts are not effective.

Part of the problem of not being able to recognize talent in the ranks is a deficit in human resources technologies, the survey found. According to the study, 41% of retailers said they do not have the HR technology (e.g., candidate identification, learning, and training systems) to support talent management within their organizations.  In addition, nearly as many (38%) do not have a process in place for documenting and retrieving the knowledge of skilled workers.

Retailers surveyed also indicate that attracting new talent and retaining top talent are two critically important areas.  However, nearly 73% of respondents indicate that their organizations know what is required to motivate and retain top talent.  The top three tools cited to attract and retain talented employees include financial rewards and incentives (76%), training and development opportunities (69%) and brand affiliation, with two-thirds (66%) of the surveyed executives citing brand attraction as a key tool.  

"The study suggests that retailers understand the talent management imperative and are focused on improving their competitive position in the talent market," said Dan Butler, VP retail operations for NRF.  "Retailers that take a proactive approach to engage top performers, develop the next generation of leaders, and increase workforce diversity through effective recruiting, development and retention strategies may be well positioned to drive positive business performance through an economic recovery and beyond."