Breaking out of the talent spiral: Key human capital trends in Asia Pacific

Despite the optimism surrounding future growth opportunities in Asia-Pacific, CEOs consistently cite talent as a critical pressure point.  Several forces are significantly changing the workforce dynamic in the region: demographic shifts such as declining population growth, rising people costs, large-scale skills mismatch and a shortage of qualified employees.

As the talent market in the region continues to evolve, particular challenges have arisen for companies in terms of attracting talent, retaining and rewarding employees, and people processes and systems.  These challenges have resulted in many organisations being trapped in a talent spiral of ever increasing cost, which ultimately impacts bottom lines and shareholder value.

To help organisations respond to the challenges raised, Asia-Pacific organisations need to do more to develop and execute a strong, differentiated employee value proposition if they are to attract the best talent in the market and engage their existing talent.

 

Listen to our discussion on the key findings of this report

Rethinking talent management and deployment in Asia Pacific (10 May 2012)

This webcast will be available until 9 Nov 2012. 

Speakers: Maureen Jeganathan Arm, Associate Director, PwC Singapore and Abu Shaiful Amin, Senior Manager, PwC Singapore

To listen to this recorded webcast, please click here.

 

About our report

We collected data from more than 240 organisation entities representing 11 industry sectors.  Adopting a consulting-led approach, we posed qualitative questions to these organisations to glean insights on best practices.

Harnessing Talent for growth
Silas Yang, Chairman, PwC Asia

 

Hiring levels are twice as high as the West.
View Data
 
 
Asia-Pacific resignations are significantly higher than the West.
View Data
 

Quotes

Michael Rendell
PwC Partner, Global Head of HR Services practice


“Your business needs to nurture and hold close the talent that you have – it’s hard to fill the bath with the plug out.”
Dr Sun Mingbo
President, Executive Director and Chairman of the Strategy and Investment Committee of Tsingtao Brewery Co Ltd, China


“The central challenge facing us is how to transform our corporate culture to a more open one. As recently as 10 years ago, we were intent on recruiting the best talent from around the entire country. But we experienced some setbacks. We hired experienced, talented people and gave them large salaries. But did we retain them? No.”

Source: PwC 15th Annual Global CEO Survey 2012
Debra Eckersley
PwC Partner, Asia-Pacific Leader, People and Change Consulting


“Notwithstanding that all the organisations recognise the challenges in trying to meet their growth plans in the Asia-Pacific region, we have found that, generally speaking, it is a fairly ad-hoc approach in the way companies manage the challenges related to talent.”
Yoshio Kono
President and CEO, The Norinchukin Bank, Japan


“We have now radically changed that by developing a global HR training process to screen potential candidates and send them abroad to gain work experience for a year, beginning in 2012.”

Source: PwC 15th Annual Global CEO Survey 2012