Personnel Decisions International’s (PDI) new Pulse on Leaders global study showed a dramatic shift in leaders’ top business challenges. According to a press release, only 5% of respondents to the current study said “loss of leaders in key areas or insufficient talent to quickly adapt to change” was a business challenge – in stark contrast to a study conducted by PDI from 2006 to 2008 in which company leaders said top-line growth and talent management were the key issues.
Meanwhile, 83% of leaders surveyed cited “financial pressures to cut costs” as a top business challenge, and 54% cited the “rapid market decline.”
Other survey results, according to the press release, included:
- Competitive threats (23%),
- Access to capital (23%),
- Realizing the full potential of a recent merger or acquisition (16%),
- Taking advantage of pockets of rapid market growth (16%), and
- Leveraging global expansion investments (13%).
“The best executives are focusing on both short-term challenges and long-term strategies. They recognize the need for key talent that can help the company get through current tough times, while also setting the stage for a competitive advantage once the recession ends,” advised Marc Sokol, senior vice president and global practice leader, PDI, in the press release.