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Short Attention Span: Hiring Often Focuses on Fulfilling Immediate Needs, Neglecting the Future, According to Korn Ferry Survey

February 13, 2019

LOS ANGELES--(BUSINESS WIRE)--Feb 13, 2019--Dynamic changes in business and a lack of focus on the future are impacting the way hiring professionals do their jobs. This is according to a new global survey by Korn Ferry (NYSE: KFY).

While 83 percent of hiring professionals agree they have a long-term talent acquisition plan that ties directly into their strategic business plan, it appears that many are falling down on implementation. Forty percent admit they only forecast out six months or less for future hiring needs, with 16 percent saying they only plan for immediate needs.

Eighty-two percent say that when it comes to finding talent, it’s a challenge to meet current business needs while planning for long-term business goals. When asked why this is so difficult, 57 percent said business leaders are only focused on the short term, and 22 percent said they don’t know what the long-term goals are, or what kind of talent will be needed.

“It is true that the changes in business imperatives have never been more frenetic, but it’s critical that organizations work to predict future talent needs and either hire or retrain existing employees to meet the challenges of tomorrow,” said Kay Cooper, Korn Ferry managing director, Recruitment Process Outsourcing (RPO) EMEA.

Nearly two-thirds of respondents (61 percent) say that it is more important to hire people who can adapt to changing business needs in the future vs. hiring people who can fit immediate vacancies.

In addition, 61 percent say that when considering the fast-changing environment and tougher competition for talent, they invest more in upskilling their existing employees than recruiting externally. Nearly half (47 percent) say they have formal training programs in place to upskill their employees.

“Existing employees are a treasure trove of knowledge on how your organization operates,” said Cooper. “Retraining workers to meet tomorrow’s business priorities is a key part of workforce planning, along with making strategic new hires – people who can make an ongoing impact on the business.”

About the Survey – The global Korn Ferry survey was conducted in November and December 2018 and garnered responses from more than 600 talent acquisition professionals worldwide. Due to rounding, the sum of percentages for each question may not equal 100.

About Korn Ferry

Korn Ferry is a global organizational consulting firm. We help clients synchronize strategy and talent to drive superior performance. We work with organizations to design their structures, roles, and responsibilities. We help them hire the right people to bring their strategy to life. And we advise them on how to reward, develop, and motivate their people.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190213005098/en/

CONTACT: MEDIA CONTACT

Tracy Kurschner

612.309.3957

Tracy.Kurschner@kornferry.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES CONSULTING HUMAN RESOURCES

SOURCE: Korn Ferry

Copyright Business Wire 2019.

PUB: 02/13/2019 08:00 AM/DISC: 02/13/2019 08:01 AM

http://www.businesswire.com/news/home/20190213005098/en

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