The global study from Resources Global Professionals released today reveals that 82 per cent of global human resources leaders believe the 'war for talent' is a key and enduring business issue for the next decade and beyond - yet most do not have a clear
The global study from Resources Global Professionals released today reveals that 82 per cent of global human resources leaders believe the 'war for talent' is a key business issue for the next decade and beyond - yet most do not have a clear strategy to combat it.
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82% of global human resources leaders believe the 'war for talent' is a key and enduring business issue for the next decade and beyond - yet most do not have a clear strategy to combat it.
A global study from Resources Global Professionals, the multi-national professional services firm, found HR leaders are focused on implementing short-term measures to recruit and retain talent.
90% plan to hire external resources, 68% are looking to source offshore talent and 59% plan to increase productivity without recruiting.
The survey polled human resources leaders across 12 countries in Europe, North America and Asia-Pacific (including Australia), drawn mostly from companies with annual revenues of above US $1.5 billion.
Resources Global Professionals' Australian managing director, Jacinta Whelan, said the 'war for talent' is a real business issue and one that needs a thorough examination of the way global businesses operate.
Ms Whelan warned the lack of vision regarding strategic workforce planning could significantly hamper staffing efforts.
"Competition for talent is becoming a truly global issue. Given the intensifying labour crisis, HR leaders could benefit from workforce planning scenarios that consider a worldwide labour pool.
"82% of respondents believe the war for talent is real and foresee a business impact within the next decade. Medium-size and very large companies (82% and 84% respectively) perceive themselves at greater risk regarding scarce talent.
"Yet corporations do not seem to have a clear vision of future skill requirements or strategies to fulfill them. Potential solutions to win the war for talent include offshore sourcing and internal restructuring," Ms Whelan said.
She said the competitive market for talent suited Resources Global Professionals' business model - the company provides clients with interim experts to complete projects in finance, accounting, information management, internal audit, human capital, legal services and supply chain management.
"People are running lean internal teams and often don't have the internal numbers or skill sets to complete projects, yet they are looking to retain control of their projects rather than totally outsource them, and that's where our project professionals can really add value."
Ms Whelan said the 'war for talent' is not only an HR issue - management needs to contribute to strategy to retain skills, and success will depend on how well HR collaborates with executives, line managers and employees.
67% of surveyed HR leaders mentioned the need to "transform the organization", indicating HR will need to manage the paradox of change and talent retention.
Ms Whelan said it was noteworthy that HR leaders are hiring experienced people again, showing adaptation to labour and market conditions.
According to one leader quoted in the survey: "Older workers can be valuable resources in a tightening labour market. They are often highly experienced while being less ambitious... We will have to develop challenges for them."
Although the war for talent is seen as a major business issue, HR is still fighting to exert influence at the highest level of corporations.
While 98% of HR leaders consider themselves part of senior management, 42% believe they have less influence than other members of that team. 40% of European HR leaders believe they have the same level of influence as other members of the senior team, compared to just 25% in North America and 35% in Asia Pacific.
