Getting the business of talent fit for the future
Thanks to changing demographics and worker attitudes, digital enablement and strong regional growth, the nature of work, workforces and workplaces in Southeast Asia have changed dramatically over the past 10 years—and the evolutionary pace is only set to accelerate.
Increased availability and deployment of new technologies such as analytics, collaboration tools, automated assistants and next-gen robotics are driving disruption globally, while specific changes reshaping the economic and demographic landscape of the Association of Southeast Asian Nations (Asean), are also spurring transformation.
Among these, Asean’s economic integration, which looms large on the horizon and brings with it the prospect of increased human capital flow and the need for organizations to prepare for a more mobile, diverse and competitive talent landscape.
At the same time, the implications of further demographic shifts are significant and far-reaching.
Between 2010 and 2020, another 50 million people are expected to enter the workforce in Asean, many of them ‘millennials’—the first generation of digital natives brought up in the age of technology—with different values and perspectives on the meaning of work.
So with all these changes shifting the world of work in the region, what steps should Asean players take to avoid falling behind and harness the potential?
A new study “The Future Ready Organization: Reinventing work in Asean” published by Accenture, outlines a number of strategic recommendations that will help businesses respond to these dramatic changes.
Talent management strategies
To become future-ready, organizations need to give careful consideration to their talent management strategies.
This includes developing the right talent pipeline by investing in building job-ready workers even before they enter the workforce.
For existing workers, employers should segment their workforces to allow for diverse aspirations and priorities, offering customized benefits that cater to individual needs.
As part of this process, organizations need to look at ways to offer tailored career progression and development. It is only with a clear focus on talent management strategy that organizations can succeed in what is becoming an increasingly competitive talent landscape.
Tapping into an extended workforce
Winning the war for talent is not about filling talent needs at a particular point in time as turnover—with the new millennial mindset—is likely to be a constant.
Instead, the companies that come out ahead will be those that find a way to constantly source the right workers at the right time such as by creatively tapping into diverse pools of talent and leveraging networks across an expanded ecosystem to meet business goals.
As companies balance and merge internal and external talent, it will be critical to identify the skills, competencies, performance and interests of the talent base. Once gaps are identified, business leaders can create discrete outcome-based tasks that can be fulfilled by contingent workers, alumni, online contractor exchanges or even volunteer communities.
Crowdsourcing provides a further avenue of opportunity, allowing leaders to draw on talent, ideas and services from across the digital universe.
Operating model flexibility
As technology adoption and increased information flows increasingly challenge hierarchy and reduce centralized decision-making, organizational structures are likely to evolve to become flatter and more fluid.
Technology also opens up the opportunity to enable faster local decision making by those on the frontlines and closest to the customer.
With more data in the hands of line managers, leaders in Asean will need to adapt, focusing on developing standardized procedures and giving their workforce the right decision-making tools.
Accordingly, companies and organizations need to make operating models as flexible and dynamic as possible or risk being left behind.
The right management mindset
Through all these changes, organizations will also need to instill adaptability and change management skills to secure their future success.
A change of mindset is required and in Southeast Asia where decisions tend to be made centrally and a rigid adherence to hierarchy prevails, this could be quite challenging.
However, with autonomy on the frontlines likely to increase, it will be essential for companies to adapt, guiding leadership to focus on facilitating and integrating new ways of working rather than ‘command and control leadership’.
As work is reinvented in Asean and disruptive trends take hold, there are likely to be both winners and losers. Only those companies that proactively adjust to a more diverse and demanding workforce and are prepared to shift work practices can expect to succeed in this new war for talent.
Additionally, public sector organizations such as government and education institutions also have a key role to play in building a future-ready Asean.
Aligning investments to industry needs
By anticipating and aligning investments and infrastructure to industry needs, governments can also create the ideal environment in which businesses operate, playing a role to ensuring the talent supply is job- and future-ready to meet changing demands.
In addition, education institutions should examine current curricula to ensure they are helping students develop skills that are in demand and preparing them for lifelong learning.
The goal is no longer to equip students for a single life-long qualification but to give students support for future career transitions within an environment that places a premium on knowledge.
Strengthen ecosystem interactions
Governments need to consider ways to get stakeholders working together to make Asean and its member countries destinations of choice.
Facilitating partnerships or collaboration across business communities, public sector organizations and education institutions should be a goal in every Asean country. Governments can also strengthen workforce ecosystems by creating talent hubs or industry clusters that enable economic development by attracting regional talent and capital and boosting the overall talent base.
Infrastructure
Of course, to succeed in Asean, organizations need access to reliable power and telecommunications infrastructure.
Lack of infrastructure will hinder the ability of businesses to take advantage of technical advancements, leverage collaboration platforms and boost productivity. Funds are not unlimited and governments will need to prioritize investments and provide clear legal frameworks to encourage enterprise innovation.
As work is reinvented in Asean, there is no time to sit back and watch. Rather, organizations need to plan for significant shifts in workforce expectations, skills and numbers.
Only by being proactive and adjusting work practices to respond to the demands of a more diverse, dynamic and demanding workforce, can they position themselves to succeed in the region’s new world of work.
(Grace Yip is managing director of Talent and Human Capital, Accenture Singapore. Lito Tayag is country managing director of Accenture, Philippines.)
