Technology firms face a global “talent war” as competition for highly skilled staff hots up, management consultancy PricewaterhouseCoopers (PwC) has warned.
A PwC report “Technology Executive Connections - Successful Strategies for Talent Management”, warned that technology companies seeking access to pools of talent by recruiting overseas would still face problems, with European and Asian executives anticipating a severe shortage of talent within three years.
Increasing demand was driving up salaries in the technology sectors of emerging markets, with pay increasing to a point where China and India would no longer be viewed as cost effective, the report found.
Graham Wyllie, director of PricewaterhouseCoopers, said, “Competition for talent has never been fiercer and there is likely to be another industry talent war if demand increases.”
Technology companies had always had to compete for the best and the brightest, “but with an industry boom they are faced with a talent shortage”, he added.
“Technology executives must upgrade human capital management in their companies and create innovative programmes in order to attract and retain the best people."
But the report revealed that although senior managers knew that managing their “human capital” should be their top priority, most believed their firm’s capacity to do this was poor.
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