Business performance to be impacted by skills shortage states SuccessFactors
Birmingham, United Kingdom – SuccessFactors recently completed a research programme to understand the impact of a skills shortage on business performance.
Birmingham, United Kingdom – SuccessFactors recently completed a research programme to understand the impact of a skills shortage on business performance. According to SuccessFactors, with rapid technological development, weak economies and an aging workforce, the war for talent is becoming a reality.
Last year, in the UK, 43 percent of surveyed managers felt they did not have the skilled workforce they needed to fulfill their business goalsi and executives in Germany were unable to find 92,000 qualified engineersii. By 2030 an additional 45 million employees will be needed in Western Europe. This gap cannot be filled by current population growth.
In addition, France is losing 600,000 retirees from its skilled workforce every year, and watching their valuable skills and experience walk out the door with them iii. In the next decade, the median age in Germany and Italy will be 47iv, while in the US the number of workers over 55 has increased 60 percent yet the number of new workers a mere 3.5 percent v.
These figures show that the skills shortage is here and growing at a fast pace. This means companies must act now because without a skilled workforce, business performance will suffer and companies face a tough time ahead; however, forward thinking companies are already adapting with talent management solutions.
Talent management solutions allow companies to identify the talent that already exists in their workforce and recruit the right people under the noses of their competitors. Evidently, there will be winners and losers in the war for talent but creating a talent management strategy now will ensure you are on the right side.
By taking SuccessFactors’ quick online benchmarking test, companies can see how they compare to other companies. Immediate recommendations will be made on what you can do to improve and where to get guidance on creating a winning talent management strategy.
Click here to take the skilled workforce benchmarking test.
In addition, to learn more about developing a highly skilled workforce, visit www.successfactors.com.
i Future Forecast: Expectations for 2012 - Chartered Management Institute, Dec 2011.
ii VDI-/IW-Ingenieurmonitor March 2012
iii Le Centred’Analyse Strategique (CAS) et la DARES
iv “Stimulating Economics through fostering talent”, World Economic Forum in collaboration with BCG, 2010
v Congressional Research Service report for Congress “Retiring baby boomers - A Labour Shortage?” January 2008
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