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As much as 88 percent of Saudi business leaders in a survey acknowledge that there is an immediate shortage of highly skilled talent, with 70 percent saying that the talent deficit is either significant or acute, according to a new study by Korn Ferry.
The research, based on interviews with more than 1,500 CEOs and human resources heads from top companies around the world, including a panel from Saudi Arabia, estimates a deficit of 107,000 highly skilled professionals in the Kingdom by 2020, a figure that could hit 663,000 by 2030.
According to the findings of the research, business leaders are already clear that reduced talent supply may escalate their costs, with 60 percent of them fear that talent shortages may force them to increase salaries unsustainably.
60 percent of Saudi executives surveyed in the research anticipate growing their business by at least 28 percent by 2020 and by one third by 2030.
They anticipate the growth to come with a similar corresponding increase in headcount, with 60 percent of them projecting a 43 percent increase by 2030.
Left unaddressed, talent deficits could present a significant challenge that has the potential to derail these ambitious plans. 46 percent of business executives are fearful this talent deficit will reduce profitability with 52 percent saying it could limit growth potential in the future, the research found.
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