Attracting and retaining skilled workers continues to prevail as the issue giving business executives the biggest headache, a new survey has found.
The study, based on interviews with almost 5,000 business executives in 83 countries, found that managing talent is the most critical people challenge worldwide – and remain such for the foreseeable future.
The research, carried out by The Boston Consulting Group and the World Federation of Personnel, also found that improving leadership development and managing work/life balance are pressing issues for companies.
In nine of the 17 countries analyzed managing talent was seen as the most important HR challenge. To address this issue, business leaders said that they expected to be looking further afield for talented employees in the future.
Furthermore, companies in developing markets have the right approach to managing talent, says Rainer Strack, one of the report’s authors.
“In the West, work forces are graying, while in developing markets, companies have an unquenchable thirst for skilled employees. Creating a ‘people advantage’ will increasingly translate into competitive advantage.”
© Crimson Business Ltd. 2008
