The One Thing You Should Invest in to Win Hard-To-Find Talent in Asia

There is no question: an organisation’s ability to attract the right talent is the single most important factor in achieving business growth in Asia and across the world. In a recent survey conducted by Deloitte Consulting, entitled "Global Human Capital Trends 2014", it was revealed that ‘Talent Acquisition’ is one of the top four urgent issues facing global organisations today (along with Leadership, Retention and HR skills). This issue is more acute in Asia, where ‘talent’ is consistently cited as a critical pressure point among CEO’s in the region. This can be attributed to demographic shifts (for example, Singapore and Japan have declining population growth), rising people costs and large-scale skills mismatches. The challenge here is that as a result of globalisation there is significant disruption in the way companies recruit talent. Technology, social media, changing workforce expectations all now come into play, creating a whole new dynamic between organisations and talent. Consider these: There are now more Millenials joining the workforce These young, highly educated and career-driven individuals are reshaping the talent markets in Asia in a whole new way. With greater expectations and a thirst to take the lead sooner than their previous generation counterparts, many organisations are finding it hard to keep up. Research shows that Millenials want to be creative and run their own business. They are joining the workforce not because of higher salaries but because of better experience. And therein lies the rub. Once they’ve gained enough experience, the chances of an organisation keeping that talent get slimmer. The hunt to find new talent begins. But there’s no choice. By 2025, it is projected that 75% of the global workforce will be composed of Millenials so organisations better be ready by now, otherwise, they will not be able to compete. We are now living in the most multi-generational workforce in history While a record number of Millenials are joining the workforce, the earlier generation Baby Boomers is refusing to retire. For either financial reason or professional satisfaction, these Asian Baby Boomers are set to stay. The result: a mishmash of employees with diverse needs, clashing cultural backgrounds and heterogeneous capabilities. How organisations can manage this environment in a way that creates synergy and value will be of paramount importance. If not addressed properly, it will result in higher attrition and the company’s competitiveness will be at risk. Technology is far more ubiquitous and has transformed the workplace Mobility is the name of the game. Consider these staggering statistics gleaned from the same Deloitte Consulting report: "At the start of 2008, there were only 3 million Apple iPhone® mobile devices in the world. At the end of 2013, according to a Gartner estimate, there were 1 billion smartphones and more than 420 million iPhone mobile devices shipped. Facebook had a million users in 2004, 100 million users in 2008, and an estimated 1.23 billion registered users today. And according to Forrester estimates, cloud computing will grow from a $41 billion business in 2011 to a $241 billion business by 2020." This means that an employee is more empowered than ever before. They are now more aware of better opportunities and can follow through with lightning speed, making it harder for organisations to retain talent and keep them engaged. While these trends seem to pose significant challenges for multinational companies that require extensive human capital, Asia is in a unique position to take advantage. Not only is the region home to an estimated 4.3 billion people, which is equal to 60 per cent of the global total of 7.1 billion people, but it also cradles more than 750 million young men and women aged 15 to 24 years (2012 statistics). Companies looking at young, educated and cost-competitive talents are all eyes in this region. The one thing you should invest in So, the key question, really, is: How? Organisations can choose to invest in different areas to attract talent. After all, each organisation or industry has its unique characteristics and areas of investment may vary from one to the other. But if there’s one thing that you should invest in to win hard-to-find talent, it is: BRANDING. In a comprehensive study entitled "2015 Global Recruiting Trends" conducted by LinkedIn, Branding was identified as a key driver in attracting top talent in Asia. According to the report, "Talent brand is what talent thinks, feels, and shares about your company as a place to work. A strong talent brand reduces cost per hire by over 50% and lowers turnover rates by 28%." Moreover: "75% of global Talent Acquisition leaders say talent brand has a significant impact on their ability to hire great talent." Harvard Business Review (HBR), in an article entitled, "Winning the Race for Talent in Emerging Markets" also identified Brand as a key component in its Framework for Attracting and Retaining Talent. In this framework, Brand, along with Purpose, Culture and Opportunity work in concert to influence recruitment and retention. To illustrate this point, HBR took note of the Lenovo story. Attracting Talent: Promises Made Lenovo is a good illustration of the strong lure of brand, opportunity, and purpose. Its acquisition of IBM’s personal computer operations in 2005 made it the third-largest personal computer company in the world. In 1994, the founder of Legend (as Lenovo was then known), Liu Chuanzhi, forecast that it would be a "great company" — an astonishing leap of faith in the early 1990s. "At the time, there were very few great Chinese companies, so Chuanzhi’s vision stood out," Chen Shaopeng, president of Lenovo Greater China and senior vice president of Lenovo Group, is quoted as saying. In China, the biggest draw is Lenovo’s ambition and vision. The IBM acquisition produced something of a halo effect for Lenovo, and Chinese workers felt pride that China had been able to buy part of an American business icon. Lenovo’s brand was and is attractive to ambitious young workers with dreams of their own — people who are building careers and not simply looking for jobs. Lenovo was an early standout for these rising stars. Lenovo also built a global perspective into its brand promise: to become a great company it would have to expand beyond its home market. That meant opportunity. President and CEO Bill Amelio describes his company as a "stage without a ceiling for every employee" — worldwide. In a truly global spirit, Lenovo’s top-team meetings rotate among Beijing, Hong Kong, Singapore, Paris, and Raleigh, North Carolina. "Instead of having everyone travel to me, I travel to them," Amelio says. Lenovo’s brand promise credibly communicates that nationality doesn’t matter; if an employee demonstrates capability and vision, there are no limits. The playing field is level. – Quoted from Harvard Business Review, Winning the Race for Talent in Emerging Markets The 21st century workforce Years, even decades, from now, future observers might look back at 2015 as a pivotal year in workforce management. It could be argued that this is the year the global recession ends and businesses start growing again. Having the right people doing the right job is critical to achieving that business growth. Attracting top talent is, therefore, job #1 for business leaders who want to invest in – and win – the future. [eventpdf] [Note: if you liked this article, please use the buttons on the left side of the screen to share it across your LinkedIn groups – and contribute to this discussion by posting your thoughts in the comment section, below. Thank you for being part of SSON's community - Barbara Hodge] Resources: 2015 Global Recruiting Trends Global Human Capital Trends 2014 Breaking out of the talent spiral Key human capital trends in Asia-Pacific WInning the Race for Talent in Emerging Markets Population statistics

The One Thing You Should Invest in to Win Hard-To-Find Talent in Asia

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