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Bosses in China are less optimistic about their companies’ growth prospects, with most citing an insufficiency of skills as the main obstacle to success.
According to PricewaterhouseCooper’s (PwC) new report, 36% of China CEOs are ‘very confident’ of their company’s growth prospects over the next 12 months. This was a 11 percentage decrease from 2014.
Nine out of 10 of CEOs stated the lack of skills availability is the top threat to increasing revenue in their companies.
Their concerns echoed global findings, which highlighted the shortage of of key skills worldwide was at an eight-year high.
“China’s CEOs have to work hard to find growth in a domestic economy that is undergoing a major transformation while the global economy is marked by dynamic and disruptive forces,” said David Wu, PwC China Beijing senior partner.
“They are also right to recognise the risks of the ‘new normal’ and to plan and act accordingly by focusing on driving business growth through building diversified partnerships and continuing to invest in digital technology and talent.”
Indeed, to overcome the shortage of such skills, bosses in China said they are increasingly exploring non-traditional sources to find talent.
More than three- quarters of these CEOs said they are actively searching for talent in different geographies, industries and demographic segments.
In addition, over 80% are using multiple channels to find talent, including online platforms and social networks.
By using these strategies, CEOs hope to be able to achieve “a good mix of talent – and the ability to alter the mix depending on business needs – is critical as companies look to apply their capabilities in more innovative ways, partner successfully and harness technology effectively,” the report stated.
Interestingly although China’s CEOs understand the value that diversity brings to their organisation, only half have a strategy to promote it.
This was slightly lower than the global average of 64%.
Of the global companies which did have diversity promoting policies, most focused on gender (33%), knowledge, skills and experience (32.4%) in their strategies.
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