Increasing complexity and change, volatile economic conditions and an ageing workforce are beginning to take a toll on organisations worldwide. Meanwhile some businesses and whole industry sectors are in crisis as they struggle to meet the rising demand for skilled people.

In this climate, people have become the new competitive advantage for business, according to a report by The Boston Consulting Group and the World Federation of Personnel Management Associations. The report, Creating People Advantage: How to address HR challenges worldwide through 2015, is based on a survey of 4741 human resources executives in more than 80 countries as well as interviews with senior executives in 19 countries, including Australia.