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1、Talent retention and succession planning are crucial for organisations inthe Asia Pacific region,which currently faces significant challenges withtalent scarcity,retention,and attraction.In this write-up,we will discussthe importance of talent retention and succession planning in the region.Addition

2、ally,we will outline step-by-step approaches that HRprofessionals and leaders can take to adopt a proactive stance in talentretention and succession planning.THE STRATEGIC IMPERATIVE:Talent Retention and Succession Planningfor HR Professionals and Leaders1Copyright 2023.PERSOLKELLY Consulting.All ri

3、ghts reserved.December 2023 Issue No.18Why are Talent Retention andSuccession PlanningImportant in the Asia PacificRegion?Talent retention and successionplanning are critical for organisations inthe Asia Pacific region grappling withtalent scarcity,particularly in retentionand attraction.Despite its

4、 largepopulation,the region faces challengesin maintaining a robust talent pool,intensifying competition for skilledprofessionals.Hence,retaining toptalent becomes a focal point formaintaining competitiveness.Leadership PipelineThe leadership pipeline in some Asianorganisations appears weak due todi

5、fficulties in retaining employees withleadership potential.Successionplanning can help organisations identifyfuture leaders and encourage talentretention by assisting employees inmaking career plans and providingdevelopment opportunities.MercersTalent Trends 2022 report highlightsthat organisations

6、in Asia are activelyinvesting in leadership developmentprograms and focusing on developingtheir leadership pipelines.Boomerang TalentFormer employees,known asboomerang talent,can significantlybenefit organisations in the Asia Pacificregion.TurnoverHigh turnover rates present asubstantial challenge t

7、o talent retentionacross Asia.Mitigating turnover amongtop performers through successionplanning,and offering career paths anddevelopment opportunities,is vital.Addressing high turnover rates involvesimproving employee engagement andretention,as highlighted in the TalentTrends 2022 report.2Copyright

8、 2023.PERSOLKELLY Consulting.All rights reserved.HR professionals and leadersin the Asia Pacific mighthesitate to engage inadvanced talent retention andsuccession planning due tovarious factors:Short-Term FocusOrganisations in the Asia Pacific oftenprioritise immediate business needs andresults over

9、 long-term planning.As aresult,HR professionals and leadersmay overlook important talent retentionand succession planning initiatives.It isvital to strike a balance between short-term goals and long-term planning inorder to ensure the continued successof the organisation.Rapidly Changing BusinessEnv

10、ironmentThe dynamic and fast-paced nature ofthe business environment in AsiaPacific makes it challenging fororganisations to anticipate future talentrequirements and plan for successioneffectively.Uncertainty about marketconditions and industry trends mayhinder proactive planning efforts.Talent Mobi

11、lity and HighTurnoverIn some Asian countries,there is acultural emphasis on career mobilityand continuous learning,resulting inhigher turnover rates as employeesseek new challenges and growthopportunities.The constant movementof talent within the region may make itdifficult to retain and plan for lo

12、ng-termsuccession.Traditional HierarchicalStructuresMany organisations in the Asia Pacifichave hierarchical structures anddecision-making processes that limitHRs involvement in strategic planningHR functions are often perceived astransactional or administrative ratherthan strategic partners,hinderin

13、g theirability to drive talent retention andsuccession planning initiatives.Limited Focus on EmployeeDevelopmentIn some cases,organisations in theAsia Pacific prioritise externalrecruitment over investing in internaltalent development.This approach canresult in a lack of emphasis onsuccession planni

14、ng and a reluctance toallocate resources for talent retentionand development programs.Cultural FactorsCultural norms and values significantlyshape business practices in AsiaPacific.Traditional hierarchicalstructures,respect for authority,andseniority-based promotion systems maycreate barriers to imp

15、lementing robusttalent retention and succession planningstrategies.Lack of Awareness orResourcesHR professionals and leaders may havelimited awareness or understanding ofthe benefits and importance of talentretention and succession planning.Additionally,organisations may faceresource constraints suc

16、h as budgetlimitations or a shortage of skilled HRprofessionals,impeding their ability toengage in advanced planning initiatives.3Copyright 2023.PERSOLKELLY Consulting.All rights reserved.Foster a Long-Term MindsetHR professionals and leaders shouldcollaborate to promote a long-termperspective,highl

17、ighting the benefits oftalent retention and succession planningfor sustainable growth.Emphasise theimportance of investing in internal talentdevelopment and aligning it with theorganisations strategic goals.Develop Talent ForecastingCapabilitiesEnhance the organisations ability toanticipate future t

18、alent requirements byleveraging data analytics and workforceplanning tools.Encourage closecollaboration between HR professionalsand business leaders to identify criticalroles,assess potential skill gaps,anddevelop targeted developmentinitiatives.Promote Learning andDevelopment CultureEncourage a cul

19、ture of continuouslearning and development within theorganisation.Provide resources andopportunities for employees to enhancetheir skills and knowledge,fostering asense of career growth andprogression.This can be achievedthrough training programs,mentoringinitiatives,and career developmentplans.To a

20、ddress these reasons forreluctance,HR professionalsand leaders in Asia Pacificcan consider the followingsolutions:4Copyright 2023.PERSOLKELLY Consulting.All rights reserved.Implement SuccessionPlanning ProgramsEstablish formal succession planningprograms that identify high-potentialemployees and cre

21、ate tailoreddevelopment plans for their careerprogression.These programs shouldinclude regular talent reviews,mentoring relationships,andopportunities for exposure to differentparts of the organisation.Enhance EmployeeEngagementInvest in employee engagementinitiatives to create a positive workenviro

22、nment that fosters loyalty andcommitment.Regularly solicit employeefeedback,address their concerns,andrecognise and reward theircontributions.Engaged employees arelikelier to stay with the organisation andcontribute to its long-term success.Promote Work-Life BalanceRecognise the importance of work-l

23、ifebalance and offer flexible workarrangements to accommodateemployees personal needs.This canhelp reduce burnout,increase jobsatisfaction,and improve retentionrates.Promote Diversity andInclusionEmbrace diversity and inclusioninitiatives to attract and retain top talent.Organisations should create

24、inclusivework environments where employeesfrom diverse backgrounds feel valuedand have equal opportunities for growthand advancement.Empower HR as StrategicPartnersOrganisations should empower HRprofessionals to become strategicpartners by involving them in decision-making processes and giving them

25、aseat at the table.HR professionalsshould be equipped with the necessaryskills and knowledge to contribute totalent retention and succession planningdiscussions.5Copyright 2023.PERSOLKELLY Consulting.All rights reserved.Below is the step-by-step proactive approach that Leaders and HRcan start with:6

26、Copyright 2023.PERSOLKELLY Consulting.All rights reserved.Identify critical rolesLeaders and HR should identify criticalroles within the organisation that requiresuccession planning.These roles aretypically leadership positions orpositions that are difficult to fill.According to KPMGs“2022 CEOOutloo

27、k:Asia Pacific,HR leaders inAsia are focusing on identifying criticalroles and developing succession plansfor these roles to retain talents.Develop a talent poolOnce critical roles have been identified,leaders and HR should develop a talentpool of employees who have thepotential to fill these roles.

28、This can bedone by assessing employees skills,experience,and potential.Create development plansOnce a talent pool has been identified,leaders and HR should createdevelopment plans for each employeein the pool.These plans should includetraining,mentoring,and coaching tohelp employees develop the skil

29、ls andexperience needed for leadership roles.Monitor progressLeaders and HR should monitor theprogress of employees in the talent pooland adjust development plans asneeded.This will help ensure thatemployees are on track to fill criticalroles when needed.HR leaders mayfocus on measuring the effectiv

30、eness oftheir talent management programs.Communicate withemployeesLeaders and HR should communicatewith employees in the talent pool abouttheir development plans and careerpaths.This will help employeesunderstand their potential within theorganisation and encourage them tostay with the organisation.

31、Investing in talent retentionand succession planningyields numerous benefits fororganisation.Enhanced employee engagement andsatisfaction contribute to a positive workenvironment and a high-performingworkforce.Maintaining a stable andexperienced workforce ensuresorganisational stability and continui

32、ty,reducing disruptions during leadershiptransitions.By attracting and retainingtop talent,organisations gain acompetitive edge in the market.Furthermore,fostering a culture ofgrowth and innovation allowsorganisations to adapt to changingmarket dynamics and seize newopportunities.As HR professionals

33、 and leaders planfor the future,talent retention andsuccession planning should be keyfocal points.The ongoing migration trend and theneed for future planning,such aspreparing for 2024,make it even morecritical to focus on these areas.Despiteexternal factors that may seem beyondtheir control,leaders

34、must adopt aproactive approach,focusing on what iswithin their sphere of influence.Byimplementing effective talent retentionstrategies,anticipating talent gaps,anddeveloping a robust succession plan,organisations can navigate talentchallenges,foster employeeengagement,and drive organisationalsuccess

35、.Embracing talent retention andsuccession planning as a strategicimperative will position organisations forresilience and success in the ever-evolving business landscape.7Copyright 2023.PERSOLKELLY Consulting.All rights reserved.Conclusion:Talent retention and successionplanning are critical for org

36、anisations inthe Asia Pacific region to overcometalent scarcity,develop strongleadership pipelines,and reduceturnover rates.HR professionals andleaders play a pivotal role in drivingthese initiatives by fostering a long-termmindset,developing talent forecastingcapabilities,promoting a culture oflear

37、ning and development,implementing succession planningprograms,enhancing employeeengagement,promoting work-lifebalance,empowering HR as strategicpartners,and promoting diversity andinclusion.By taking proactive steps intalent retention and successionplanning,organisations can secure theirfuture succe

38、ss in the highly competitiveAsia Pacific market.8Copyright 2023.PERSOLKELLY Consulting.All rights reserved.ByVictor LamSenior Director,Learning AcademyPERSOLKELLY ConsultingAbout UsPERSOLKELLY Consulting is a leadingglobal human resource consulting andprofessional services company whichproudly spans

39、 across the Asia-Pacificregion.We are a subsidiary formed bythe joint venture of PERSOL Group andKelly Services Inc.,now one of thelargest recruitment companies in APAC.Formerly branded as BTI Consultants inAsia and Intelligence SMC in HongKong,PERSOLKELLY Consulting isbuilt upon a rich legacy of ex

40、pert talentdevelopment,HR management advisory,organisational effectiveness,andinsights-driven HR solutions.With oursingle focus on fulfilling our clientsneeds,we use innovative practices toempower both individuals andenterprises to achieve their full potential.At PERSOLKELLY Consulting,webelieve in shaping a future workforcethat is able to Work and Smile.Learn More:PERSOLKELLY Consulting Groupwww.PERSOLKELLYCONSULTING.com9