Workforce Performance Solutions - May 2006 - (Page 4)

WP0506_A.qxd 4/27/06 11:26 AM Page 4 editor's letter Talent Management: An Industry Update So I was already in a talent manage- Independent studies, similar results ment frame of mind when, on a that's cohesion, not collaboration. recent trip to the West Coast, I read And it's a sign that the work you do is two fascinating reports from two lead- being noticed and is making a differ- ing research organizations operating ence. Your role, maybe more so than in the human-capital space, IDC and most in business, can seem less like The Yankee Group. Each issued a job than an adventure, and it's extensive studies of talent manage- clearly an important adventure. And ment now and in the future. The one not without challenges: views might be slightly different From IDC: The year 2006 looks to one more aggressive, one with longer be pivotal, with companies consid- vision but for HR executives, both ering ways to address all the areas offer support and solutions. of talent management. ... IDC rec- ommends that buyers carefully eval- The research speaks for itself: uate their WPM processes, rather than merely automating them, to be From IDC: The global performance management market hit $859 mil- sure they are taking advantage of lion in 2004 and will expand at a potential best practices presented in projected growth rate of 15.9 per- vendor offerings. cent, reaching $1.8 billion in 2009. From Yankee Group: The recent From Yankee Group: Starting from a economic recession forced many $1.2 billion market in 2004, perform- companies to realign their human In the end, we bet on people, ance management will enjoy a 17 capital assets. Companies now on strategy. percent growth rate, reaching $2.2 have a clean slate to put automated Larry Bossidy, billion by 2008. processes in place for the next former chairman/CEO, wave of growth and build a sustain- Honeywell International No matter how you crunch the I came across that quote from Larry Bossidy recently, and it stuck in my numbers, performance management head. Not surprisingly, I think Larry is performing nicely as a market. succinctly hit on a most-crucial issue for the HR executive. Everything you do is a running wager on the strength of your work- able competitive advantage. Start OK, there's a bit of a difference in force's performance and productiv- by getting executive sponsorship projections there, but when everyone ity, and the stakes are enormous for appears to be on a winning track, that will spearhead the corporate everyone involved. what's a few million between friends? transformation process. You bet on your people. We like to No matter how you crunch the num- Talent management is a huge con- think we're helping to hedge that bet bers, performance management is cept, literally covering every facet of by providing exposure to thought performing nicely as a market. the employment lifecycle and clearly leadership and best practices. So Now let's let the reports speak for taking on additional importance to for this column, let's talk about themselves: businesses worldwide. As your where you and the rest of the talent May 2006 organization's talent manager, management industry are going. From IDC: Workforce performance you're going into an exciting time in Talent management is a fascinating, management WPM is emerging as an exciting industry with unlimited multi-pronged approach to organi- the primary path toward providing potential, a wealth of resources and zational effectiveness, and it covers greater alignment of corporate objec- literally everything hanging in the WORKFORCE a wide range of disciplines, includ- tives and visibility into both individual balance. Happily, talent manage- ing recruitment and retention, work- and organizational performance. ment is a strategy worth betting on. force performance assessment and From Yankee Group: Aligning, management, compensation inte- measuring and maximizing the per- performance SOLUTIONS gration and succession planning. formance of the global workforce is Those are all issues we address rapidly being a top priority in the through Workforce Performance executive offices of thought-leading Solutions magazine, and now even organizations. Recent studies sug- more vertically through the new gest organizations that excel in series of Perspectives newsletters developing their workforces tend to Norm Kamikow we launched in April visit www. be high performers and dominate Editor in Chief for more information their markets. on our newsletters . 4

Table of Contents for the Digital Edition of Workforce Performance Solutions - May 2006

Editor's Letter
Table of Contents
Change Management
Human Performance
Strategic Alignment
Advertiser's Index
Editorial Resources
Full Potential

Workforce Performance Solutions - May 2006