Imf Growth Forecast Highlights Critical Leadership Skills Shortage

IMF GROWTH FORECAST HIGHLIGHTS CRITICAL LEADERSHIP SKILLS SHORTAGE

On the same day that the IMF revised up its 2010 forecast for economic growth, Drake International released its latest research, "Gearing Up for Growth", which identifies some critical challenges for employers if they are to take advantage of the economic recovery.

However, almost one half of organisations are not effective in finding and developing leaders according to Drake's latest research, despite leadership skill shortages being identified as a high priority.

In releasing its report, "Gearing Up for Growth", Matt Tukaki, CEO of Drake Australia said, "With economic recovery now gathering pace, as further evidenced by the IMF forecast, employers are recognising that they have a critical challenge to re- motivate and engage their workforces, leadership will be on of the key drivers behind the growth that corporate Australia and businesses will have to focus on."

"However, employers are critical of their ability to find and develop effective leaders", he said. Drake's research found that 44 % of organisations rated themselves not effective in finding and developing leaders.

The "Gearing Up for Growth" report found that improving retention of skilled employees was the most important people challenge facing employers in a growing economy. This is a direct result of the report's findings that 72 % of organisations expect to face skills shortages this year at the same time as accelerating staff turnover, with one quarter of employees expecting to move employers in 2010.

The five highest priority people management strategies identified by employers were:
* Improve retention of skilled employees 93.7 %
* Find and develop effective leaders 87.1 %
* Effectively mange culture and change 80.5 %
* Increase training and development 80.2 %
* Increase productivity of staff through process improvement 73.5 %

"With skills shortages and staff turnover looming as high risks for employers in a growing economy, it is critical that organisations develop leaders that can engage staff and generate increased productivity", said Matthew Tukaki.

Commenting on the finding that only 23 % of organisations have a workforce plan, he said, "Organisations also need to ensure that they have comprehensive workforce plans which lay out the types of people and skills they need to compliment their growth plans".

Media enquiries:

Drake International
Matthew Tukaki
Regional Manager - Australia
0409 707 572
[email protected]

SOURCE: Drake International