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With Hong Kong facing the second largest talent shortage in Asia Pacific, it is perhaps no surprise that CEOs in the country are citing lack of skills as the biggest current threat to their organisations.
A recent report by PricewaterhouseCoopers (PwC) found 85% of CEOs in the Hong Kong are most worried about skills shortage.
CEOs in Japan and South Africa were the most concerned about this shortage, with more than nine out of 10 voicing it as a concern. Bosses in China followed at 90%, while UK and Romania both came in at 84%.
Polling 1,300 CEOs across countries, the study highlighted that on an average, three quarters of bosses worldwide are concerned about the insufficiency of skills in their companies.
This is a 10 percentage point jump from 2014 and is up from less than half (46%) six years ago.
“CEOs are more concerned about the impact of a skills shortage on their business than at any point in the last six years,” the report stated.
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“Despite rising business confidence and ambitious hiring plans, organisations are struggling more than ever to find the right people with the right skills to achieve their growth plans,” Jon Andrews, leader of PwC’s global people and organisation practice, said.
“The digital age has transformed the skills shortage from a nagging worry for CEOs into something more challenging.”
The report added that to solve the talent conundrum, CEOs are increasing their use of contingent as well as part-time workers, outsourcing and service agreements to fill their talent gaps.
They are also looking for a wider mix of skills than in the past and are searching for talent in different geographies, industries or demographic segments.
“Filling talent gaps is also a major driver of M&A activity, with over a quarter of CEOs saying that access to top talent is the main reason for collaborating with other organisations,” the report stated.