Global technology companies still have a long way to go to find, retain and manage their talent effectively, according to new research .
The Technology Executive Connections – Successful Strategies for Talent Management report by professional services firm PricewaterhouseCoopers found that although technology firms understand that human capital management should be their top priority, most say their company’s capabilities in this area are poor.
Graham Wyllie, director, PricewaterhouseCoopers, said: “Competition for talent has never been fiercer and there is likely to be another industry talent war if demand increases. Technology executives must upgrade human capital management in their companies and create innovative programmes to attract and retain the best people.”
To gain access to larger pools of talent, technology companies have been forced to look overseas. However, even this resource is not secure according to the report, with European and Asian executives anticipating a severe shortage of talent within the next three years.
Salaries in the technology sectors of emerging markets have risen – a direct result of the intensifying need for talent. In fact, compensation levels are increasing to a point where China and India will no longer be viewed as cost effective, the report found.
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Weaknesses were also highlighted in areas such as training for senior executives, recruiting capabilities and developing talented people.
The report does provide some evidence that organisations are implementing ways to improve their human capital strategies. Some companies are working with schools to enhance aspects of curriculum and encourage students to study mathematics and sciences to combat the diminishing talent pool with these qualifications. Others are looking in-house to better manage their best assets.
