Company heads see better prospects ahead - PwC survey

PHOTO | FILE Mr Kuria Muchiru (left),PricewaterhouseCoopers senior partner with Mr George Hapisu during a past function.   NATION

In Summary

• The CEOs said their main focus will be to reach more customers as they expressed optimism for revenue growth over the next 12 months.
• The survey indicates that there is an acute shortage of skills in fast-growing economies, so the talent management strategises to get skilled manpower.
• Areas with a shortage of skilled manpower are banking, telecommunications and information technology, pushing African companies to import talent.

By Ramenya Gibendi
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The majority of chief executives in the country are confident of posting good results this year, a PricewaterhouseCoopers (PwC) survey shows.

The CEOs said their main focus will be to reach more customers as they expressed optimism for revenue growth over the next 12 months.

Thirty-one CEOs from Kenya were among 301 company chiefs who participated in a PwC survey conducted between November 2012 and June 2013, in nine African countries.

The findings were published in PwC’s annual Africa Business Agenda and established that alertness in responding to challenges and opportunities marked the difference between successful and unsuccessful firms.

“Agility in response to change is the deciding factor between companies that thrive in Africa and those that are merely doing business,” said Anne Erickson, PwC senior partner for the East.

In the study, 83 per cent of Kenyan company heads who took part in the survey said they are coming up with talent management strategies to recruit the best human resource to drive their growth.

The survey indicates that there is an acute shortage of skills in fast-growing economies, so the talent management strategises to get skilled manpower.

As a result, 97 per cent of company heads in Kenya said that matching pay was the only strategy to avoid losing top talent to the competition, presenting a threat to growth prospects.

“We know from our own experience that talent search and retention are priorities on the executive agenda in Kenya,” said Kuria Muchiru, a partner with PwC Kenya.

Areas with a shortage of skilled manpower are banking, telecommunications and information technology, pushing African companies to import talent.

According to the survey, most CEOs anticipate some change to their company’s strategy within the next 12 months.

Growing the customer base, enhancing customer service and implementing new technologies are considered the top three investment priorities over the next one year.