Global shortage of skilled labour mars business growth prospect

labour

The companies across the glove are experiencing a shortage of skilled labour and the epidemic is weighing on business growth prospects.

According to new research from the “Grant Thornton International Business Report” (IBR), 39 per cent of businesses around the world are struggling to recruit the right people, with a lack of technical skills cited as the primary problem (64 per cent).

The concern is that a lack of talent will dampen business productivity, ultimately threatening future growth and profitability.

Even the United Nations in a report a few years ago predicted a serious contraction of the labour force around the world. Both China and Singapore are now and for the next few years seeing more people leave the labour force than entering.

With unemployment running so high in many mature economies, it is somewhat ironic that business leaders are concerned by a lack of skills. In the short term, they will need to plug these skills gaps with people from outside the organisation as best they can.

But in the longer term, they need to invest in their internal training programmes to mould the people that will help them deliver on strategy, innovate and ultimately grow.

He remarked that a business is nothing without its people, and that a great team with an average plan will be far more successful than an average team with a great plan.

The best people increase productivity, save an organisation time and money and ultimately grow the business. So, in the long term, business leaders need to be confident that their own training programmes will be able to deliver talent sustainably.

The “IBR Report 2013”, which contains data from interviews with 6,400 chief executive officers, managing directors, chairmen or other senior executives from all industry sectors globally from August to December last year, shows that the shortage of technical skills is as much an issue in developed as in emerging economies.

A lack of both work experience and qualifications is also mentioned, while roughly one in five business leaders cite restrictions on immigration.

The impact of these workforce issues on business growth prospects is evident. The IBR reveals that more than one in four businesses expect their 2013 expansion plans to suffer as a result of skills shortages.

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About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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