Executives Worldwide rate talent management as top people challenge in every region and industry

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, 2008óManaging 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.

ìThe study is the most comprehensive review of global HR practices ever conducted, and provides an insight into the current and future challenges facing companies,î 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 countriesóa 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 reportís authors. In the West, work forces are graying, while in developing markets, companies have an unquenchable thirst for skilled employees. Creating a ëpeople advantageí will increasingly translate into competitive advantage.

Frances Wilson, CIPD International Adviser adds: ìGlobal 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.î