TALENT CRISIS
THE CPO’S VIEW ON
PROCUREMENT’S
Efficio The Human Factor, 2019
agree that their organisation has taken steps to address the talent pipeline shortages and workforce skill set gaps
90%
Yet while CPOs are adamant that steps have been taken to address these talent gaps...
Efficio The Human Factor, 2019
None of my employees possess this skill
All of my employees possess this skill
TOP 3 SOFT SKILLS CPOS HAVE MOST ACCESS TO
7.40
7.83
0
Knowledge & understanding of regulations
Risk management expertise
7.42
10
Strategic planning & big thinking
Very important
6%
42%
Somewhat important
50%
Yet while investing in recruitment and technology is a more costly option than upskilling current employees, the skills that CPOs need aren’t necessarily those that can be easily developed.
As procurement develops into a more strategic, value-adding function, soft skills such as the ability to influence and lead are becoming increasingly important - and CPOs don’t have access to these skills in-house.
2%
Essential
IMPORTANCE OF SOFT SKILLS FOR PROCUREMENT LEADERS OF TOMORROW
Important
Efficio The Human Factor, 2019
Integrity to accept accountability
Courage to challenge conventional thinking
17%
21%
Ability to influence and lead
Innovation, creativity and problem-solving
TOP 4 SOFT SKILLS MOST IMPORTANT FOR THE FUTURE OF PROCUREMENT
23%
of senior procurement professionals say lack of talent to harness the power of machines is a barrier to delivering the benefits of technology
This lack of access to talent is being felt more keenly by CPOs than any other procurement stakeholder - and is only set to grow...
Efficio, Procurement 2025, 2018
72%
Transform existing systems and processes with new technology
14%
TOP 3 STRATEGIC BUSINESS PRIORITIES FOR CPOS
The Chief Procurement Officer (CPO) is becoming an increasingly valuable and strategic asset to many organisations thanks to the digital transformation that procurement is undergoing.
Yet to deliver value, new technology requires new skills - and CPOs are increasingly finding that their teams don’t possess the skills needed to deliver on their procurement strategies...
Access to the right skills
36%
Maximise efficiencies in the supply chain
19%
To find out more about the transformation of talent within procurement, download Efficio’s ‘The Human Factor’ research report now
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6.96
Stakeholder enablement
Holistic leadership
TOP 3 SOFT SKILLS CPOS HAVE LEAST ACCESS TO
Control tower leadership
7.10
6.87
COO / Operations Director / Head of Operations
29%
CFO / Finance Director / Head of Finance
CPO / Head of Procurement / Procurement Director
ACCESS TO THE RIGHT SKILLS AS THE TOP PRIORITY FOR PROCUREMENT STAKEHOLDERS
18%
Procurement Manager
35%
36%
So how are CPO’s combatting the developing talent crisis within procurement? Many believe the answer lies in recruiting new talent and investing in even more new technology rather than training incumbent employees.
33%
10%
Increase compensation offering to attract more/ better talent
Upskill existing talent (e.g. through training programmes)
TOP TALENT-RELATED ACTIONS CPOS BELIEVE WILL ENHANCE THEIR PROCUREMENT OPERATING MODEL
...a bigger challenge lies around the corner in how organisations engage and retain this new, skilled talent.
CPO’s believe that to retain new talent it’s crucial to provide training and development opportunities, yet they also acknowledge that the training structures in place aren’t currently good enough...
Ultimately, to address the talent crisis within procurement, CPOs need to not only embrace digital transformation but embrace a people transformation too in order to ensure they can attract, engage and retain the skilled individuals they need to drive success.
43%
Functions have a structured training syllabus
TOP 3 PLANS TO ENGAGE AND RETAIN HIGHLY SKILLED PROCUREMENT TALENT
41%
Offer peer networking opportunities
67%
CURRENT STATE OF TRAINING IN PROCUREMENT
Clearly communicate business impacts & outcomes of work
9%
Training is centrally organised by HR
Provide clear & structured training opportunities
71%