New research from the Institute of Leadership and Management (ILM) has discovered that businesses urgently need to do more to 'build the skills of the future'.
A survey of 750 companies found that over 90 per cent are concerned that a shortage of skilled managers would hold them back in the future, impacting the business's ability to achieve goals. 47 per cent cite insufficient internal capability as the main barrier, with fewer senior posts being filled by existing staff.
According to The Press Association, less than 20 per cent of respondents said they thought managers should receive the appropriate management training and leadership coaching prior to being promoted. This suggests that most are expected to learn 'on the job' in a 'sink or swim scenario'.
The results were called a 'wake-up call' to businesses to develop talent pipelines and address this shortfall, in order to be able to compete on an international level.
Commenting on the findings to hrmagazine.co.uk, Charles Elvin, CEO of the ILM, said: "This should be a rude awakening. The survey shows employers know they need talent pipelines, but aren't creating them.
"This should give a compelling message to HR directors to start management and leadership early. We need leaders at all levels and they should be core to the talent pipeline. You can be expert at your job, but not a leader."