Private companies facing talent shortage: Trendsetter barometer special topic

October 2010
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Private companies need the right talent to propel their business forward

At a glance

As private companies look to grow again, they need the right talent to propel their businesses forward. For many of those companies, new skill sets are required, particularly at the management level and in areas key to powering growth.

As private companies look to grow again, they need the right talent to propel their businesses forward. For many of those companies, new skill sets are required, particularly at the management level and in areas key to powering growth. Filling skill gaps by hiring new employees has been of only limited success, and so private companies are increasingly relying on alternatives such as training and developing current employees, who can be redeployed into critical areas of the business.

Special topic highlights

  • Despite continued high unemployment across the country, a majority of private businesses lack skilled employees in key areas of their workforce.
  • Growth-oriented companies planning major capital investments show the greatest need for key talent.
  • The biggest talent shortages appear among skilled professionals and middle management.
  • Top areas for prospective private-company hiring are marketing/sales, information technology, and engineering/design.
  • Three-fourths of private companies cited investment in training and healthcare benefits as key ways they'll try to attract and retain talent.