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Richmond Events' Business Panel Report - Talent Management


Headline findings include:

  • Almost 2/3 of responding organizations have a talent management program in place within their organization, whilst a further 23% admit to having a ‘sort of / informal’ one. 
  • For the majority of organizations the talent management program is designed by the HR department.
  • For over ¾ of the panel their talent management program is run in-house, whilst for a further 18% it’s run with a combination of in-house personnel and outside agencies / trainers.
  • The # 1 motivation for a talent management program is succession planning.  This is followed by staff retention, which may suggest that in order to keep your best employees you need to offer them ‘benefits’ such as a talent management program.
  • Only 2% of organizations run a program because their competitors do (thankfully), whilst only 5% say it effectively cuts waste, where ‘waste’ means individuals are trained, only for other companies to reap the benefits.
  • Internal training is the most popular area covered within talent management programs, which makes sense on the presumption that future leaders must know the workings of their organization from top to bottom.
  • Organizations have had their talent management program in place for an average of 5.4 years.
  • Operations and IT are the most represented job titles in an organization’s talent management program.
  • Just over 10% of the panel think the existence of a talent management program will have a significant bearing on its share price, whilst a small minority feel it may significantly improve the attractiveness of an organization to potential investors. 
  • A much higher percentage the panel feel a talent management program may significantly improve the attractiveness of an organization to potential new employees.
  • The average annual cost of a talent management program is $259,032.
For full report http://revents.info/l/6r0

Richmond Events' Business Panel Report - Attitudes to Suppliers


Headline findings include:
  • 6% of the panel will meet over 50 potential new suppliers per year though none will appoint this many. 
  • On average the panel talk to 18 potential suppliers over the course of a year.  They then appoint on average 5 new suppliers per year – i.e. just over 1 in 4 (or 28%) of the companies they meet.   
  • The average number of suppliers that the panel employs over the course of a typical year is 28.  This can be further broken down to 23 (82%) existing and 5 (18%) new.
  • Only a minority of companies always employ a formal tender process or a short list system when appointing new suppliers.
  • In terms of input from other departments during the appointing of new suppliers, procurement are most likely to be involved, finance and legal in some cases and HR less so.
  • The 2 top ways of sourcing potential new suppliers are recommendations / word of mouth and through meeting at a conference. 
  • No surprise that in this day and age price is the number one factor the panel looks for when compiling a shortlist of suppliers. This is closely followed by product quality and flexibility.
  • 82% of the panel have asked some of their suppliers to re-quote their prices over the last few years, with the average number they’ve asked being 30%.
  • However the majority of the panel has not changed their payment terms
  • Over half of the panel has brought work back previously outsourced work in house.  Of those that have done so the average amount (they’ve brought back) is 13%.
  • The majority of the panel is quite prepared to ask suppliers to re-quote in order to match a lower price, with only 6% saying they would never do so.
For full report http://revents.info/l/6qk


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