How singapore firms can win the war for talent singapore business review

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How singapore firms can win the war for talent singapore business review

  1. 1. 9/6/13 How Singapore firms can win the war for talent | Singapore Business Review sbr.com.sg/hr-education/commentary/winning-war-talent-20-in-singapore 1/8 Singapore economy predicted to grow 2.9%this year Search How Singapore firms can win the war for talent BY PROF SATTAR BAWANY In 1997, a ground breaking McKinsey study exposed the "war for talent" as a strategic business challenge and a critical driver of corporate performance. Then, when the dot-com bubble burst and the economy cooled, many assumed the war for talent was over. It's not. Subsequently in 2001, the authors of the original study revealed that, because of enduring economic and social forces, the war for talent will persist for the next two decades. McKinsey & Company consultants Ed Michaels, Helen Handfield-Jones, and Beth Axelrod argued that winning the war for leadership talent is all about much more than frenzied recruiting tactics. It's about the timeless principles of attracting, developing, and retaining highly talented managers - applied in bold new ways. And it's about recognising the strategic importance of human capital because of the enormous value that better talent creates . The outcome of the study is applicable to Singapore companies as it was fortified by five years of in-depth research on how companies manage leadership talent - including surveys of 13,000 executives at more than 120 companies and case studies of 27 leading companies - the authors proposed a fundamentally new approach to talent management. They describe how to: create a winning EVP (employee value proposition) that will make your company uniquely attractive to talent; move beyond recruiting hype to build a long-term recruiting strategy; use job experiences, coaching, and mentoring to cultivate the potential in managers; and, strengthen your talent pool by investing in A players, developing B players, and acting decisively on C players. Central to this approach is a pervasive talent mindset - a deep conviction shared by leaders throughout the company that competitive advantage comes from having better talent at all levels. Using practical examples from companies such as GE, The Home Depot, PerkinElmer, Amgen, and Enron, the authors outline five imperatives that every leader - from CEO to unit manager - must act on to build a stronger MORE NEWS How retail sector will benefit from Singapore's $24.5b tourism receipts target Singapore shells out $42m for SMEs' technology upgrade Here's how S-REITs are affected by government bond hikes Why Asia won't be seeing a repeat of 1997 crisis anytime soon Analyst reveals 5 alarming domestic issues in Singapore GET DAILY UPDATE IN YOUR FACEBOOK FEED COMMENTARY HR & EDUCATION | Contributed Content, Singapore Published: 9 hours 53 min ago 20 views SIGN UP FOR NEWSLETTER Enter email FOLLOW US Sponsored Links How to make the first 5 seconds of a phone call count Want to train your retail and front-line sales staff to sell better? Run your business without fussing over your financial and corporate needs MOST READ 1 15 top Asian airlines in on-time performance 2 Marina Square welcomed 8 new-to-Singapore restaurants 3 5 new projects launched in July report poor sales 4 Here's a glimpse of AET Tankers' all-inclusive workspace in Singapore 5 Singapore's household debt predicted to hit 77.2% of GDP 6 Local tech expert predicts what will new LATEST >> Search Home Sections Exclusives Contact Us Events Tip-off Contributors Advertising Daily Briefing: How to defend yourself against public transport molesters; This Tumblr blog goes viral Daily Markets Briefing: STI up 1.1% Singapore eyes tripling Punggol's size to have 96,000 homes Recommend 0 Singapore Business Review Like You like this. 0 0 0Google + New Don't Show Again
  2. 2. 9/6/13 How Singapore firms can win the war for talent | Singapore Business Review sbr.com.sg/hr-education/commentary/winning-war-talent-20-in-singapore 2/8 CEO to unit manager - must act on to build a stronger talent pool. Written by recognised authorities on the topic, this is the definitive strategic guide on how to win the war for talent. The Singapore Context In today’s tight labor market in Singapore and many other Asian economies, companies are facing intense competition for talent – and are giving increased attention to ways to retain talent rather than rely on costly replacement and retraining. Retention of talent with critical skill sets is vital for achievement of business growth and to build organisational competencies, which represent a sustainable competitive advantage for Singapore companies. The loss of needed talent is costly because of the resultant bidding up of market salaries for experienced hires to replace them, the costs of recruiting and assimilating new talent, the lost investment in talent development, and the hidden costs of lost productivity, lost sales opportunities, and strained customer relationships. Can Singapore companies win the “war for talent”? Will we be able to define and implement a retention strategy that will give us the stable, committed, capable workforce required to achieve a competitive business advantage? Consulting firm and research organisation reports, published books and articles, and internal company retention studies suggest that everyone is following the same overall plan. How will this approach give a company an edge? Few, if any, organisations today in Singapore have an adequate supply of talent. Gaps exist at the top of the organisation, in the first- to midlevel leadership ranks, and at the front lines. Talent is an increasingly scarce resource, so it must be managed to the fullest effect. During the current economic downturn we may experience a short ceasefire in the war for talent, but we’re all seeing new pressures put on the talent running our organisations. Are today’s leaders able to do more with less? The A- players can, and there should be a strategic emphasis on keeping those leaders—and developing their successors. Many organisations are reducing their workforces, but let’s be careful not to cut so deep that talent is scarce when the economy rebounds. The supply of leadership talent is critical to any organisation’s prosperity and is, therefore, a central element of talent management. The increasing trend of growing leaders from within is based on a dawning realisation that a popular alternative for acquiring talent —poaching key people from competitors—ultimately leads to frustration. Outstanding leaders who can ‘ramp up’ quickly are hard to find, increasingly expensive, and even when successfully recruited, tend to move from company to company. So the best approach, usually, is to develop systems and processes to identify available leadership talent. Many studies have shown that an important factor for commitment and retention is the effectiveness of immediate management. Employees say it is an important element of the work environment; research shows it highly correlated with commitment and retention scores, and employees cite poor management as a key reason for leaving a company. Accordingly, there have been many books focused on manager effectiveness. One big seller was "First, Break all the Rules", reporting on the Gallup Organization’s findings and recommendations for better management of people. Integrated Talent Management So, what do we mean by talent management? In the broadest possible terms, it is the strategic and tactical management of the flow of talent through an organisation. Its purpose is to assure that the supply of talent is available to align the right people with the right jobs at the right time based on strategic business 6 Local tech expert predicts what will new iPhones look like 7 Ho Bee slow to sell Sentosa projects 8 Only 3 in 10 Singaporeans are very optimistic for the next five years: survey 9 CapitaMalls' Bedok Mall already over 99% leased 3 months prior to launch 10 Krispy Kreme opens first Singapore store in October COMMENTARY RESIDENTIAL PROPERTY 10 safest countries for Singaporeans to buy properties BY ALEXANDER KNIGHT 4061 views MEDIA & MARKETING 5 reasons why Singapore firms must incorporate blogger marketing in their campaign BY BRYAN CHOO 3913 views HR & EDUCATION What does it mean to be a Singaporean today? 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  3. 3. 9/6/13 How Singapore firms can win the war for talent | Singapore Business Review sbr.com.sg/hr-education/commentary/winning-war-talent-20-in-singapore 3/8 jobs at the right time based on strategic business objectives. The term “talent management” is often used to denote e-recruitment and automated applicant tracking systems. This emphasis on staffing and recruiting is more appropriately called the talent acquisition phase of the talent management cycle (see Figure 1), an important but preliminary step in the overall process. Figure 1: CEE Talent Management Cycle Vision, Mission, Strategy and Values The Talent Management Cycle includes the proactive analysis and planning to assure long-term strategic development and deployment of critical leadership and other resources through systematic identification, assessment, planning, and developmental action. Talent Management Cycle is composed of several essential elements: 1. Talent Acquisition: Proactively recruiting world-class, diverse leadership talent and providing on- boarding support for them to accelerate their assimilation into their roles. 2. Talent Development: Developing and executing learning and development programs, processes & assessment tools to grow current and future leaders 3. Performance Management: The process of creating a work environment in which people can perform to the best of their abilities. 4. Succession Planning: This is critical towards developing a leadership pipeline or assuring near-term leadership continuity by thoughtful consideration of the availability, readiness, and development of internal talent (including High Potentials) to assume critical “priority” leadership roles. 5. Organisational Results: This is obviously the ultimate outcomes of any integrated talent management system. However it is a lagging indicator and leaders will have to focus on the organisational climate which will have an impact on the other elements of Talent Management Cycle as explained earlier. The flow of effective communication and the systems of recognition and rewards are integral part of the climate which influences the talent’s performance effecting productivity, creativity and in driving results with the right impact. The climate is impacted by a values-driven leadership team. Conclusion: Your organisation can create a new product and it is easily copied. Lower your prices and competitors will follow. Go after a lucrative market and someone is there right after you, careful to avoid making your initial mistakes. But replicating a high-quality, highly engaged workforce is nearly impossible. The ability to effectively hire, retain, deploy, and engage talent—at all levels—is really the only true competitive advantage an organisation possesses. The views expressed in this column are the author's own and do not necessarily reflect this publication's view, and this article is not edited by Singapore Business Review. The author was not remunerated for this article. How Singapore businesses can nail their brands' worth online – Part One BY CONNIE HON 1003 views CO-WRITTEN / PARTNER Find out the real deal behind the gap in Singapore's pay expectations BY CHRIS MEAD 964 views HR & EDUCATION What Singapore's working women can do to get higher wage and promotion BY TAN GEK KHIM 927 views HR & EDUCATION 5 ways for Singaporeans to be invisible on LinkedIN BY ADRIAN TAN 895 views INFORMATION TECHNOLOGY How Singapore businesses can nail their brands' worth online – Part Two BY CONNIE HON 864 views MEDIA & MARKETING How SMRT can actually change its 'losing narrative' BY JUSTIN FONG 748 views RETAIL What will keep Singapore bookstores alive? BY ANTHONY KOH 731 views RETAIL Why it's high time for Singapore retailers to shape their own future BY STEFANO AUGELLO 726 views PROFESSIONAL SERVICES/LEGAL 5 EPL lessons most Singapore bosses and managers overlook BY VICTOR TEOH 627 views HR & EDUCATION Life lessons Singaporeans can learn from tightrope walker Nik Wallenda BY SIMON TAN 622 views ECONOMY How Singapore can become more productive than it can imagine BY MICHAEL BRISBANE 611 views MEDIA & MARKETING How Singapore businesses can nail their brands' worth online – Part Three BY CONNIE HON 568 views ECONOMY What success actually means for Singaporeans BY SAM GIBB 491 views ECONOMY 5 business mishaps Singapore firms must avoid in a volatile economy BY JOHN HENDERSON 459 views ECONOMY Three things Singapore can learn from the movie '42' BY GRAEME SOMERVILLE-RYAN 428 views MEDIA & MARKETING How Singapore firms can effectively win personal and corporate trust BY MARK DIXON 426 views HEALTHCARE What you don't know about
  4. 4. 9/6/13 How Singapore firms can win the war for talent | Singapore Business Review sbr.com.sg/hr-education/commentary/winning-war-talent-20-in-singapore 4/8 Website: View LinkedIn: View SEE ALSO Prof Sattar Bawany Prof Sattar Baw any is the Chief Executive Officer of the Centre for Executive Education (CEE) and Strategic Advisor of IPMA Asia Pacific. He is also Master Executive Coach of Executive Development Associates (EDA) for Asia Pacific and an Adjunct Professor of Strategy of PGSM. Recent Posts 08/07/13 | The power of mentoring in leadership development in Singapore 667 views 12/02/13 | Making results-based leadership work in Singapore 881 views 24/01/13 | Unlocking the benefits of a multi-generational workforce in Singapore 844 views See all posts from Prof Sattar Bawany » See all posts on HR & Education » See all Contributors » Contact Information Sign up for our newsletter Enter first name Enter email Do you know more about this story? Contact us anonymously through this link. Tags: w ar for talent, Singapore firms CO-WRITTEN ARTICLES & SPONSOR CONTENT ›› CO-WRITTEN / PARTNER Singapore and the Netherlands now gain better access to each other’s markets Find out how the new EU- Singapore Free Trade Agreement can strengthen the two countries’ trade relationship. 65 views CO-WRITTEN / PARTNER District Cooling – The Smart, Efficient, and Economic Way! It’s time to bid farewell to traditional cooling solutions. 689 views CO-WRITTEN / PARTNER Is the grass really greener on the other side? Get to know the world’s largest expat survey. 1410 views LATEST HR & EDUCATION JOBS » No jobs posted on this category. View all HR & Education jobs » 30/08/13 | Marketing Manager views 26/08/13 | Marketing Manager views 26/08/13 | law firms in singapore views 15/08/13 | Singapore Accountant Position views View all jobs » What you don't know about medical tourism's shift to Asia BY SINGAPORE MANAGEMENT UNIVERSITY 424 views MEDIA & MARKETING Learn what the 3 juxtaposed characteristics of Singapore social media are BY VIJOY VARGHESE 400 views INFORMATION TECHNOLOGY What you should know about dangers lurking in Singapore's digital world BY AMMAR HINDI 387 views MANUFACTURING Why Singaporean SMEs must renew their focus on innovation BY MIKE REED 371 views CO-WRITTEN / PARTNER How strategic hiring adds big- time value to businesses in Singapore BY CHRIS MEAD 293 views HR & EDUCATION Why every Singaporean is in need of a 'digital detox' BY MARK DIXON 266 views INFORMATION TECHNOLOGY When cyber security becomes a national responsibility BY ANGEL KUAN 236 views TELECOM & INTERNET What Singapore businesses can learn about domain name hijack BY CONNIE HON 147 views HR & EDUCATION How Singaporeans can rebound from setbacks at work BY WINSTON LIEW 136 views HR & EDUCATION Remembering the 'family' in family-owned firms in Singapore BY DR ANDREAS RAHARSO & JIA YUN ENG 23 views HR & EDUCATION How Singapore firms can win the war for talent BY PROF SATTAR BAWANY 20 views HR & EDUCATION What you should know about 'Singaporeans First' and 'Fair Consideration for Singaporeans' BY SEE WEE HENG 19 views MORE ›› WHITE PAPERS Nordic Country Report 1962 views RANKINGS Singapore's top 25 accounting firms 2012 25342 views Singapore's top 25 law firms 2012 19421 views Singapore's top 25 largest hotels 2013 3519 views Recommend 0 Singapore regulators called on to punish "unscrupulous" short- sellers How retail sector will benefit from Singapore's $24.5b tourism receipts target 15 top Asian airlines in on-time performance Remembering the 'family' in family-owned firms in Singapore 0 0 0Google + New
  5. 5. 9/6/13 How Singapore firms can win the war for talent | Singapore Business Review sbr.com.sg/hr-education/commentary/winning-war-talent-20-in-singapore 5/8 Agribusiness Aviation Building & Engineering Co-Written / Partner Commercial Property Economy Energy & Offshore Financial Services Food & Beverage Healthcare Hotels & Tourism HR & Education Information Technology Leisure & Entertainment Manufacturing Markets & Investing Media & Marketing Professional Services/Legal Residential Property Retail Shipping & Marine Stocks Telecom & Internet Transport & Logistics Utilities PRINT ISSUE » Tiong Bahru basks in a property boom 27 views How much will the next haze harm Singapore? 16 views Offices flock to Singapore’s outskirts 18 views 0 comments Leave a message... Best Community ⚙⤤Share No one has commented yet. Com m ent feedr Subs cribe via em ail✉ 0★ 3519 views Singapore’s 20 largest commercial banks 4244 views Singapore’s top 25 real estate agencies 995 views ALSO READ Singapore grabs second spot in global competitiveness ranking 18 views Singapore Airlines boosts Shanghai capacity with A380 deployment 35 views Here are 10 highly recommended books for e- commerce babies 129 views Get a glimpse of Changi's awesome plans for new mega terminal 116 views Why stimulus woes hit Singapore stocks badly 284 views SECTOR REPORT Singapore Casinos: Where the chips are down (Part 4 of 4) 2131 views Singapore Casinos: Where the chips are down (Part 1 of 4) Singapore Casinos: Where the chips are down (Part 2 of 4) Singapore Casinos: Where the chips are down (Part 3 of 4) LATEST JOBS 30/08/13 | Marketing Manager 74 views 26/08/13 | Marketing Manager 101 views 26/08/13 | law firms in singapore 149 views 15/08/13 | Singapore Accountant Position 302 views Jobs by Category: - Select Category- VIEW ALL JOBS » SECTIONS SPOTLIGHT Seriously, Singapore houses are still cheap Silk Air’s fleet expansion pays off with 26% surge in RPK New property fees seen to drive away foreign buyers Want to know how much salary raise you can get in Singapore? AWARDS & EVENTS
  6. 6. 9/6/13 How Singapore firms can win the war for talent | Singapore Business Review sbr.com.sg/hr-education/commentary/winning-war-talent-20-in-singapore 6/8 AWARDS & EVENTS EDITOR'S PICK Singaporean qualifications don’t mean a thing without experience 40858 views How can a Singaporean compete with a foreign talent? 25991 views 6 signs your top talent is about to quit 16865 views This is how you fail an interview! 10931 views 8 types of bosses in the world 9545 views Sbr.com.sg website surpasses 60,000 monthly unique visitors 3752 views Singapore to suffer much more than peers from a disorderly Greek exit 3578 views What you need to know about SingTel's completely disastrous quarter down under 1881 views Top 10 must see events at world gourmet summit 1203 views EVENTS CALENDAR Cloud Expo Asia Venue: Suntec Exhibition Centre, Singapore Asia Pacific Outsourcing Summit 2013 Venue: Traders Hotel, Nusajaya- Iskandar, Johor, Malaysia THE SINGAPORE BUSINESS REVIEW EMINENT SPEAKERS SERIES: Singapore's 10 Hottest Multi-Restaurateurs Venue: Singapore THE SINGAPORE BUSINESS REVIEW EMINENT SPEAKERS SERIES - Monetizing Your Social Fan Base To Drive ROI Venue: Ying Yang Rooftop Bar, The Club Hotel PRINT EDITION HIGHLIGHTS Tiong Bahru basks in a Nov 13 Oct 21 Oct 16 Sep 18
  7. 7. 9/6/13 How Singapore firms can win the war for talent | Singapore Business Review sbr.com.sg/hr-education/commentary/winning-war-talent-20-in-singapore 7/8 Tiong Bahru basks in a property boom 27 views How much will the next haze harm Singapore? 16 views Offices flock to Singapore’s outskirts 18 views SREITs losing their investment darling status 28 views Why SingTel’s Myanmar bid loss is not so devastating 28 views This is how you should pitch a business idea 40 views Mid-range brands storm Hong Kong’s fashion scene 23 views Giant property brokers reveal success stories 28 views Sick business can be good business 54 views Would you like stagflation with that COE? 41 views
  8. 8. 9/6/13 How Singapore firms can win the war for talent | Singapore Business Review sbr.com.sg/hr-education/commentary/winning-war-talent-20-in-singapore 8/8 Copyright © 2008 Charlton Media Group. NETWORK & PARTNER SITES How retail sector will benefit from Singapore's $24.5b tourism receipts target Singapore shells out $42m for SMEs' technology upgrade Remembering the 'family' in family-owned firms in Singapore How Singapore firms can win the war for talent What you should know about 'Singaporeans First' and 'Fair Consideration for Singaporeans' Malaysia needs to diversify energy sources SEDA Malaysia has a new Chairman Kedah aims to become solar energy state Sumitomo and NGK Insulators to test RE storage systems Construction of mega-solar power plant in Japan begins YouTube Partner Program wows Hong Kong audience at its first anniversary Cathay Pacific objects to Jetstar's airport licensing approval in Hong Kong Malaysia's economic growth forecast for 2013 dipped to 4.4% Two home sites fetched a whopping $3.461b Government might ask real estate developers to build public homes Rabobank names Michael Every as head of financial markets research, Asia-Pac Axiata taps StanChart in establishment of regional treasury management centre Why Asia won't be seeing a repeat of 1997 crisis anytime soon BofAML upgrades China trade capabilities 9 in 10 largest planned offshore IPOs to be listed on HKSE Axiata taps StanChart in establishment of regional treasury management centre Investment banking booms in Japan New RBI Governor takes office today RBI eases restrictions on capital outflows CIMB bags first major deal in Taiwan

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