The pace of economic, social and technological change in Asia Pacific is a fairly recent phenomenon that makes it difficult for institutions like governments and academia to respond — but there is a growing gulf between the skills graduates possess and the business-ready skills employers need. The 2013/14 Randstad World of Work Report shows just 42% of employers across the region are confident schools, colleges and universities will deliver the skills they need.
Concerns about growing gaps in the leadership pipeline and the ability of the education sector to respond, means employers have to take matters into their own hands when it comes to sourcing the skills they need for future competitiveness. They will need to invest in training and development to make new graduates business-ready, create powerful talent management and leadership development programs, and reach out to talent networks through universities, management schools and recruiters. These talent ‘gate-keepers’ know where to find the best people — and how to attract and retain them. Yet across the region, just 16% of employers are partnering with universities, and only 18% with recruitment firms, to find and cultivate future leadership talent.
Organisations are more focused on internal talent management and development programs to fast-track high potential talent into leadership. While these programs play an important role in developing and retaining top talent, unprecedented skills shortages and wage pressures creating higher employee mobility means employers can no longer rely on ‘grow your own’ talent strategies alone. Half the professional employees surveyed across Asia Pacific (53%) intend to leave their job in the next 12 months, while 83% expect to receive a salary increase — and almost a third expect that increase to be 10% or more. Under these circumstances, employers will struggle to increase productivity without tapping into new talent with fresh skills.
The talent ‘gate-keepers’ – business and HR leaders – must act quickly if they want a strong future leadership team in place. The report identified some of the best practices in Asia Pacific such as:
- Talent management programs to identify high potential employees
- Structuring remuneration and rewards to attract and retain top leadership talent
- Future leaders development programs to fast-track high potential employees
- Partnering with universities to attract management students
- Partnering with recruitment firms to find leadership talent
- Partnering with an external HR consultancy to determine their leadership development strategy
The 2013/14 Randstad World of Work Report: Talent Strategy Game-Changer Series stems from over 14,000 survey respondents (more than 7,000 employers & over 7,500 employees) across seven countries in Asia Pacific – Australia, China, Hong Kong, India, Malaysia, New Zealand & Singapore.