17th Annual Global CEO Survey: Transformation - developing tomorrow's workforce: PwC

Developing tomorrow’s workforce

CEOs share their insights on developing tomorrow's workforce

Changing demographic trends are creating one of the biggest challenges for CEOs today: finding and securing the workforce of tomorrow.
Different population growth rates in different countries – as well as rapid urbanisation - are leading to a massive redistribution of the working-age population. And issues like rising labour costs in emerging economies and technological advances - which make it both easier and harder to find skilled workers – are further complicating the picture. Half of CEOs want to hire more people this year, but nearly two-thirds are worried about finding the right skills.

So what are CEOs doing?
A full 93% acknowledge the need to change their talent strategies - though less than a third have acted on their plans. Following the talent to different countries is an obvious solution, but leading companies are also finding better ways to tap into under-utilised sources like the female labour force and older workers, as well as resources outside the employed workforce. More than 80% of CEOs are planning or making changes to their organisational structure, and they’re also changing how they engage with employees, particularly younger workers. And, while 41% of CEOs think creating a skilled workforce should be a government priority, nearly two-thirds have tasked their own companies to do so.

 

CEO interview quotes

"Over 50% of [the population in our region is] under the age of 24. That presents an opportunity because you have a seemingly very buoyant and young consumer base, however the challenge comes because the youth are not properly being engaged in the economic opportunities in the region…"

Badr Jafar
Managing Director of Crescent Group

"There are jobs in the economy, but there are no skills to fill those jobs. And so, as Transnet, we have embarked on a comprehensive programme to train young people in different vocations using modern technology."

Brian Molefe
Group Chief Executive of Transnet SOC Ltd.

"There are increasingly younger employees, a more diverse set of them that are joining the organisation whose aspirations and expectations are very different from what a new set of employees had five years ago."

Chanda Kochhar
MD & CEO of ICICI Bank

"The big issue today is the geographic disparity of growth. On the whole we can be fairly confident about global economic growth over the coming years, but this growth will be unequally distributed."

Jean-Dominique Senard
Chief Executive Officer of Michelin Group

"In order for governments to help companies like Qualcomm, which are innovators, it starts at the very basic level, which is education... We need more kids who are willing to go into the fields of science, technology, engineering, and math."

Dr. Paul E. Jacobs
Chairman and Chief Executive Officer of Qualcomm Incorporated

"There is a generation already entering companies that has different values, a different way of seeing life, a different education… So we have to change, because the people working for us are already different."

Raul Baltar Estevez
CEO of Banco Exterior