KENYAN companies have placed filling talent gaps as posing a big headache in the next 12 months, a new survey by PWC shows.
A total of 31 CEOs were interviewed in Kenya comprising 40 per cent from listed companies, 35 per cent from financial services sector, 20 per manufacturing and 16 per cent from the public sector.
According to the survey, 52 per cent of Kenyan CEOs, 47 per cent in Rwanda and 40 per cent in Uganda listed filling the talent gap as a key priority for the next year. The situation is different in Tanzania where only 15 per cent said this was a concern. The global average is 27 per cent.
“There is a real need to recruit top talents,” said Kuria Muchiru, the human capital leader for PWC Central and Southern Africa.
Almost all the CEOs interviewed (97 per cent) believe that their companies need to match the pay levels with their competitors in order to retain talent. The same case applies in Uganda (100 per cent) and Tanzania (90 per cent).
Other top priorities for companies this year in Kenya are enhancing customer service and improving operational effectiveness. The CEOs are least concerned about growing their customer base (35 per cent).
Social media users are also shaping the way some businesses conduct themselves with 81 per cent of the CEOs interviewed saying they recognise the power of social media.
“This may be best interpreted in the context of business in Africa's focus on customer service and growing client bases and CEO's understanding of the crucial influence of the social media on public perceptions,” the survey says in part.
The survey showed that this year, most companies will undertake a change of strategy in their operations with 71 per cent of respondents in Kenya anticipating “some change or change in fundamental ways”.
Housing Finance MD Frank Ireri is quoted in the survey saying that the company's strategic change programme and a new core banking system will have a fundamental impact on its operations.
“Not only do these systems improve operations buy they also impact employee morale,” Ireri told PWC.
The CEOs are however optimistic of growth prospects specifically growth related to new products and services. In Kenya, 48 per cent of those interviewed said they are very confident of revenue growth over the next 12 months with 35 per cent of them saying they are “somewhat confident”.
“Confidence is inspired by growth potential across every industry sector and in every market in Africa,” says Anne Eriksson, regional senior partner for PWC.