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.
Managing Director of Crescent Group
Group Chief Executive of Transnet SOC Ltd.
MD & CEO of ICICI Bank
Chief Executive Officer of Michelin Group
Dr. Paul E. Jacobs
Chairman and Chief Executive Officer of Qualcomm Incorporated
Raul Baltar Estevez
CEO of Banco Exterior