Dubai, February 10, 2011: As companies in the Middle East and worldwide struggle to move beyond the great recession, many executives now recognize the need to develop talent strategies to meet both current and future challenges. This issue is among several that take the spotlight in the first report of Deloitte's new survey series Talent Edge 2020. The report features results from a survey conducted by Forbes Insights for Deloitte that polled more than 300 global business executives worldwide, including a sample from the Middle East, across numerous industries.

"Success for companies in the next decade will be determined by how well they manage to balance the economic realities with the need to invest in new talent," said Rana Ghandour Salhab, Partner in Charge of Talent and Communications at Deloitte in the Middle East. "Certainly in the Middle East the demographics have created a large pool of young graduates and experienced talent in search of opportunities. Job creation and retention are crucial to economic growth and stability in Middle East countries. It is only the companies that describe their talent programs as "world class" that have a clear sense of the pressing talent issue and are therefore more likely to invest in creating career paths and challenging opportunities for employees." In Deloitte's Talent Edge 2020, only 20% of respondents said their talent management programs as "world class".

Most senior executives and talent managers who participated in the survey agree their companies need a proactive plan to keep their talent intact. However, according to the survey, only those companies with retention plans in place are moving beyond anxiety and taking action; 69% of those companies surveyed with a retention plan said they would "significantly increase" or "increase" their focus on compensation in the year ahead, compared to 48% of those without a retention plan. Additionally, 76% of those with a retention plan will expand benefits and 70% will boost non financial incentives, compared to 55% and 52% respectively of those without a retention plan.

"Nearly six in ten executives surveyed reported that their company's voluntary turnover had increased in the past year and a slightly higher percentage believe it will increase in the coming twelve months," added Salhab. "Perhaps even more worrying is that few companies surveyed had a clear idea of what is driving turnover. A retention plan is essential for any company that wishes to optimize the value of its investment in talent. At Deloitte in the Middle we consider retention of talent as a direct result of our talent strategy and is gauged by continuously reviewing our employee satisfaction through our "people survey", listening and responding to feedback, and providing rewarding careers with opportunity for growth." In 2009 Deloitte was named a Hewitt Best Employer in the Middle East, the only professional advisory firm to receive this accolade.

Other key findings of Talent Edge 2020 include:

  • The talent paradox is already creating key shortages: High unemployment rates have not created the talent surplus as predicted. On the contrary, many executives predict talent shortages across key business units.

  • Companies are increasingly challenged to develop the next generation of leaders: With the retirement of Baby Boomers, many executives are concerned over their companies' leadership development programs and pipelines.

  • The race for talent is global: Once-emerging markets of the pre-recession days have become the catalyst for future growth, placing tremendous demands on talent managers to get the new people in new jobs at new locations.

Deloitte's Talent Edge 2020 longitudinal survey series will continue to track the shifts in talent strategies, trends and priorities in the months ahead. The next edition of the study will focus on exploring talent strategies, trends, and concerns from the employee perspective and will be published this coming spring.

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About Deloitte & Touche (M.E.):
Deloitte & Touche (M.E.) is a member firm of Deloitte Touche Tohmatsu Limited (DTTL) and is the first Arab professional services firm established in the Middle East region with uninterrupted presence for over 85 years. Deloitte is among the region's leading professional services firms, providing audit, tax, consulting, and financial advisory services through 26 offices in 15 countries with over 2,400 partners, directors and staff. It is a Tier 1 Tax advisor in the GCC region (International Tax Review World Tax 2010 and 2011 Rankings), a Hewitt Best Employer in the Middle East (2009) and was recognized as the 2010 Best Consulting Firm of the Year in the Complinet GCC Compliance Awards.

Contact:
Ayad Nahas
Title: Regional Public Relations Manager
Deloitte Middle East
Tel: 00961. 1. 748 444
Email: anahas@deloitte.com 

© Press Release 2011