The looming talent crisis in procurement and how technology can help
With global economies still struggling to recover from the devastating financial market meltdown and resulting global recession of 2008-09 – and unemployment rates for professional workers lingering at exceedingly high levels – it might be difficult to accept there is a talent crisis brewing in the procurement and supply management functions.
But a recent study of procurement organizations by CAPS Research finds some 80% reporting they have experienced talent shortages in one or more functional areas related to procurement and supply management in the past year. That compares to just 46% reporting talent shortages when CAPS last posed the question in 2009. What is more, while 58% of procurement leaders say they have been able to fill open positions with qualified candidates in the past year that percentage is down 22 points from 80% in the 2009 study.
The new CAPS study was, in fact, inspired by a presentation to Fortune 500 chief procurement officers (CPOs) in which two of the world’s foremost supply-management research experts – Phillip L. Carter, DBA and Robert M. Monczka, Ph.D. – identified talent management among eight critical challenges that supply management organizations will face in the coming decade.