Traditional economic supply and demand curves measure the price you pay for goods and services in a specific time and place. This works fine for static commodities. But when it comes to sourcing talent, there are additional dimensions to the equation. The Economist Intelligence Unit has published two briefing papers that provide fresh insights:
Talent wars: The struggle for tomorrow’s workforce echoes the need for talent initiatives to be more closely integrated with business strategy. Nearly half (47%) believe the aging population will accelerate talent shortages and 64% see recruitment and retention getting harder.
People for growth: The talent challenge in emerging markets describes how companies are struggling to bridge the ever-widening talent gap with 80% of nearly 1,000 executives worldwide expecting this challenge to grow over the next three years. Top talent is expected to cost more while creative sourcing strategies and a stronger employment brand to attract young professionals are keys to success.
These reports reinforce the prevailing idea that large international companies need a consistent global approach to talent management but also local flexibility to meet regional talent challenges effectively.
People are the difference and talent management is clearly the strategy. IBMs Global CEO Study: The Enterprise of the Future asked more than 1,000 CEOs and leaders what will have the greatest business impact ” 48% said employee skills. From the board room to the lunch room, everyone is a participant in the war for talent.
