In anticipation of a greater emphasis on talent management and increasing competition for key talent, employers are planning to reshape their talent programs as Singapore economy recovering from Covid 19 next year outlook.
Companies in Singapore are optimistic – only less than Ten percent said they are still in struggling uncertain mode, and 44% said they have emerged from Covid and learn to operate in LIVING WITH COVID ERA and most are back in growth mode.
In line with the recovery, there are expectations of increased competition for key talent beginning next year. Over half of the organizations in Singapore expect to see a significant increase in competition for key talent.
When asked to express their confidence in being able to address a range of key talent challenges, Singapore-based organizations cited linking employee performance to business goals, and understanding key roles and workforce segments that drive business success.
The majority of these organizations expressed a lack of confidence in their ability to manage leadership succession smoothly, as well as their ability to use quantitative analytics to make and measure talent investments in the POST COVID period.
New Leadership succession, identifying key/talent high potentials, and training/development for leadership were ranked as the top three talent management priorities over the next three to five years.
Sources: “This highlights the pressing need for leadership talent in the post-covid economy and the continued war for seasoned executive talent. In this context, organizations are signaling their intention to build or rebuild succession planning programs that will help mitigate the risks associated with the relative scarcity of executive talent in the region.”
“As organizations are turning the corner learning to live with Covid 19, leadership issues are becoming a top business continuity concern. As Singapore-based multinationals are looking beyond Asia Pacific opportunities, a related issue concerns the grooming of Singapore leadership talent to take on global responsibilities – roles that were often shunned in the past, success in leadership development may eventually determine how fast can Singapore recover from this Covid slump.