A new study from business services firm PwC finds that private companies in the United States are making talent management a top priority after identifying a shortage of skills in their workforce.
The largest skill gaps identified were in middle management (53 percent) and skilled labor (48 percent).
"Over the past two years, CEOs were focused on cost containment, making deep workforce cuts in anticipation of a protracted recession," says Ken Esch, a partner in PwC's Private Company Services practice.
"Emerging from the recession, companies are now shifting their focus, with growth being top of mind these days and executives repositioning their companies for the long term. For many firms, this means making strategic hires in areas that will drive growth, as well as looking carefully at current people and pivotal roles that create value."
PwC's Private Company Trendsetter Barometer tracks the business issues and standard industry practices of leading privately held US businesses. The latest report shows that 51 percent of Trendsetter CEOs say that they need to fill certain skill gaps to meet their business objectives over the next one to two years, while 49 percent believe they have the right skills in place.
Significantly, the companies that plan to hire are the ones who foresee the greatest growth. CEOs who admitted to having skill gaps expect to grow at a rate of 11.4 percent over the next 12 months, compared with a rate of 8.5 percent among companies claiming to have no skill gaps.
The report reveals that 79 percent of all companies surveyed plan to hire in the next 12 months, with marketing, IT, and engineering/design being the most sought-after skills. Businesses with an international presence were more likely to hire than those with domestic interests only.
PwC's Private Company Trendsetter Barometer incorporates the views of 243 CEOs/CFOs: 131 from companies in the product sector and 112 in the service sector, averaging $287.0 million in enterprise revenue/sales.
