8

Increasing unemployment rates in the region that followed recent changes have not created the talent surplus many would have predicted. On the contrary, recent analyses show that more than 60 percent of top executives predict talent shortages. In addition, retirement of baby boomers and senior leaders creates concerns for pipeline of experienced and well prepared leaders for emerging market challenges. Region of SE Europe has been, moreover, continuously experiencing "brain drain" since talents have been migrating to the "west". Market feedback also provides additional concerns about employee retention in the coming years.
Strategic questions for the majority of companies capture issues such as improving company's performance, managing and cutting costs, retaining and gaining new customers, developing new product and services etc. In following the strategic issues, companies throughout the region should focus on some important management priorities such as performance management, developing and recruiting of emerging leaders and talent potentials, focus on experienced hires, perform talent assessments, work on succession planning, develop and implement retention plans and conduct appropriate workforce planning.
Despite all the analyses, signs of priority focusing, market feedback and even awareness of top executives of what should be done, companies still show fear of market ambiguity in the future. Therefore strategic issues are observed and followed mainly from financial perspective, controlling cost issues and optimizing organization performance and efficiency, while talent challenges are left behind.
We follow market development in the region and as HR specialists and executive recruiters continuously receive real time feedback from the market and therefore we cannot escape the feeling of paradox since recruiting and talent management activities have been very rare, sometimes even frozen, while all indicators and management reports show that fight for the talent should be one of the primary strategic focuses.
As time is running out very fast and predictions of possible "new dangerous phase" have been published, we would suggest organizations to move from anxiety to action and work on higher confidence in talent management. We are all aware of holdback issues but focus should be in the future with a mindset of clear understanding of economic cycles. The ones that will plan and invest in talent will easier face recession and be better prepared for expansion period. For any possible dilemma regarding talent planning do not hesitate to contact us.