A national imperative
With the launch of the ASEAN Economic Community, a regional labour market is emerging. Organisations need to prepare for a changing business landscape with free movement of skilled labour and talent.
Malaysian companies are likely to face increasingly fierce competition for top talent from regional competitors.
This will be particularly felt across the financial services industry (FSI) where a shortage of skilled labour has been identified as one of the top industry challenges.
Leaders are urging their management to tap into regional labour markets and explore innovative approaches to increase their competitive edge.
The role of HR is therefore particularly crucial to manage human capital effectively.
To what extent has the HR transformation agenda progressed in the FSI in Malaysia and in the ASEAN region as a whole? How is the geopolitics of the region likely to play out?
Is HR ahead of the curve in terms of enabling their organisations to transform to compete? How can FSI organisations take advantage of the shake-up ahead?
The methodology was a triangulation of face-to-face interviews with CEOs, focus group discussions with industry practitioners and opinion leaders, as well as an extensive quantitative survey of 550 respondents.
Organisations that are able to develop business models which include people strategies which are in tandem with this ever-changing and dynamic environment stand a good chance of winning. Those that do not may lose out or see their growth stunted.
The changing landscape suggests that there will be winners and losers in this transformation. Few companies can afford to ignore the need to transform.