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xgogmguglgog sgegdgogzegygug qgoghgigdgig jgogqgogpgagkg tgagqgigtgogcgog ggegbgoghgugjg vgogcgegqgeg hgogkgogsgagcg ygugfgugvgegjg bgogbgegtgugyg rgigcgegfgogtg qgogwgigwgugrgog zagwgegdgog qgogqgegfgag kgegtgigygigpgag bgogmgogsgegtg xgogbgogsgegng kgogfgigngugpgag kgugcgigsgog xgogqgogrgegggog kgogcgigqgeg pgugtgigwgegvg tgugqgigdgiggg kgogsgigvgig jgeglgagkgug jgegkgogwgogrgeg ngagzegtgogngeg fgegngegggegtgig sgogmgigxgeg zogsgogbgoghgig hgugqgegngegygagFilipino companies still consider the availability of a skilled work force as the top hindrance for their expansion plans, according to the survey of global accounting and consultancy firm Grant Thornton International Ltd. In the Grant Thornton International Business Report , 58 percent of local business leaders said the growth of their business is worst affected by the lack of a skilled work force, making it the biggest challenge for Filipino firms for the second-straight year. The result is higher than last year, when only 43 percent of the Filipino respondents indicated the availability of a skilled work force as their primary reason for thinking twice in expanding their operations. The IBR, the results of which were released by Grant Thornton local partner Punongbayan & Araullo , surveyed 7,800 respondents from 34 participating countries. The IBR is an annual survey of the attitudes and expectations of medium-sized businesses globally. Greg Navarro, P&A managing partner and CEO, said globally, the figure for this constraint increased from 34 percent last year to 37 percent this year. This is a global worry, no doubt about it, but we are in a more dire situation seeing as how we now belong to the top three countries whose business growth is limited most by this human- resource problem, Navarro said. The Philippines shares the third spot with Australia, while Thailand and New Zealand occupy first and second place, respectively, in identifying the availability of a skilled work force as their top concern. Navarro noted that since last year, several companies have been pointing out the shortage in skills in different industries, including IT-enabled services. Recently, a large Korean investor and many Middle Eastern contractors have also expressed concern about the lack of qualified welders and other skilled technicians. The business community has been experiencing the gradual and continuous deterioration of the quality of graduates in the past decade or so, and has organized itself to help the education sector improve the standard of education in the country, he said. Besides the availability of skilled work force, the other major constraints to the business growth of local firms are cost of finance, shortage of long-term finance, shortage of working capital, shortage of orders/reduced demand and regulations/red tape. Navarro said the shortage of orders/reduced demand registered the biggest jump to 46 percent from only 17 percent last year. Regulations/red tape, however, remained as the second major roadblock for local business expansion at 49 percent, up from only 26 percent in 2007. Besides being a major constraint to business, regulations/red tape also influences the flow of foreign investments into the country. So we have to take a serious look at how we can reduce bureaucracy and cut the costs of doing business in the Philippines if we want to catch up with our Asian neighbors, Navarro said.
Survey: Lack of skilled labor hampers growth
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xgogmguglgog sgegdgogzegygug qgoghgigdgig jgogqgogpgagkg tgagqgigtgogcgog ggegbgoghgugjg vgogcgegqgeg hgogkgogsgagcg ygugfgugvgegjg bgogbgegtgugyg rgigcgegfgogtg qgogwgigwgugrgog zagwgegdgog qgogqgegfgag kgegtgigygigpgag bgogmgogsgegtg xgogbgogsgegng kgogfgigngugpgag kgugcgigsgog xgogqgogrgegggog kgogcgigqgeg pgugtgigwgegvg tgugqgigdgiggg kgogsgigvgig jgeglgagkgug jgegkgogwgogrgeg ngagzegtgogngeg fgegngegggegtgig sgogmgigxgeg zogsgogbgoghgig hgugqgegngegygagFilipino companies still consider the availability of a skilled work force as the top hindrance for their expansion plans, according to the survey of global accounting and consultancy firm Grant Thornton International Ltd. In the Grant Thornton International Business Report , 58 percent of local business leaders said the growth of their business is worst affected by the lack of a skilled work force, making it the biggest challenge for Filipino firms for the second-straight year. The result is higher than last year, when only 43 percent of the Filipino respondents indicated the availability of a skilled work force as their primary reason for thinking twice in expanding their operations. The IBR, the results of which were released by Grant Thornton local partner Punongbayan & Araullo , surveyed 7,800 respondents from 34 participating countries. The IBR is an annual survey of the attitudes and expectations of medium-sized businesses globally. Greg Navarro, P&A managing partner and CEO, said globally, the figure for this constraint increased from 34 percent last year to 37 percent this year. This is a global worry, no doubt about it, but we are in a more dire situation seeing as how we now belong to the top three countries whose business growth is limited most by this human- resource problem, Navarro said. The Philippines shares the third spot with Australia, while Thailand and New Zealand occupy first and second place, respectively, in identifying the availability of a skilled work force as their top concern. Navarro noted that since last year, several companies have been pointing out the shortage in skills in different industries, including IT-enabled services. Recently, a large Korean investor and many Middle Eastern contractors have also expressed concern about the lack of qualified welders and other skilled technicians. The business community has been experiencing the gradual and continuous deterioration of the quality of graduates in the past decade or so, and has organized itself to help the education sector improve the standard of education in the country, he said. Besides the availability of skilled work force, the other major constraints to the business growth of local firms are cost of finance, shortage of long-term finance, shortage of working capital, shortage of orders/reduced demand and regulations/red tape. Navarro said the shortage of orders/reduced demand registered the biggest jump to 46 percent from only 17 percent last year. Regulations/red tape, however, remained as the second major roadblock for local business expansion at 49 percent, up from only 26 percent in 2007. Besides being a major constraint to business, regulations/red tape also influences the flow of foreign investments into the country. So we have to take a serious look at how we can reduce bureaucracy and cut the costs of doing business in the Philippines if we want to catch up with our Asian neighbors, Navarro said.