Talent Edge 2020: Blueprints for the New NormalPerspectives from the consumer and industrial products industry |
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What exactly is the “new normal” and what strategies will allow leaders to attract and retain the key talent needed to compete? How should globalism and an aging workforce play into a plan for the future? Our new report offers a view of the Talent landscape in the Consumer and Industrial Products (C&IP) industry and addresses these questions based on the findings of the Talent Edge 2020: Blueprints for the new normal survey which polled over 300 senior executives and talent managers worldwide. The key findings are:
- The great rebalancing: C&IP leaders are struggling to find the appropriate equilibrium between austerity measures and investing for future expansion. C&IP executives ranked competing for talent globally (42%) and managing/delivering training programs (39%) highest among the top talent issues.
- The Talent Paradox means key shortages: High unemployment rates in the U.S. and abroad have not created a uniform talent surplus. Instead, many C&IP executives predict serious talent shortages in areas responsible for innovation and growth, such as R&D (74%) and executive leadership (60%). And despite a weak job market, retaining employees at all levels was listed as a pressing talent concern by 37% of surveyed executives.
- Uncertainty about proper headcount: C&IP companies report a higher level of layoffs (63%) than other industries (55%) and there appears to be uncertainty about future layoff plans. While 53% of executives surveyed expect further layoffs over the next six months, 7% report “I don’t know.”
- Global talent competition top of mind: Concerns about global talent suggest that many executives see emerging markets as their company’s most promising opportunities. For example, automotive production stretches globally and requires talent specialized by region. In the Process & Industrial Products sector, a head start in an emerging market can provide significant competitive advantage.
Talent Edge 2020: Perspectives from the consumer and industrial products industry
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