How much attention should be paid to one-half of a companys total budget allocation? Consider this finding from a PricewaterhouseCoopers Trendsetter Barometer survey:
CEOs of the nation’s fastest-growing private companies are spending almost 50 percent of their companys total budget on their workforce, yet less than a third have formal programs in place to retain key employees. Moreover, less than a third regularly discuss retention issues during management meetings, or understand why key employees are leaving the company.
Additionally, with 22 percent revenue growth projected over the next 12 months, 80 percent of these companies are planning net job additions–with an overall workforce increase of more than 9 percent expected. However, nearly half the CEOs surveyed (49 percent) are concerned that a shortage of qualified workers could limit the growth of their company in the year ahead. Similarly, 38 percent see scarcity of skilled, trained workers as potentially creating a barrier in the form of pressure for increased wages.
It appears there is still a disconnect between cost and proactive talent management on the executive floor. With all the business press coverage on talent driving performance, why does managing your largest investment still remain a mystery?
