Forty-five percent of executives say talent management is the most important business strategy for global companies, according to a survey by Korn/Ferry International, a talent management company.

Although talent management is considered so critical, only 35 percent of respondents say they have talent management strategies. Respondents also report that other important strategies include marketing at 26 percent, financial management at 21 percent and capitalization at 7 percent.

Another 86 percent of respondents agree that a strong management team is the most essential part of a company's success, supporting the need for top talent. Even so, 43 percent of respondents say they do have the right management teams for the next 12 months, and 56 percent of respondents doubt they will have the right teams five years from now regardless that only 7 percent of respondents say they will follow the same strategies in five years.