Getting the right talent is one of the most important things for the future growth of a company.
Ask any HR specialist and he will agree that hiring the correct mix of experienced people sets the company on the growth path.
A recent survey by PricewaterhouseCoopers (PwC) shows that talent could prove a potential game changer to the growth prospects of mainland companies.
According to PwC's 15th Annual Global CEO Survey, more than half (54 per cent) of mainland respondents - far higher than the global average of 31 per cent - say the talent crunch has prevented their businesses from innovating effectively.
PwC says that only a third of the 160 China and Hong Kong-based CEOs polled - China 122 and Hong Kong 38 - are very confident they will have the necessary talent to execute their strategies in the next three years.
Nora Wu, PwC Asia-Pacific human capital leader, says it is a dilemma for CEOs. There's a huge demand for talent, more so in China than elsewhere, to match its potential for domestic growth. Ironically, the 'China speed' - that extraordinary pace where products are designed, factories equipped and production ramped up in a small period of time - appears to hit a speed bump when it comes to creating the right talent pool.
'China CEOs recognise this challenge and are focused on developing their people rather than simply hiring them,' Wu says.