Human capital — how best to develop, engage, manage and retain talent — is the leading challenge faced by business leaders, according to The Conference Board’s CEO Challenge 2014 survey released today. It was followed by customer relationships, innovation, operational excellence and corporate brand and reputation.

“Though particular strategies vary from region to region, business leaders worldwide are working to optimize their greatest resource — their employees and those who will lead them,” said Rebecca Ray, senior vice president, human capital at The Conference Board, and a co-author of the report.

“This emphasis on people-related issues makes perfect sense in a still-uncertain economy,” Ray said. “Building a culture that supports engagement, employee training, leadership development and high performance is something companies can control, and can mean the difference between growing market share and simply surviving in 2014. Moreover, if the focus of individual companies is sustained, human capital may well be the engine that revives economic growth.”

The study surveyed CEOs, presidents, and chairmen from more than 1,000 companies around the world.