And the talent shortage will only worsen over the next decades as multinationals pursue their localization strategies and locally based challengers continue their ambitious expansion.
The shortage applies up and down the ranks of employees, though the challenge for employers takes a slightly different shape in each group. For instance, the numbers of senior leaders may be sufficient, but some may not be fully prepared to cope with the rapid pace of change or the globalizing nature of certain industries.
Severe supply shortages of middle managers abound, and there is considerable turnover at this level, in part because few companies have focused on developing the skills of their middle managers or offering them opportunities.
The best talent (consisting of high performers with high potential) is relatively scarce, as there has been little systematic effort to identify and nurture people in this group.
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