Ii executive interviewees 40 appendix iii supporting

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Unformatted text preview: nizations 45 Note to the Reader 47 C P A Executive Summary T he challenges of leading and managing people were complicated by the financial crisis and global recession. The crisis layered in a new level of volatility and uncertainty on top of the accelerating change that most businesses were already experiencing. Companies that don’t adapt to the new state of high volatility will be rendered obsolete by more nimble and flexible rivals—and the key variables for adaptation are the quality of the workforce and how it is deployed. It’s no longer feasible to conceive a strategy in an executive ivory tower and expect a docile workforce to implement it. Innovation and growth today require creativity and engagement by employees at all levels. This survey report details those human resources practices and methodologies that enable companies to create competitive advantage—and those that are no longer suited to these times. This global survey is the second conducted by The Boston Consulting Group and the World Federation of People Management Associations. The first was completed in 2008. (BCG has also partnered with the European Association for People Management in 2007 and 2009 on a similar European survey.) ◊ The online survey generated 5,561 responses (nearly one-fih more than our 2008 survey) from 109 countries covering five continents and numerous industries. We also interviewed more than 150 executives, mostly board and executive committee members of multinational companies. ◊ This report presents our findings and analysis of the 21 topics covered. We also feature short case studies on individual company initiatives or relevant research, and we have produced a White Paper, inserted at the back of this report, on the pivotal role that middle managers play in restoring employee engagement that was weakened during the crisis. Most industries and countries will experience a widening talent gap, notably for highly skilled positions and for the next generation of middle and senior leaders. ◊ Populations in most developed countries such as Japan, Germany, and the United States will skew sharply older in the coming decade, barring radical changes in immigration policies. The upcoming waves of baby boomer retirements may cause many positions to go unfilled and raise the risk that companies will lose valuable institutional and process knowledge. Rapid growth in many emerging nations, meanwhile, has already created a gap in skills that population growth alone cannot ameliorate. ◊ Revising public policy to facilitate labor mobility would help, but companies have to seize control of their own fate when it comes to securing the best workforce today and for the future. They need to ramp up their talent-sourcing, retention, and development practices now, before it’s too late. Four HR topics stand out as the most critical. ◊ Managing talent—identifying, attracting, and retaining talent—continues to be the most important future HR topic. Co...
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