The socio-economic landscape in the Asian countries are evolving fast. This economic region is now growing fastest and considered largest by GDP PPP. In its Economic Outlook released in 2014, the Organization for Economic Cooperation and Development (OECD) revealed that two Asian countries, China and India, would remain among the fastest growing major economies.
However, the major challenge to Asia's growth aspiration is the profound scarcity of talents. According to 2013 Annual Talent Shortage Survey of ManpowerGroup, shortages of talents are more prevalent in Asia than any other region. Given this, HR professionals-across industries-are increasingly feeling the need to create as well as retain a pool of talents. Also, the prevailing economic uncertainty in many Asian countries is forcing companies to renew their focus on talent management practices.
When it comes to talent management, most of the Asian countries are beset with several problems, such as:
Although Asian countries have improved significantly in achieving academic excellence, there is still a dearth of talents. On the other hand, lucrative job markets in these countries have made it challenging for HR professionals to retain employees. During the above-mentioned survey, most of the participating employers accepted, ‘scarcity of talent’ as a deterrent to the hiring process.
Developing new-age leadership competencies is a challenge to talent management professionals across the continent. It has also been found that culture has an immense impact on the leadership styles and therefore, most leaders, behave in different manners. Hence, there is a strong need to train leaders so that they can adapt to the local culture they are working in.
Most of the companies, across the continent, largely depend on age-old talent management practices. There is a strong need for innovation in this space.
Quite understandably, the baby boom generation (people born in 1946 - 64) is heading for retirement. It translates into a considerable shift in the Asian job market. And, when it comes to a successful shift in the workforce, talent management professionals should focus more on their organization's succession planning, including identifying all the key leadership roles and resources, nurturing internal talents, and recruiting new talents.
With the changing job landscape, management and leadership skill sets have evolved significantly. Skills like strategic thinking, effective communication, and change management are critical in today's business scenario. In view of this, creating a pool of talents with expertise in innovative thinking that improves business performance in a cost-effective way, working in agile but ambiguous business environment, and change management, holds the key to success.
At this juncture, the process of knowledge transferring has gained importance like never before. Talent management professionals should involve key baby boomers in nurturing and mentoring next-generation leaders. Emerging leaders should be engaged more in mission-critical assignments. Their skill sets should be improved and their leadership competencies should be developed.
With the rising competition in the Asian job market, it is essential to attract and recruit new talents. The talent management department of every organization should always ensure the proper assimilation of new talent into the organizational culture and the integration of new talents with the existing ones.
It is important for professionals to gain leadership competence so that they can lead their organizations in the changing business landscape. Talent management professionals should take the onus to imbibe in employees some must-have leadership skills, including change management, decision making, problem solving, strategic planning, just to list a few. Besides, employees should be trained to develop their business acumen, process knowledge, and collaboration skills.
Employees with unique leadership skills are capable of:
The prevailing talent retention issue calls for the need to adopt innovative talent management practices, which will be effective in engaging all employees irrespective of their experience and ages. The sole objective behind it is to create an organizational culture that helps people grow, take ownership, think outside of the box, come up with new initiatives, and most importantly, makes them feel an integral part of the organization. Further, employees should be mentored by their seniors. It will enable them not only to thrive in their careers but also to align their vision with that of their company and feel confident to take risks or new initiatives. Undoubtedly, all these will have a positive impact on the organization.
Here are some effective ways to develop a culture of innovation within the organization.