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Firms 'struggle' to retain talent

Published: Thursday, 15 November 2007   Category: Career Advice

Four in ten UK firms (40 per cent) believe that their competitive edge is under threat from a shortage of skilled talent, while 79 per cent believe that people issues such as retention are the most difficult part of a business plan to get right.

A survey of more than 560 businesses commissioned by Barclays Commercial Bank revealed that 31 per cent of enterprises believe securing new talent is the best way to secure future prosperity for the company.

In fact, new talent is considered more important than expansion through mergers and acquisitions (27 per cent), additional cash flow (21 per cent) or trading overseas (13 per cent).

Alexander Baldock, commercial director of Barclays, said: "It's revealing that people-related issues such as the skills gap, retention and succession planning are seen by businesses as the hardest thing to get right when planning for the future.

"Business leaders have been talking for some time about 'the war for talent' and this research shows just how tough it is to develop a successful people strategy."

In the face of a possible skills shortage, 42 per cent of businesses admitted that they had started to invest more into recruitment and employee development in the last 12 months.ADNFCR-1068-ID-18357503-ADNFCR

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