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.
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“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.”
