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Cutting Costs is The Greatest Business Challenge for U.S. companies; Europe and Asia Face Different Challenges
AchieveGlobal Study Reveals How Challenges Can Be Met With Innovative Learning and Talent Solutions
Tampa, Fla., August 18, 2008 – According to a recent international study, the top three business challenges facing companies today are financial pressure to cut costs, competitive threats and rapid growth. In the U.S., 54 percent of participants feel that their greatest business challenge is financial pressure to cut costs due to current U.S. economic conditions. European and Asian companies see challenges in the fiercely competitive job market (43 percent) and high rates of growth (39 percent), respectively.
Across all regions, the research indicates that the biggest talent challenge that companies face in the U.S. (60 percent), Europe (57 percent) and Asia (57 percent) is gaps in the leadership pipeline. In the U.S. the problem is largely driven by the concern that many Baby Boomers (those born between 1946 and the early 1960s) will begin to retire in the coming years.
The study, commissioned by AchieveGlobal and conducted by Bersin & Associates, analyzes how organizations across the globe are meeting their current business and talent challenges with innovative learning and talent solutions. More than 40 companies from across the globe participated. The study, conducted in the first quarter of 2008, provides insight on the following questions:
• What are the key business and talent challenges facing companies around the world?
• How are companies addressing these challenges in terms of organizational structure, talent initiatives and learning solutions?
• What best practices can organizations use to improve their programs and investments?
“Today’s unique economic landscape dictates the need for businesses to utilize creative solutions to address these challenges,” said AchieveGlobal CEO Sharon M. Daniels. “In addition to outlining the challenges, this study showcases global businesses that meet these obstacles head-on by aligning their business goals, using a multi-prong approach to employee training and development, and addressing learning as a process rather than an event.”
AchieveGlobal will discuss the results of the research on global talent management during a one-hour Webinar on Oct. 9, 2008 at 2:00 p.m. EST. Interested workplace management leaders, media and analysts are invited to learn more about the key data points uncovered in the report and gain key insight from global companies that participated in the study, including Fidelity Investments, Deloitte Consulting, Hilton and Merck. Details on organizational structures, talent initiatives and learning solutions will be provided along with best practices that participants can apply to their businesses. For more information or to sign up for the Webinar, click here. For a copy of the full report, please e-mail Rosie.Stober@edelman.com.
Study Methodology
The primary inputs to this study included one-on-one interviews, online discussion boards and a quantitative survey – all completed between February and April 2008. Twenty phone interviews were conducted with companies across the globe (see Figure 16). Nearly all companies were large enterprises (with 5,000 or more employees) and represented a variety of industries (see Figure 17). The majority of participants were HR or L&D executives (director-level or above). We specifically selected participants who had implemented high-impact solutions to one of their business challenges. In addition to the phone interviews, a series of online discussion groups were conducted. A total of 20 companies from across the globe participated in these discussion groups.
About AchieveGlobal
AchieveGlobal is the world leader in providing exceptional interpersonal business skills, giving companies the workforce they need for business results. In the 21st century, the level of human skills will determine organization success. Located in over 40 countries, we offer multi-language, learning based solutions - globally, regionally and locally. For more information, see www.achieveglobal.com.
About Bersin & Associates
Bersin & Associates is the only research and advisory consulting firm focused solely on WhatWorks® research in enterprise learning and talent management. Based on extensive experience in enterprise learning, technology and HR business processes, Bersin & Associates provides actionable, research-based services to help learning and HR managers and executives improve operational effectiveness and business impact. More than 3,500 organizations in a wide range of industries benefit from Bersin & Associates research and services. Bersin & Associates can be reached at www.bersin.com or at 561-455-0622, ext. 224.
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