The industrial world is struggling with an ongoing and significant talent shortage in leadership and management. Finding the right leadership talent for your company is the path to standing out and making progress in the era of Industry 4.0; these are the results from the Stanton Chase 2017 Global Industrial Executive Survey.
Industry leaders from around the globe recognize that the world economy has shifted into the fourth industrial revolution, or Industry 4.0. These top executives understand that they must stay on the cutting edge of technological change, but these same respondents acknowledge that they have not made the progress for which they strive. A particular emphasis has been placed on a lack of leadership, vision, strategic thinking, and entrepreneurial spirit. The ability to identify and recruit top management talent is going to differentiate companies that can drive their businesses into the Industry 4.0 era.
Leaders in a technology function role agree with the talent shortage in management leadership, but they also see a great demand for technical skills in order to remain competitive in today’s economy. Furthermore, business leaders that have fully implemented Industry 4.0 are also most concerned about acquiring talent with the necessary technical skills. There is a clear gap in perceived talent needs between C-suite leaders who do and do not have advanced technical skills themselves.
Geographically, the spotlight is now on Europe; this region has been identified as the area with the biggest growth potential, but also the location most hindered by a talent shortage. Asia Pacific has moved from first to third place, with North America holding onto the second spot.
The 2017 Stanton Chase Global Industrial Executive Survey marks the fourth annual completion of this survey. Nearly 550 executives from 45 countries and a wide range of sectors participated this year. The survey was designed and carried out by the Stanton Chase Industrial Practice group.
To find out more, read the full 2017 Stanton Chase Global Industrial Survey report.