Research shows skilled workforce key to business performance

Newcastle, United Kingdom – Having the right skills within a business helps deliver a great performance; however, if the business doesn’t have access to the people with the skills, then business performance levels will naturally deteriorate.

Across Europe skilled workforces are aging. The huge surplus of workers created by the Baby Boomer generation is getting old and retiring, taking their skills and experience with them.

With gaps in key business critical skills, companies face a multitude of crippling problems and the imminent talent shortage from retiring workers is enough to cause problems on its own. In addition, rapid technological development is worsening the skills shortage. Computer sciences and engineering, in particular, are susceptible, with 36 percent of IT companies and 28 percent of energy companies expecting large increases in staff over the next three years. They are not alone – many industries face threats to their workforce capabilities.

Difficulties in securing the key skills your business requires will have a huge impact on business performance. Vital tasks and business processes cannot be performed efficiently, leading to capacity bottlenecks, capability issues and reduced business performance. As the workforce ages and the talent shortage worsens, companies face severe threats to their competitiveness.

In an attempt to mitigate the risks, many companies are already putting workforce planning and staff development plans into action. They know it’s vital to start investing in the talent already inside the business and implementing employee development strategies to equip themselves with the skilled workforce they need today and in the future.

Business leaders worried about the effect of the talent shortage on their business’ performance can take SuccessFactors’ quick benchmarking test to see how their company compares to other companies. The test provides immediate recommendations on what businesses can do to improve and where they can get guidance on creating a winning talent management strategy.

To take SuccessFactors’ quick benchmarking test, check out

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