Over half of UK businesses are failing to develop future talent amidst rising global competition.

A report by the Cranfield School of Management and recruitment firm Capital Consulting finds a lack of financial investment and insufficient senior management support is restricting talent development.

Dr Emma Parry, research fellow at Cranfield School of Management, says the report should serve as a wake up call to employers as mounting global competition means the strategic management of human capital has never been more important.

‘The ‘disconnect’ between what senior managers are saying and what they are doing is very worrying,’ said Parry.

‘It is clear that, in the main, their actions have not caught up with their rhetoric when it comes to talent management,’ she said.

Only 49 per cent of UK businesses are implementing talent development programmes but 60 per cent of the businesses surveyed say talent management is essential to the bottom line.

The report finds a contradiction between what senior managers say about talent management and the provision they are making within their organisations.

Talent management is defined as the strategies and practices needed to identify, develop, attract and retain skilled workers of value to an organisation.

Over half surveyed cited lack of financial investment as a factors restricting talent management and 40 per cent cited insufficient senior management support.