More than half of CEOs of privately owned U.S. companies say they need to fill certain skill gaps to meet their business objectives over the next one to two years, according to PricewaterhouseCooper's private company trendsetter barometer survey. Fifty-one percent cited having a skill gap, while 49 percent believe they have the right skills in place, according to the survey.
 
The largest skill gaps identified were in middle management (53 percent) and skilled labor (48 percent). Those companies with skill gaps will focus on several areas over the next one to two years, including marketing and sales (65 percent), information technology (36 percent) and engineering/design (35 percent).
 
"Over the past two years, CEOs were focused on cost containment, making deep workforce cuts in anticipation of a protracted recession," said Ken Esch, a partner in PricewaterhouseCooper's private company services practice. "Emerging from the recession, companies are now shifting their focus, with growth being top of mind these days and executives repositioning their companies for the long term. For many firms, this means making strategic hires in areas that will drive growth, as well as looking carefully at current people and pivotal roles that create value."
 
CEOs whose businesses have skill gaps expect to grow at a rate of 11.4 percent over the next 12 months, while those who claim not to have a skill gap expect a growth rate of 8.5 percent. Those with gaps also plan to make major new investments (40 percent, compared with 29 percent of companies without skill gaps). Overall, 79 percent of companies surveyed plan to hire new staff in the next year.

The skills most sought after will be marketing and sales (52 percent of all firms), information technology (30 percent), and engineering/design (25 percent) and clerical workers (25 percent).

Meanwhile, more than three-quarters of all firms in the survey (80 percent) intend to develop existing talent.

PwC's Private Company Trendsetter Barometer tracks the business issues and standard industry practices of leading, privately held U.S. businesses. It surveys 243 CEOs/CFOs: 131 in the product sector and 112 in the service sector whose companies average $287 million in revenue.