Internal audit talent shortage demands stronger efforts to retain best and brightest
Recruiting, retaining and developing the best talent is a must for internal audit functions to prosper in today’s dynamic business environment. A new Practice Guide from The Institute of Internal Auditors (IIA) offers its members comprehensive instruction on identifying organizational needs and building the team to meet them.
Talent Management — Recruiting, Developing, Motivating, and Retaining Great Team Members begins with a primer on understanding stakeholder expectations, then outlines how chief audit executives (CAEs) can assess competencies of staff members to meet those needs.
“With a growing internal auditor labor shortage, it is crucially important for CAEs to recruit and retain the best talent and nurture development of younger practitioners,” said IIA President and CEO Richard F. Chambers, CIA, QIAL, CGAP, CCSA, CRMA. “This timely new Practice Guide provides a complete look at the steps CAEs must take to meet this challenge.”
From tips on recruitment (internal and external), candidate selection, and the pros and cons of outsourcing/co-sourcing, the Practice Guide provides best practices for identifying the best talent as well as for talent development, motivation and retention.
For example, potential staff motivators are mapped against Maslow’s hierarchy of needs, a popular framework for management training.
“Although it is important to find the best combination of motivators for each individual, challenging work, career opportunities, quality of work environment and recognition — rather than compensation — are leading drivers of staff retention,” according to the new guide.
The guide ends with important information on how talent management fits into implementing and maintaining IIA-mandated quality assurance and improvement programs.
Download the Practice Guide: Talent Management