A lack of investment in leadership and talent could prove to be barriers to business growth, according to an Ernst and Young report, 'Paradigm shift: building a new talent management model to boost growth'.
The company's report suggests while high-performing firms are investing in building talented teams, under half (45 per cent) of the 600 global senior executives interviewed say they are effective at investing in 'talent management to meet financial targets', reports ey.com.
By exposing candidates for future leadership positions to different business and environments, firms can better prepare the next great leaders of the future, cites hrmagazine.co.uk.
Consequently, by driving leadership development in different geographies, businesses can truly reap the rewards of an effective talent management strategy.
Achal Agarwal, president Asia-Pacific at personal care corporation Kimberly-Clark, commented on the figures: "Of all the barriers that can impede execution, talent is by far the most critical.
"Without the right people in place to implement the strategic choices that have been made, companies will find it impossible to meet their objectives. I just cannot overestimate how critical it is to have the right talent and capabilities in place, and how easily lack of talent can become a barrier to growth," he added.