Asia businesses face critical talent challenges

Aug 6, 2008, 4:10 GMT

Singapore - Businesses in Asia are facing a shortage of talent and lack of experienced staff in environments where companies are seeking robust growth, a study said on Wednesday.

Employers need to provide staff with greater independence, empowerment, flexibility and challenging work if they want to attract and retain the best workers, said Hewitt Associates, which conducted the survey for Singapore's Ministry of Manpower.

The study involving 80 business leaders in India, China and Singapore found employees are shifting jobs more frequently instead of seeking life-long employment

Organizations are replacing seniority-based employment with emphasis on results and performance, the study said.

The study cited a 'capability paradox.' Although Asia contains the world's most populated countries, it is experiencing a tight labour market for skilled professionals.

'Companies operating in Asia will face people challenges that are unique to the region,' said Leo Yip, the ministry's permanent secretary.

Adopting effective people strategies 'will be critical to leveraging the full potential of the region's workforce,' he noted.

The study's findings will be discussed at the inaugural Singapore's Human Capital Summit October 22 to 24.