What keeps HR executives up at night? People. Finding qualified people, motivating those people and keeping them on staff. Considering that companies that do not do these three things well are unlikely to perform well, CFOs are probably tossing and turning about these issues too.
A survey of 330 HR leaders conducted by Deloitte and the International Society of Certified Employee Benefit Specialists found that one-quarter of these HR leaders consider the shortage, motivation and retention of qualified talent to be the most significant challenge facing their organizations over the next three years. This is a significant increase over the 16% who noted this as a key issue last year.
To see how such a shortage is playing out in one industry, just take a look at the challenges facing manufacturing. Last year, Deloitte and The Manufacturing Institute teamed up to publish a report, Boiling Point? The Skills Gap in U.S. Manufacturing. The report not only details the challenges this talent shortage creates for companies but it also shows that the tried-and-true approaches to finding and developing good people may not be enough anymore.
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