Compensation as a Foundation to a Talent Management Strategy from Yankee Group - Sponsored Whitepaper

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Compensation is the cornerstone of every organization's talent management strategy. It drives the long-term planning for a company and affects key performance drivers for the workforce. Today, three critical factors to managing talent are creating a perfect storm in the way companies define their talent management strategy:

• The impact of the aging workforce: According the Social Security Administration, 77 million US baby boomers will be leaving the workforce, and the generation that will replace them consists of only 46 million people. This translates into approximately 8,000 employees leaving the workforce daily. Workforce planning and retention has become more important than ever.

• Increased HR priority: According to a recent survey by CFO magazine, 95% of companies rank human capital management as the most important factor (44%) or one of the top two or three factors (51%) in the success of their business. In fact, a majority of those respondents suggested increased use of technology as a way to help bridge the gap to manage their human capital effectively. HR is becoming top of mind for most global companies.

• Realization of HR's affect on the business: Towers Perrin released a report last year suggesting a “…15% increase in employee engagement will increase your operating margin by an estimated 2%.” HR organizations are now able to measure and monitor their affect on the organization like never before.
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