Global talent drought to hit in next five years

Three-quarters of organisations expect to experience a shortage of staff talent within the next three to five years, a new global study shows.

The Talent Pulse Survey 2005 by consultancy Deloitte questioned almost 1,400 HR practitioners worldwide and confirms that the most critical people management issues are attracting and retaining high-calibre workers.

The study shows the level of significance is consistent, irrespective of the size of the organisation, with 69% citing recruitment as important and 66% concerned about retention.

Respondents identified a clear link between talent management and business performance. More than half (54%) believe talent issues have an impact on the overall productivity and efficiency of the organisation and 40% say that a lack of good people affects a firm’s ability to innovate.
Ashley Unwin, consulting partner at Deloitte, said organisations now needed to be agile in turning this understanding into clear people strategies that will create attractive working environments.

“[Organisations must] nurture talent so staff make the biggest possible contribution, and retain them throughout their career rather than losing them to a competitor,” he said.

The survey shows that firms are more aware of the issue – almost half (46%) said demographic changes and skills shortages had been discussed at board level and a fifth (20%) said it was an emerging issue for the chief executive.

The survey shows most organisations plan to change their investment priorities to attract, retain and develop talent.

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