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Aging population, worker hiring and retention top CEO challenges
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DEMOGRAPHIC shifts and employment engagement are among top five challenges facing global chief executive officers in 2014, according to the global management consulting firm Hay Group.
“Demographic shifts as reflected in rapidity aging workforces and workers retiring is causing skills shortages and increasing pension burdens for CEOs,” Hay Group President and CEO Stephen Kaye said in Shanghai yesterday.
An aging population is a particular problem for China, Kaye added.
Kaye noted that businesses need to invest in real strategic workforce planning and need to how to recruit, train and retain a diverse talent pool.
Meanwhile, China saw a 3.5 percent increase in talent turnover compared with the previous year as many employees may feel confused and uncertain about their futures in a fast-changing environment, said the Philadelphia-based consulting firm.
Other challenges include the rise of emerging markets with lower costs, disruptive technologies that are challenging traditional business models, and constant transformation that leads to a turbulent business environment, Hay Group said.
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