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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