CHICAGO, IL--(Marketwired - Aug 22, 2013) - The war for talent is fiercer than ever, yet in a recent survey, fewer than 10% of mid-market leaders felt that their talent management and strategic planning initiatives are closely aligned, says the latest edition of Perspectives, a quarterly Commercial Banking newsletter issued today by BMO Harris Bank.
"Embedding a talent management strategy into a company's overall business strategy is absolutely critical to a company's long-term success," said Lynn Roger, author of this edition of the newsletter and Chief Talent Officer, BMO Financial Group. "Business strategies that don't succeed are typically the result of poor execution, failing to have the right people in the right role, which means that effective talent planning is paramount to a company's overall success."
"The economy is improving, and this is giving talented individuals a wider variety of career options," said Ray Whitacre, Managing Director and Head, Diversified Industries, Illinois, BMO Harris Bank. "This makes having an effective talent management strategy, including retaining top employees, more important than ever."
A key success factor is for leaders at the top of the organization to adopt a talent strategy, and to take clear steps towards evaluating and developing their employees, such as:
- implementing talent mapping
- reviewing bench strength
- establishing talent roundtables
To access this edition of Perspectives, visit BMO Harris Bank's Commercial Resource Center online at https://resourcecenter.bmoharris.com/html/perspectives/2013/august/index.php
*Over 300 private company executives were part of a survey which was conducted by Forbes in partnership with BMO Harris Bank.
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through over 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Banking products and services are provided by BMO Harris Bank N.A. and are subject to bank or credit approval. BMO Harris Bank® is a trade name used by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1,600 branches, and $555 billion in assets (as of April 30, 2013).