In a recent Summit held for CEO's, specifically concerning Asia Pacific Economies (APEC), the results from 320 Industry Leaders who participated in the PwC survey, were revealing and in many ways consistent with earlier postings.
"Talent Shortages" was ranked 2nd in barriers to growth, however it is THE one area that can be tackled by corporations compared to the number 1 barrier(s) identified. The number 1 barriers to growth were: "Corruption" and "Inconsistent Regulations across the Region"(these barriers are beyond the ability of a corporation to effectively address).
The 2 major identified challenges to having the right talent in place are: "Competitors recruiting our best people" AND "Limited supply of skilled candidates." These were followed by: "Difficulty in deploying experienced talent globally" AND "Difficulty recruiting and retaining employees under the age of 30." "High Staff Turnover" in Fast Growing Economies will also be a major challenge that will need to be addressed.
In Mature Economies in Asia, a very major issue is: "Retirement of a significant portion
of the workforce." While not addressed in this survey, this also applies to North America (US and Canada) and Europe, with our aging and low growth populations.
So from this survey, it seems apparent that hiring those with good "job fit" to reduce turnover and increase retention, while also providing training to upgrade Leadership/Management skills in preparation for growth, will be critical. Long these lines, succession planning and strategic planning need to be exercised, expertly.
So how is your company positioned in addressing these issues? Have you planned for them and are contingencies developed?
A link to the entire study is: The 21st century workforce. Re-envisioned. Key findings from the APEC CEO Survey
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