A Deloitte/Forbes Insight Survey, “Talent Edge 2020,” reports that not being able to find talent in global and developing markets is the number one worry among 41 percent of the corporate executives and talent managers surveyed. This even though many organizations and business leaders would have expected a surplus of talent due to high unemployment rates.
Nearly three-quarters of executives surveyed or 72 percent foresaw a severe or a moderate shortage in R&D talent. Further, 56% of those same respondents stated they expect the same degree of shortages among executive leadership.
These issues are more immediate for companies in Europe, the Middle East and Africa at 48 % than their counterparts in the Americas or Asia-Pacific countries with 35% percent and 41 percent respectively.
“What we are seeing is an unexpected talent paradox – even though unemployment rates remain relatively high in the US– companies are struggling to find the skilled workers they need to fill critical jobs worldwide,” said Jeff Schwartz, a principal in the human capital practice of Deloitte Consulting LLP and global co-leader and U.S. leader for talent services.
There is also concern among many executives about their companies’ leadership development abilities and employee retention capabilities.
However, most companies are thinking globally. When asked to look forward and predict where they will get their talent from nearly two out of three respondents predicted that their companies will look toward global diversity management and global mobility over the next twelve months.
As well, there is a need for change that’s apparent as around 80 percent of those surveyed admit their talent programs need improvement.