Talent Management / Multi-Generational Workforce
What are the key challenges in talent management in an organization? Are there special factors to consider when managing talent in Asia?
Apart from the fierce competition in attracting and retaining the best and brightest talent, businesses face a number of critical talent challenges which they need to build a talent roadmap and take steps to address in order to ensure the continued growth and success of their organization. They include developing a robust leadership pipeline and bench-strength, creating a compelling employee value proposition as well as cultivating a work culture and environment which appeals to a multi-generational workforce with diverse needs and preferences.
In our business of providing human resources solutions, people are our greatest asset globally. It is crucial for us to continuously come up with innovative but practical solutions to meet the changing human capital trends and stay ahead in the market place.
When managing talent in Asia, businesses need to be aware of the various cultural differences, some of which are quite subtle, and avoid pushing a foreign headquarters-centric approach which may alienate some employees. Businesses must also understand the differences in compensation and benefits practices across Asia. For example, an individually-oriented pay-for-performance compensation scheme which works in some western countries may not be appreciated in Japan as they may want a more team-based performance plan. In India, it is not uncommon to have a wide range of specific allowances for employees which is almost unheard of outside Asia. In addition, work ethics and workplace practices also vary across Asia, therefore understanding the cultural history of the country and how it impacts businesses will be beneficial to effective talent management.
How well will Singapore's businesses, and Singaporeans generally, cope with an extended economic slowdown? What needs to be done to ease their burden?
With the imminent economic slowdown, businesses and employers will be looking at various ways to manage slackened demand, higher prices and help their employees cope with rising living costs. One of the greatest mistakes organizations must avoid is to adopt short term cost cutting strategies by reducing headcount as this will hurt their talent pipeline and leadership bench-strength. In fact, as businesses shift to a period of slower growth, it becomes even more critical for organizations to retain their talent by openly, consistently and frequently communicating in order to motivate and retain their best talent and boost employees’ confidence in their leadership and organization.
While the Government and its agencies ensure that a pipeline of investments continue to create jobs in sectors such as tourism, oil and gas and healthcare, lowering consumption and expenditures is one of the ways which Singaporeans can cope with the economic slowdown.
In the midst of the current economic uncertainty, there will be some who face the future with trepidation and others who look forward through the eyes of an optimist. It is critical for organizations and the population to be smart and know that this bearish crisis will pass and we need to remain relevant for the future through skills upgrading, training and looking out for opportunities in new and growing industries so that we will catch the booming bull that follows.
Are businesses doing enough to be family-friendly? What more needs to be done?
Family-friendly policies and working conditions which improve productivity and personal well-being are becoming a crucial advantage for companies faced with global competition for talent. With the increasing diversity of baby boomers, Generation X and Generation Y in the workforce, there are opportunities for organizations and employers to think and talk to their employees about the different approaches to promote family togetherness that will work best for each demographic group in order to attract, motivate and retain outstanding employees in their organization.
Fostering a culture that truly supports work-life balance is key for successful family-friendly policies. In addition, businesses can consider non-traditional career paths to help employees balance the demands of their work and family lives, reward managers who provide support to the development of women and work-life balance initiatives, move away from norms such as face time, long hours or travel as a surrogate measure for commitment and promotion and instead focus on measurement of actual performance.
Organizations which continuously search for innovative ways to harmonize family and career will benefit in the long term because when people feel better, they do better.
PowerPoint presentations (available on request)
Innovation in Recruitment Strategies
Understanding the Multi-Generational Workforce
Whitepapers (soft copies available on request)
Gen Y @ Work : A Profile
IT Skills @ Work : An Asia Pacific Perspective
Evolution of HR to remain relevant
Webinars (PowerPoint presentations available on request)
The Seven Deadly Sins of HR in Globalization
Global Mobility: Are your best talent where you want them?
7 Trends Which are Hammering HR Today
Leadership
Are companies here doing enough in the area of leadership development? What are the key requirements for developing effective leaders in an organization?
With rising expectations and an increasingly competitive business climate, success in the business world today is not just determined by having a strategic-minded business leader at the helm but also having the best talent and diversity of professional leaders throughout the organization. In this environment, it has become even more important for organizations in Singapore to continuously invest in building leadership capacity to ensure a sustainable leadership pipeline and bench-strength.
Leaders should develop a conscious leadership discipline which requires them to become aware, understand and take responsibility and accountability for their own leadership style and the impact they make on their people and organization.
As a global organisation, we continue to nurture and mentor our pool of talent to be relevant leaders of tomorrow through a holistic approach integrating practical experience and innovative methods. In addition to aligning with the business strategy, successful leadership development initiatives should be based on consciously defined leadership competencies and have strong commitment and sponsorship from senior leadership.
Creative ideas spark innovation
Innovation is absolutely important and necessary for anyone or any organization to remain competitive in today’s dynamic marketplace, whether in Singapore or any part of the world.
Creative and innovative thinking will differentiate businesses from the competition. The real challenge is for companies to keep on innovating new experiences and solutions – whether in terms of an incremental innovation or by introducing a new breakthrough. This requires a sustainable business model that anticipates and responds to what the market wants. And this can only be achieved by staying close to the heart of innovation – listening and understanding your customers’ needs. Whenever there is a change in market conditions, companies who are ahead of the innovation curve will reap the benefits and grow, while those who are followers will struggle to meet the shift and eventually falter.
Today, many successful businesses thrive on delivering a unique experience or solution to their stakeholders and also focus on making a difference in the community they operate in. In our line of business, people are our greatest asset. It is therefore critical for us to continuously create innovative and practical solutions to meet the changing human capital trends to enable organizations to stay ahead of the game.
Is there a culture of "giving back" in the local corporate scene? How would you personally want to move from success to significance?
There are a growing number of organizations in Singapore which focus on employee volunteering and pledging resources to give back to the environment and the local community. It is also heartening to know that organizations in Singapore lend a helping hand to countries in our neighborhood and region in times of adversity.
With increased investor, client and employee expectations, it is critical for organizations to recognize that corporate social responsibility does not mean just contributing money and time. Successful corporate philanthropy initiatives must be inspired by both the leadership and employees and are relevant to the vision, mission and shared values of the organization.
As an organization that partners with our clients and pool of talent to assist them with their growth, I feel that a caring work culture is one of the important elements a strong organization needs to continue to grow and be successful. The selfless joy of giving back to the communities in which we live can offer employees immense satisfaction which can boost their productivity and help to build corporate identity. I hope that more organizations will continue to build socially and environmentally sustainable operations and nurture a culture of corporate philanthropy and social responsibility by making decisions and approaching environmental and social issues with the future generations in mind.
Employer Branding
How has the current financial storm affected business in your industry and businesses generally? Are there any positives we can take from this crisis?
As Singapore braces for the global slowdown in economic growth, it will be challenging from a business perspective as organizations try to keep costs in control and become cautious about spending and hiring. However, it is critical for businesses to recognize that talent is linked to business performance in any economic situation.
Organizations must avoid short term gains with cost cutting strategies that could hurt their talent pipeline and leadership bench-strength in the long term. Engaging and retaining high-performing talent need to continue and organizations need to communicate to their staff that there is a talent roadmap even if their business moves to a period of slower growth.
In addition, businesses should shift from focusing on the quarterly reporting of results to having a longer view of business objectives and this includes talent management and performance. Regardless of the state of the economy, it is crucial for organizations to build plans which evaluate and appraise their staff on current performance and future potential and use this information to develop strategies and tactics to nurture, motivate and retain their most valuable talent who will help them enhance business performance and grow in the future.
What does a business organization need to have, or do, in order to stay relevant and successful over the long term? What destructive factors should it guard against?
Many factors contribute to the success of a business organization. They include prudent financial management and planning, quality products and services, speed to market, excellent sales, service and marketing. Above all, two of the most important factors are the quality of leadership and the effectiveness of talent in the organization.
In addition, attitude for business success is also very important to stay relevant over the long term. This ranges from strategic business planning, developing efficient systems and processes, striving to exceed customers’ expectations, training, motivating and rewarding employees and at the same time performing the role as leader and mentor to keep the organization on track.
Organizations should avoid complacency and must not fail in anticipating trends in the future. In order to stay ahead in the market place, businesses need to think globally and not only within the domestic or regional framework. Businesses must also embrace innovation to differentiate themselves from competitors. In our line of business, people are our greatest asset. It is therefore critical for us to continuously think and develop innovative and practical solutions to meet the changing human capital trends and continue to grow and succeed.
How are businesses coping in this inflationary environment? What public measures would you suggest to mitigate the painful effects of inflation here?
With the escalating costs of transportation, food and utilities, companies and employers are seeking various ways to control business costs and help their employees cope with rising living costs. However, reducing headcount and raising salaries are short term solutions to cope with the effects of inflation.
Businesses should consider outsourcing operations that are not core to the business to third party vendors in order to decrease operating costs and increase operating efficiencies. To manage salary expectations, establish a performance management system to measure the performance of employees against key performance indicators. Then communicate to employees how they are contributing to the company's bottom line and reward outstanding performers.
The Government has been introducing schemes to help the population in Singapore ease the effects of inflation triggered by external factors. However, handouts such as one-off bonuses may not be the long term way out. Employees will need to remain relevant for the future especially in our fast developing economy through skills upgrading, public-aided training and certification programmes as well as looking out for opportunities in new and growing industries.
Events
What can we learn from the Beijing Olympics that could help us make the Singapore Youth Olympics 2010 truly memorable?
The brilliant teamwork and performances by the Chinese people and athletes demonstrated that success is achieved through unwavering focus on the goal to be an excellent host and winner at the games, strong collective efforts and members who are 100% committed to support one another. From the rich diversity of people who contributed and participated, we could also see that multi-faceted talent with a range of skills are critical to make an event successful. While the athletes trained hard to win medals, there was also pride among the Chinese people who worked very hard all around Beijing to offer their best service and smile to the world and ensured that visitors had a truly delightful and memorable stay.
Hosting the Singapore Youth Olympics 2010 will enhance our reputation as an attractive tourist destination and a regional hub for sports and business with world-class services and a talented pool of multi-cultural workforce. Besides embracing teamwork and diversity as well as strengthening the partnership between the Government and various organizations, Singapore needs to engage the generation of younger population in the Youth Olympics. We will find that we can benefit by leveraging their strengths including their energy, drive and skills. By encouraging the younger generation to pursue and be part of a historical exercise of excellence such as the Youth Olympics early in their lives, we are helping to nurture and develop our leaders and talent of tomorrow which organizations and our nation need in order to grow and continue to be successful in the future.
Has Singapore's first F1 race lived up to expectations as a spectacle and as a business event? Is there anything that could have been done better?
Hosting the world’s first F1 Night Race marked a major milestone for Singapore as it boosted our country’s reputation as an attractive tourist destination and a hub for sports and business with top-notch services and a talented pool of multi-cultural workforce.
More organizations in Singapore can continue to pledge support in the future through sponsorships, advertising and marketing campaigns, setting up sports-related partnerships and enterprises as well as providing human resource expertise and solutions to meet the needs of the various exhilarating sports and world-class business events. Kelly Services was proud to work with our pool of talent who ensured the smooth running of operations throughout the F1 Night Race and, more importantly, gained exposure to event management, customer service and had the opportunity to be ambassadors of Singapore.
In order to facilitate the growth of Singapore as an appealing tourism destination and manage the increasing tourist influx, a flexible and skilled workforce is critical to fill the tourism-related jobs created and fulfill the varying needs of visitors. The skills of tourism staff have to be regularly upgraded to maintain world-class standards of service. We can also benefit and achieve even more in future events by engaging the younger generation and leveraging their strengths which include their ideas, drive, energy and skills to continuously meet and exceed the expectations of tourists and visitors.
Miscellaneous
What key ingredients are needed to make Singapore an R&D powerhouse? How well have we done so far, and what more needs to be done?
In addition to Singapore’s strategic location which provides easy access to markets in Asia Pacific, excellent infrastructure that supports trade regionally and globally and a pool of global and locally nurtured talent, our Government’s supportive policies and strong commitment to strengthen our research and business capabilities will continue to attract global talent to set up and base their R&D activities in Singapore. Our record-high GDP expenditure in R&D will also boost investors’ confidence to establish their operations in Singapore and help propel Singapore to become a world-class R&D hub.
At the heart of successful R&D is talent. The expanding R&D market in Singapore opens up many new opportunities for training and developing researchers, scientists, managers and other relevant professionals to support the growth of this sector. One way is to encourage more locals to pursue a career in R&D by enhancing our education programs to nurture our own pool of professional and technical talent as well as continue to recognize original and innovative research work so that organizations can leverage on these talent for future growth.
How helpful is Asean as an entity in enhancing business and investment linkages in the region? What does Asean need to do to become more relevant and useful to the needs of companies?
Asean has been actively negotiating free trade agreements with its trading and investment partners in Asia Pacific and globally and businesses will stand to gain from the stronger relations.
Speed and agility are of essence to maintain Asean’s comparative advantage against bigger economies in order to boost investor confidence and attract investments from within and outside of Asean. In addition to enforcing laws that advance trade and legal processes, member countries must continue to take an active interest in developing human capital through formal and continuing education in order to ensure that the Asean workforce remains relevant and geared for the future. It is critical to train, motivate and nurture quality knowledge workers with the necessary skills supported by information technology to ensure employability in the different industries as well as effectively manage and promote talent mobility within the region.
Promoting Asean as an integrated market for goods, services and talent as well as developing business networks and relationships should not be the task of governments alone. It must be a partnership between the countries and businesses.
What are your views on the proposed changes to the Employment Act (in Singapore)? How would the changes affect the running of your organization?
The redefinition of part-time work will present opportunities for businesses to look at managing their costs, redesigning jobs, providing flexibility around work schedules as well as offering an attractive package in order to attract people with experience and relevant skills to return to the workforce. Employers should recognize that not all full-time jobs can be replaced with part-time positions and both groups of employees have different motivation factors. Therefore, businesses should carefully review their workforce strategies in order to build and develop a robust talent pipeline. For existing part-time employees, the impact of the change is not expected to be substantial as most employers are likely to continue to extend the same terms and benefits and employees can possibly earn a higher wage as a result of the increased hours.
It is critical for organizations to continue investing in our people through education and training as our future economic growth is closely tied to this investment. While we have a ready pool of talent at Kelly, we are constantly growing this pool by looking at creative and practical recruitment and attraction strategies to help meet the ongoing demand for skilled talent. As an organization that focuses on people, we applaud the Government’s initiative in updating the Employment Act to make it relevant to the current business environment and benefit the workforce in Singapore.
How are businesses coping in this inflationary environment? What public measures would you suggest to mitigate the painful effects of inflation here?
With the escalating costs of transportation, food and utilities, companies and employers are seeking various ways to control business costs and help their employees cope with rising living costs. However, reducing headcount and raising salaries are short term solutions to cope with the effects of inflation.
Businesses should consider outsourcing operations that are not core to the business to third party vendors in order to decrease operating costs and increase operating efficiencies. To manage salary expectations, establish a performance management system to measure the performance of employees against key performance indicators. Then communicate to employees how they are contributing to the company's bottom line and reward outstanding performers.
The Government has been introducing schemes to help the population in Singapore ease the effects of inflation triggered by external factors. However, handouts such as one-off bonuses may not be the long term way out. Employees will need to remain relevant for the future especially in our fast developing economy through skills upgrading, public-aided training and certification programmes as well as looking out for opportunities in new and growing industries.