I was looking at a recent research report from PWC on its Global CEO Survey 2011. Apart from interesting data on strategic priorities, innovation, business confidence, sustainability etc., it also touches upon the talent agenda through a section titled “The Talent Race”. I pulled out a few slices of data, which I found interesting. And since I am in Asia, I was keen on comparing the Global data with Asia-Pacific data. The chart below talks about the key challenges highlighted by CEOs, considering the talent required for business success over the next 3 years:
The top challenges highlighted for Asia are – limited supply of candidates with the right skills, competitors poaching talent, global talent deployment and inflexibility of talented people. As the Asia growth machine turns faster, companies are definitely feeling a talent squeeze. But are too many companies simply “buying” talent, rather than investing to “build, deploy, grow, retain” talent? Also, interestingly, “providing attractive career paths” is cited as less of a challenge by CEOs in Asia. I am not entirely sure how to read this because most of my experiences seems to suggest that this is a continual challenge for companies here. Is there a potential disconnect between what leaders and employees think?
The report also states that over 80% of the CEOs globally are seeking a rethink of their people strategy. When asked about what changes they anticipate in their people strategy over the next year, the response are as follows:
Use of non-financial rewards to motivate staff is right at the top of the list. (“Meaning” is the new money?) Leaders in Asia are also looking at deploying more employees on global assignments as they expand. There is lesser focus on incentivizing younger employees differently, which makes me again wonder if focusing on age-groups is useful or should we really focus on “life-stages” of employees. In Asia-Pacific, there is the same level of focus on attracting and retaining women in the workforce as the global levels, but the focus on recruiting / retaining older workers is higher in Asia-Pacific.
Of course, these are just some of the insights from the study. Tell me what else you found interesting!