On the Global Talent Shortage

September 24, 2010 at 11:01 am Leave a comment

Talent, and not just workforce, will make or break Snohomish County’s future economic base. This is a good read for getting folks to see why high-skilled people and work are the keys to the County’s success.

A vast majority of companies worldwide are having difficulty attracting the critical-skill and talented employees needed to help them rebound and prosper in the wake of the economic crisis. However, the severity of their difficulty in attracting these workers varies greatly from country to country as economic recovery is proving to be uneven in different regions, according to a new survey conducted by global professional services company Towers Watson (NYSE, NASDAQ: TW) and WorldatWork, an international association of human resource professionals.

The Towers Watson Global Talent Management and Rewards Survey, a study of 1,176 companies globally, including 314 from the United States, also found that a majority of respondents said the cost-cutting measures that they took during the recession and financial crisis had an adverse impact on employees’ workloads, their ability to manage work-related stress and overall employee engagement. As a result, companies are beginning to reevaluate their reward and talent management programs, and how they attract, retain and motivate employees.

According to the survey, nearly two-thirds (65%) of companies globally and more than one-half (52%) of U.S. companies reported problems attracting critical-skill employees. Six in 10 (61%) companies globally, and 45% of U.S. companies, reported similar difficulty attracting top-performing, talented employees. Interestingly, companies in most regions reported having less difficulty retaining employees than they do attracting them. Globally, only 21% of companies are having difficulty keeping employees generally, while just 11% of U.S. firms reported problems holding onto employees.

“The business climate has clearly affected both the supply and demand of talent, and companies’ ability to attract and hire talented employees,” said Laura Sejen, global head of rewards consulting at Towers Watson. “Even in relatively soft economies, top employees are in short supply. Add to that, workers today simply are in no rush to seek employment elsewhere, given the uncertainty over economic recovery. As a result, many companies find themselves in a position of having to find new and innovative ways to entice and ultimately develop talent and leadership for the future.” Read more here.


Entry filed under: Talent. Tags: , , , .

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