With 91% of companies acknowledging that they could manage their supply chain talent more efficiently, there is clear room for improvement.
But it's not always a simple fix.
Despite nearly 50% of CEOs citing that talent, knowledge and availability is one of their top three business woes, 61% admitted that they hadn't made any steps to resolving this issue, even though it typically takes around five months to fill a high level position. Further, 54% of companies report that mid-management talent currently accounts for the greatest shortage; however entry-level positions also prove difficult to fill for 26% of companies.
Over the next decade, companies across the globe will continue to find themselves losing the best talent for a number of reasons. However, the really worrying thing is, many of these reasons are out their control.
International competition, worldwide operations, ageing workforces. and evolving skillsets are all going to have an impact on the number of talented senior executives in leading companies.
The aging workforce is going to result in a significant gap in skilled workers, as countries like Canada, South Korea and China will find themselves with more retirees than new hires. The picture is similar in Europe where this drop in senior level executives is expected to reach 8.3million over the next 15 years.
Similarly, the supply chain process has changed as a result of technological advances, which means that companies demand a different, more skilled level of recruit than they required previously and so the talent pool shrinks further.
Global expansion is having an impact on sourcing reliable managers as CEOs have to adapt their recruitment processes to the local pool of talent yet still find people who fit in with their company culture and ethos.
However, with so many more companies extending their reach and securing international offices, skilled workers are less likely to stay with one expanding company and instead explore options with competitors for a more diverse range of opportunities.
This shortage of skilled workers is a problem that is already starting to emerge and over the next decade it will become an unavoidable issue. As such, companies across the globe need to be working on finding ways to secure the right talent now, to ensure that their organisation doesn't suffer when the dip in skills turns into a valley.