This morning, Emeritus Senior Minister Goh Chok Tong officially opened the 4th Singapore Human Capital Summit. During his speech, ESM Goh noted that the growth of Asia’s business landscape has presented tremendous opportunities for companies, and that Singapore can play a role in helping companies develop and execute effective human capital strategies for Asia.
Taking advantage of these opportunities will require the right human capital strategies and ESM Goh shared Singapore’s experience in three key areas:
“First, companies need to invest in and develop strong leaders. We do this for our political leadership and public sector. Most of our larger private sector companies do likewise. Asia’s business environment is diverse and complex because there are many countries with different forms of government and at different stages of development. This presents challenges for business leaders looking to ride on Asia’s growth potential. Senior executives, whether Asia-based or otherwise, need a deep understanding of the varied business, regulatory and human capital landscape in Asia. They need to be familiar with local attitudes and practices, and be able to develop customised business strategies.”
“Second, businesses need to attract and retain the best talent. Even though we know this we may still not be fully aware of what it takes to succeed. So last year, the Singapore Ministry of Manpower (MOM) commissioned a study of professionals and graduating students in 6 global cities. The study found that factors such as training and development, job opportunities and career advancement are the main drivers for talent attraction. Softer factors such as work-life harmony, workplace flexibility, creativity and innovation are essential for employee engagement and retention.”
“Third, businesses need to improve the productivity of their workforce. Asia cannot continue to rely on low cost labour to attract investment. Companies across the region are now facing growing wage pressures. To remain viable and attractive as an investment location, Asia needs to raise workforce productivity and skills.”
To fully harness the growth potential of Asia, companies will need to adapt swiftly to stay efficient and relevant. Having the right Asia-centric human capital strategy will be crucial for developing the leaders and talent necessary to achieve this.
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For the full copy of ESM Goh’s speech, please click here.
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