Talent management is most critical HR challenge worldwide

Talent management is the most critical HR challenge worldwide and is set to remain at the top of executive agendas for the foreseeable future, according to a global study by The Boston Consulting Group (BCG) and the World Federation of Personnel Management Associations.

The study, based on a global survey of 4,741 executives in 83 countries, found that managers also rated improving leadership development and managing work-life balance as priorities.

Managing talent ranked as the most important HR challenge in 9 of 17 countries analysed, including the UK, US, Australia, Singapore and Japan.

It was also in the top three of a further five countries – a reflection of increasing globalisation and competition. To help address this challenge, executives from all regions expected their companies to boost global sourcing of staff.

“It may soon be harder to find and keep talented employees than to raise money,” said Rainer Strack, a BCG partner and one of the report’s authors.

“In the West, workforces are graying, while in developing markets, companies have an unquenchable thirst for skilled employees. Creating a people advantage will increasingly translate into competitive advantage.”

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