Istanbul, 14 November 2011 - As the Turkish economy continues to grow and the business environment becomes increasingly favourable for international companies, Turkey's HR professionals face a shortfall in the critical-skills talent* amid increasing competition.
(Media-Newswire.com) - Istanbul, 14 November 2011 - As the Turkish economy continues to grow and the business environment becomes increasingly favourable for international companies, Turkey's HR professionals face a shortfall in the critical-skills talent amid increasing competition. According to research conducted by Towers Watson and Peryön, the Turkish Personnel Management Association, the talent shortage stems from gaps in education, a mismatch in skills and a lack of experience in key areas; and is exacerbated by increased demand.
The Turkey Talent Survey, concluded in October 2011, was commissioned in order to better understand the issues faced by Turkish employers and how these compare with other global markets. Over 160 HR professionals from leading companies operating in Turkey took part in the research which identified the biggest challenges from a talent management perspective. The research found that 83% of respondents were having difficulties in recruitment and selection and 81% claimed to be struggling to find the appropriate talent. Other challenging areas for HR professionals included a shortage of skills available within the local workforce ( 63% ), difficulties in planning succession management ( 53% ) and upward pressure on incentives and compensation ( 51% ).
Managing Consultant for Towers Watson's Turkish business, said: "These are familiar challenges for emerging economies all around the world. As multinational companies turn their attention to large untapped markets for the first time, there is an inevitable lag-time before the local workforce can develop the new, specialist skills required. The test for Turkey is how to bridge this gap between business demand and employee skills as quickly and organically as possible to avoid critical-skill wage inflation and ensure that companies are not forced to import skilled employees from other countries."
When discussing the succession planning and nurturing of future leaders, 94% of respondents agreed this area is of critical importance to their business. However, many face major challenges with 71% suggesting they are currently concerned with difficulties in developing existing talent for leadership, 58% in attracting leadership talent from outside and 40% struggling to retain talent for leadership purposes.
"The difficulties facing HR professionals in Turkey are a natural by-product of the successful business environment in which demand for highly skilled employees is outstripping supply, to address this shortage of skills, companies should plan a number of changes over the next three years including the introduction of changes to training, on-the-job learning, career development and promotion opportunities. In addition, HR Directors should develop an effective talent development program that identifies high-potential individuals and provides a clear path to leadership. These developments are designed to address the skills and experience shortage and encourage the retention of critical-skill individuals."
*Definition of 'critical-skill talent': Employees with skills gained from specific, business related experience that can benefit a company's key market requirements.