According to a recent international study, the top three business challenges facing companies today are financial pressure to cut costs, competitive threats and rapid growth. In the U.S., 54 percent of participants feel that their greatest business challenge is financial pressure to cut costs due to current U.S. economic conditions. European and Asian companies see challenges in the fiercely competitive job market (43 percent) and high rates of growth (39 percent), respectively.

Across all regions, the research indicates that the biggest talent challenge that companies face in the U.S. (60 percent), Europe (57 percent) and Asia (57 percent) is gaps in the leadership pipeline. In the U.S. the problem is largely driven by the concern that many Baby Boomers (those born between 1946 and the early 1960s) will begin to retire in the coming years.

The study, commissioned by AchieveGlobal and conducted by Bersin & Associates, analyzes how organizations across the globe are meeting their current business and talent challenges with innovative learning and talent solutions. More than 40 companies from across the globe participated. The study, conducted in the first quarter of 2008, provides insight on the following questions:

What are the key business and talent challenges facing companies around the world?

How are companies addressing these challenges in terms of organizational structure, talent initiatives and learning solutions?

What best practices can organizations use to improve their programs and investments?

"Today’s unique economic landscape dictates the need for businesses to utilize creative solutions to address these challenges," said AchieveGlobal CEO Sharon M. Daniels. "In addition to outlining the challenges, this study showcases global businesses that meet these obstacles head-on by aligning their business goals, using a multi-prong approach to employee training and development, and addressing learning as a process rather than an event."