Talent RoadMap: Don't get sidetracked
Engaging high-performing talent is critical in the current economic situation
Businesses today are facing a number of critical talent issues and challenges. To address this, they need to build a talent roadmap and take steps to ensure the continued growth and success of their organisation. In addition to attracting, nurturing and retaining the best and brightest talent, organisations must develop a robust leadership pipeline and bench-strength, create a compelling employee value proposition as well as cultivate a work culture and environment which appeals to a multi-generational workforce with diverse needs and preferences.
“Businesses must build a robust talent map and avoid short-term gains with cost-cutting strategies that could hurt an organisation’s talent pipeline and leadership benchstrength in the long term,” says Mr Dhirendra Shantilal, Senior Vice President - Asia Pacific of Kelly Services, a global leader in human resources solutions and newly elected President for the Singapore Staffing Association.
“It is crucial for companies to recognise that talent is linked to business performance in any economic situation.”
Mr Shantilal observes that people tend to depart from an organisation because they think that leadership has failed when there is a freeze on hiring, travel restrictions or when they know that normal processes and systems have been interrupted. Companies need to recognise quickly that they risk losing the confidence of high-performing staff, and take measures to stem the flow of talent out of the company.
Even as Singapore braces for a global slowdown in growth, engaging and retaining high-performing talent amidst changing demographics such as a greying population and mobility of talent regionally and globally need to continue.
One key way is for companies to communicate to their staff that there is a talent roadmap even if their business moves to a period of slower growth. Mr Dhirendra Shantilal is the Senior Vice President - Asia Pacific of Kelly Services and oversees the entire Kelly Asia Pacific operations across 12 countries and territories. Kelly Services, Inc. is a world leader in human resources solutions offering temporary staffing services, outsourcing, vendor on-site and full-time placement to clients on a global basis.
“Many businesses have a tendency to focus on the quarterly reporting of results. However, they must also have a longer view of things and this includes talent management and performance,” adds Mr Shantilal. “Organisations should be building 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 sustain and enhance business performance in the future regardless of the state of the economy.”
MANAGING TALENT IN THE REGION
When managing talent in Asia Pacific, Mr Shantilal suggests that 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. Organisations must also understand the differences in compensation and benefits practices across the Asia Pacific. 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 the Asia Pacific. In addition, work ethics and workplace practices also vary across the Asia Pacific, therefore understanding the cultural history of the country and how it impacts businesses will be beneficial to effective talent management.