This article was sent to me today; I found it to be very impactful and supports what my colleagues and I have been seeing in the banking industry.
Timeliness of decisions is becoming more critical as demand continues to expand. I have already seen a few cases of "that is the "banker" I want for this position; that banker had already received an offer that had been accepted."
B. Executives Shift From Cost Control To Growth Strategies
More than half (54 percent) of large U.S. businesses that reduced staff in the past 12 months plan to rebuild their workforces to pre-recession levels within two years.
That data point, based on a recent Accenture survey, broadly reinforces ExecuNet data that for months has revealed more American companies are adding executives and fewer are cutting management positions. The survey found only 13 percent of executives said they plan to reduce their employee base over the next 12 months.
"The outlook is improving," said David Smith, managing director of the Accenture Talent and Organization Performance practice. "But as companies grow their staff, it is more critical than ever that they understand their skills needs and approach the expansion of their workforces strategically."
The survey confirmed that companies are shifting their focus away from cost control and returning to growth. The percentage of U.S. companies focused primarily on cost control will decrease from 41 percent in mid-2009 to 18 percent in 2011, according to the study. And the percentage of U.S. companies focused primarily on investment in growth-oriented activities, such as hiring, will increase from 24 percent today to 37 percent within the next 12 months.
However, as companies focus on growth, a shortage of high-quality skills may be cause for concern for many businesses. Fifteen percent of U.S. executives surveyed described the overall skill level of their workforces as 'industry-leading.'
"A lack of relevant skills may present a hurdle for companies as they position themselves for growth," Smith added. "Companies need to rethink how they equip employees with the skills required to be competitive today. They must also consider new strategies for hiring and developing untapped talent currently available in the market."
