Global Survey of 4,741 Executives in 83 Countries, Conducted by The Boston Consulting Group and World Federation of Personnel Management Associations, identifies HR Priorities for today and in the future
LONDON, April 14, 2008—Managing talent is the most critical people challenge worldwide and will remain at or near the top of executive agendas in every region and industry for the foreseeable future, according to a new global study conducted by The Boston Consulting Group (BCG) and the World Federation of Personnel Management Associations (WFPMA). Key findings of report, Creating People Advantage: How to Address HR Challenges Worldwide Through 2015, will be presented at the CIPD/WFPMA World HR Congress in London on April 14.
The study, which is based on a global survey of 4,741 executives in 83 countries, also found that managers saw improving leadership development and managing work-life-balance as other urgent priorities, after talent management. The report provides an analysis of 17 human resources challenges in seven major regions and suggests specific actions to address those issues.
“The study is the most comprehensive review of global HR practices ever conducted, and provides an insight into the current and future challenges facing companies,” said Florent Francoeur, president of the WFPMA.
Managing talent is seen as the most important HR challenge in nine of the 17 countries analyzed in depth, including the United States, Australia, Singapore, Japan and the United Kingdom, and was at least in the top three in 14 of the 17 countries—a reflection of increasing globalization and competition. To help address this challenge, executives from all regions expect their companies to boost global sourcing of talented employees. While few companies today are moving businesses to new locations to access people, executives expect this to be the most rapidly growing HR trend from now until 2015.
"It may become harder to recruit and retain talented employees than to raise money in an IPO," said Rainer Strack, a BCG partner and one of the report’s authors. "In the West, work forces are graying, while in developing markets, companies have an unquenchable thirst for skilled employees. Creating a ‘people advantage’ will increasingly translate into competitive advantage."
Frances Wilson, CIPD International Adviser adds: “Global talent shortages loom, even in these turbulent economic times, and companies must take steps now if they hope to address these shortages. To fully exploit global, highly skilled professionals, companies should source their talent throughout the world.”
Notes:
The report “People Advantage” will be launched in full on April 14 at the World HR Congress hosted by the Chartered Institute of Personnel and Development (CIPD) at London ExCel. .
At the conference there will be a panel discussion focusing on the key findings from the report and exploring strategic implications for organizations. Speakers on the panel include:
· Rainer Strack, BCG Managing Director and author of the report
· Susan R. Meisinger, President & Chief Executive Officer, Society for Human Resource Management (SHRM), USA
· R. Nanda, Senior Vice President of HR at Tata Communications, India
· Andreas Gollan, Senior Vice President HR at E.ON, Germany
About the Methodology of the Study
BCG and EAPM, the European Association for Personnel Management, conducted the Web survey in Europe through January 2007, receiving 1,355 responses from HR and other executives in 27 European countries. In conjunction with that survey, during May 2007, we interviewed 102 senior executives in Europe. Between September and November 2007, a global Web survey was conducted in cooperation with the WFPMA with additional 3,386 responses from participants in 56 countries. This survey was rounded by 118 interviews with executives from those countries. In all, the two Web surveys elicited 4,741 responses from 83 countries, and BCG conducted 220 interviews with senior executives.
About The Boston Consulting Group
The Boston Consulting Group (BCG) is a global management consulting firm and the world's leading advisor on business strategy. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. Our customized approach combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable competitive advantage, build more capable organizations, and secure lasting results. Founded in 1963, BCG is a private company with 66 offices in 38 countries. For more information, please visit www.bcg.com.
About The World Federation of Personnel Management Associations
The World Federation of Personnel Management Associations (WFPMA) is a global network of professionals in people management. It was founded in 1976 to aid the development and improve the effectiveness of professional people management all over the world. Its members are predominantly the continental federations which are made up of more than 70 national personnel associations representing over 400,000 people management professionals. For more information, please visit www.wfpma.com.
About The Chartered Institute of Personnel and Development (CIPD)
The Chartered Institute of Personnel and Development (CIPD) has over 130,000 members and is the leading professional institute for those involved in the management and development of people.
CIPD Press Enquiries:
Meera Vohora / Anna Wallace
CIPD Press Office
Tel:020 8612 6114 0r 020 8612 6115
BCG Press Enquiries:
Heide Polke
Tel. 49 89 2317 4594
Mobile 49 170 334 4594