Private company outlook: Talent strategies has been saved
Perspectives
Private company outlook: Talent strategies
A closer look at hiring intentions, challenges, and insights
Good talent can be hard to find. And sometimes, getting that talent to stick around can be even harder. So what talent acquisition and retention strategies are leaders using to ensure their team is not only engaged but around for the long haul? In this edition of our Private Company Outlook, we dig into some of the top hiring objectives and challenges for 2024 according to 100 private company executives.
Survey respondents represent the C-level, presidents, board members, and partners/owners, and all sit within private companies in the US with annual revenues of $100 million to $1 billion+. Their input reflects their hiring outlook and strategies to attract, engage, and retain talent—to achieve their business priorities in the next 12 months. See key findings below or download the full report to learn more.
Talent takeaways
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Technology investments take priority
Private company leaders surveyed say productivity (45%), investments in technology (36%), and strategic alliances/partnerships (34%) are their top 3 business priorities in the next 12 months. Information technology (36%) is the top skill needed to achieve these priorities, followed by sales/marketing (32%) and supply chain (32%).
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Cash flow may affect hiring abilities
Nearly twice as many companies (78%) with annual revenues of US $100 million to $200 million report cash flow limits their ability to make new hires compared with those earning US $1B+ (41%).
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Reskilling talent a primary goal
Nearly two-thirds (64%) of private companies surveyed find it difficult to attract talent that matches their needs. Training/reskilling employees (43%) is the primary way surveyed companies plan to meet talent needs in the coming year, ahead of hiring (26%), engaging contract workers (19%), and automation (12%).
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Acquisition strategies are shifting
More than half of respondents (51%) say their organization is increasing skills-based hiring to be more competitive, followed by hybrid work (48%) and implementing new compensation strategies (47%).
As private companies juggle limited cash flow, aspirations for digital transformation and efforts to increase productivity, they’re relying on their own workforce to meet their business priorities. Private companies are leaning into reskilling in combination with skills-based hiring and hybrid work as part of a broader portfolio of talent strategies.
– Wolfe Tone, vice chair, and U.S. Deloitte Private Leader
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Wolfe Tone
Vice Chair, US Deloitte Private Leader | Global Deloitte Private Leader
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