This is the talent crunch. It’s a complex and frustrating challenge and it’s being felt worldwide. To give a measure of the scale of the problem: more CEOs are changing talent management strategies than, for example, adjusting approaches to risk: 23% expect ‘major change’ to the way they manage their talent. And skills shortages are seen as a top threat to business expansion.
Talent shortages and mismatches are impacting profitability now. One in four CEOs said they were unable to pursue a market opportunity or have had to cancel or delay a strategic initiative because of talent. One in three is concerned that skills shortages impacted their company’s ability to innovate effectively.