Indian Firms Better At Grooming Their Local Talents Than Sg
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http://themalaysianinsider.com/index.php/business/38973-india-firms-better-at-grooming-talent-than-singapore-hk-china
The Malaysian Insider, 30 Sep 2009
NEW DELHI, Sept 30 — Indian businesses seem to do better in building talent than their counterparts in Singapore, Hong Kong and Greater China, according to a study to be presented today at the Singapore Human Capital Summit.
Companies that invest in talent development do better in business than those that don’t, the study commissioned by Manpower Ministry says.
In 11 critical talent areas that help attract, build and retain managerial talent and high potential in companies, Indian businesses scored the most in nearly all of them.
The study was done by consulting firms Ernst & Young Advisory and the RBL Group.
“The high correlation of business performance and investing in talent in (Singapore and Hong Kong) is attributed to the prevalence of ‘knowledge’ industries - pharmaceuticals and communications, for example - in their economies,” said a statement from the Manpower Ministry and the Workforce
Development Agency, the summit’s organisers.
“Across the board, the most important talent domain in driving talent management is building a business case for talent,” the statement said.
“This implies that building a sound business case is a good area to target to improve business performance.”
A business case for talent comprises linking talent to:
the ability to implement business strategy;
the ability to create shareholder value;
the ability to differentiate a company from its competitors; and continued investment in talent during a downturn.
“This key dimension recorded a larger impact on business performance in Singapore and Hong Kong, as compared to China and India,” the statement said.
Overall, the study found that most companies scored higher in measuring talent, aligning competencies to strategy and ensuring teamwork, while they fared the worst in forging a partnership of human resource and line staff, engaging talent for contribution and investing in talent.
Underscoring the need for companies in Asia to beef up human capital management and leadership capabilities, the study disclosed that companies that invest in talent development do better in business than those that don’t.
At yesterday’s session, outgoing Singapore Exchange CEO Hsieh Fu Hua, said that making a lot of money may not be enough to attract talent and motivate employees these days.
Giving staff a sense of purpose and a vision are critical to draw and drive them, he said, adding that leadership, and not the leader, is more important in sustaining talent development.
Instilling values such as trust, passion and service are also key.
Harish Manwani, Unilever president for Asia, Africa, Central and Eastern Europe, listed “love and respect”, recruiting young people, training them well, keeping them fit, having a diverse team, rewarding top performers and instilling values as key requirements in effective hiring and retaining talent.
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