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December2023IssueNo.18
THESTRATEGICIMPERATIVE:
TalentRetentionandSuccessionPlanningforHRProfessionalsandLeaders
TalentretentionandsuccessionplanningarecrucialfororganisationsintheAsiaPacificregion,whichcurrentlyfacessignificantchallengeswithtalentscarcity,retention,andattraction.Inthiswrite-up,wewilldiscusstheimportanceoftalentretentionandsuccessionplanningintheregion.Additionally,wewilloutlinestep-by-stepapproachesthatHRprofessionalsandleaderscantaketoadoptaproactivestanceintalentretentionandsuccessionplanning.
Copyright2023.PERSOLKELLYConsulting.Allrightsreserved.1
WhyareTalentRetentionand
SuccessionPlanning
ImportantintheAsiaPacific
Region?
Talentretentionandsuccession
planningarecriticalfororganisationsintheAsiaPacificregiongrapplingwithtalentscarcity,particularlyinretentionandattraction.Despiteitslarge
population,theregionfaceschallengesinmaintainingarobusttalentpool,
intensifyingcompetitionforskilled
professionals.Hence,retainingtop
talentbecomesafocalpointfor
maintainingcompetitiveness.
LeadershipPipeline
TheleadershippipelineinsomeAsian
organisationsappearsweakdueto
difficultiesinretainingemployeeswith
leadershippotential.Succession
planningcanhelporganisationsidentifyfutureleadersandencouragetalent
retentionbyassistingemployeesin
makingcareerplansandproviding
developmentopportunities.Mercer's
"TalentTrends2022"reporthighlights
thatorganisationsinAsiaareactively
investinginleadershipdevelopment
programsandfocusingondeveloping
theirleadershippipelines.
BoomerangTalent
Formeremployees,knownas
boomerangtalent,cansignificantly
benefitorganisationsintheAsiaPacificregion.
Turnover
Highturnoverratespresenta
substantialchallengetotalentretentionacrossAsia.Mitigatingturnoveramongtopperformersthroughsuccession
planning,andofferingcareerpathsanddevelopmentopportunities,isvital.
Addressinghighturnoverratesinvolvesimprovingemployeeengagementandretention,ashighlightedinthe"TalentTrends2022"report.
HRprofessionalsandleadersintheAsiaPacificmight
hesitatetoengagein
advancedtalentretentionandsuccessionplanningduetovariousfactors:
Short-TermFocus
OrganisationsintheAsiaPacificoftenprioritiseimmediatebusinessneedsandresultsoverlong-termplanning.Asa
result,HRprofessionalsandleaders
mayoverlookimportanttalentretentionandsuccessionplanninginitiatives.Itisvitaltostrikeabalancebetweenshort-termgoalsandlong-termplanningin
ordertoensurethecontinuedsuccessoftheorganisation.
Copyright2023.PERSOLKELLYConsulting.Allrightsreserved.2
RapidlyChangingBusiness
Environment
Thedynamicandfast-pacednatureof
thebusinessenvironmentinAsia
Pacificmakesitchallengingfor
organisationstoanticipatefuturetalentrequirementsandplanforsuccessioneffectively.Uncertaintyaboutmarketconditionsandindustrytrendsmay
hinderproactiveplanningefforts.
TalentMobilityandHigh
Turnover
InsomeAsiancountries,thereisa
culturalemphasisoncareermobility
andcontinuouslearning,resultingin
higherturnoverratesasemployees
seeknewchallengesandgrowth
opportunities.Theconstantmovement
oftalentwithintheregionmaymakeit
difficulttoretainandplanforlong-term
succession.
TraditionalHierarchical
Structures
ManyorganisationsintheAsiaPacific
havehierarchicalstructuresand
decision-makingprocessesthatlimit
HR'sinvolvementinstrategicplanning
HRfunctionsareoftenperceivedas
transactionaloradministrativerather
thanstrategicpartners,hinderingtheir
abilitytodrivetalentretentionand
successionplanninginitiatives.
LimitedFocusonEmployeeDevelopment
Insomecases,organisationsintheAsiaPacificprioritiseexternal
recruitmentoverinvestingininternal
talentdevelopment.Thisapproachcanresultinalackofemphasison
successionplanningandareluctancetoallocateresourcesfortalentretention
anddevelopmentprograms.
CulturalFactors
CulturalnormsandvaluessignificantlyshapebusinesspracticesinAsia
Pacific.Traditionalhierarchical
structures,respectforauthority,and
seniority-basedpromotionsystemsmaycreatebarrierstoimplementingrobusttalentretentionandsuccessionplanningstrategies.
LackofAwarenessor
Resources
HRprofessionalsandleadersmayhavelimitedawarenessorunderstandingofthebenefitsandimportanceoftalent
retentionandsuccessionplanning.
Additionally,organisationsmayface
resourceconstraintssuchasbudget
limitationsorashortageofskilledHR
professionals,impedingtheirabilitytoengageinadvancedplanninginitiatives.
Copyright2023.PERSOLKELLYConsulting.Allrightsreserved.3
Toaddressthesereasonsfor
reluctance,HRprofessionals
andleadersinAsiaPacific
canconsiderthefollowing
solutions:
FosteraLong-TermMindset
HRprofessionalsandleadersshould
collaboratetopromotealong-term
perspective,highlightingthebenefitsof
talentretentionandsuccessionplanning
forsustainablegrowth.Emphasisethe
importanceofinvestingininternaltalent
developmentandaligningitwiththe
organisation'sstrategicgoals.
DevelopTalentForecasting
Capabilities
Enhancetheorganisation'sabilityto
anticipatefuturetalentrequirementsby
leveragingdataanalyticsandworkforce
planningtools.Encourageclose
collaborationbetweenHRprofessionals
andbusinessleaderstoidentifycritical
roles,assesspotentialskillgaps,and
developtargeteddevelopment
initiatives.
PromoteLearningand
DevelopmentCulture
Encourageacultureofcontinuous
learninganddevelopmentwithinthe
organisation.Provideresourcesand
opportunitiesforemployeestoenhance
theirskillsandknowledge,fosteringa
senseofcareergrowthand
progression.Thiscanbeachieved
throughtrainingprograms,mentoring
initiatives,andcareerdevelopment
plans.
4Copyright2023.PERSOLKELLYConsulting.Allrightsreserved.
ImplementSuccession
PlanningPrograms
Establishformalsuccessionplanning
programsthatidentifyhigh-potential
employeesandcreatetailored
developmentplansfortheircareer
progression.Theseprogramsshould
includeregulartalentreviews,
mentoringrelationships,and
opportunitiesforexposuretodifferent
partsoftheorganisation.
EnhanceEmployee
Engagement
Investinemployeeengagement
initiativestocreateapositivework
environmentthatfostersloyaltyand
commitment.Regularlysolicitemployeefeedback,addresstheirconcerns,andrecogniseandrewardtheir
contributions.Engagedemployeesarelikeliertostaywiththeorganisationandcontributetoitslong-termsuccess.
PromoteWork-LifeBalance
Recognisetheimportanceofwork-life
balanceandofferflexiblework
arrangementstoaccommodate
employees'personalneeds.Thiscan
helpreduceburnout,increasejob
satisfaction,andimproveretention
rates.
PromoteDiversityand
Inclusion
Embracediversityandinclusion
initiativestoattractandretaintoptalent.Organisationsshouldcreateinclusiveworkenvironmentswhereemployees
fromdiversebackgroundsfeelvaluedandhaveequalopportunitiesforgrowthandadvancement.
EmpowerHRasStrategicPartners
OrganisationsshouldempowerHR
professionalstobecomestrategic
partnersbyinvolvingthemindecision-makingprocessesandgivingthema
seatatthetable.HRprofessionals
shouldbeequippedwiththenecessaryskillsandknowledgetocontributeto
talentretentionandsuccessionplanningdiscussions.
Copyright2023.PERSOLKELLYConsulting.Allrightsreserved.5
Belowisthestep-by-stepproactiveapproachthatLeadersandHRcanstartwith:
Identifycriticalroles
LeadersandHRshouldidentifycriticalroleswithintheorganisationthatrequire
successionplanning.Theserolesare
typicallyleadershippositionsor
positionsthataredifficulttofill.
AccordingtoKPMG's“2022CEO
Outlook:AsiaPacific,"HRleadersin
Asiaarefocusingonidentifyingcritical
rolesanddevelopingsuccessionplans
fortheserolestoretaintalents.
Developatalentpool
Oncecriticalroleshavebeenidentified,leadersandHRshoulddevelopatalentpoolofemployeeswhohavethe
potentialtofilltheseroles.Thiscanbe
donebyassessingemployees'skills,
experience,andpotential.
Createdevelopmentplans
Onceatalentpoolhasbeenidentified,
leadersandHRshouldcreate
developmentplansforeachemployeeinthepool.Theseplansshouldincludetraining,mentoring,andcoachingto
helpemployeesdeveloptheskillsandexperienceneededforleadershiproles.
Monitorprogress
LeadersandHRshouldmonitorthe
progressofemployeesinthetalentpoolandadjustdevelopmentplansas
needed.Thiswillhelpensurethat
employeesareontracktofillcritical
roleswhenneeded.HRleadersmay
focusonmeasuringtheeffectivenessoftheirtalentmanagementprograms.
Communicatewith
employees
LeadersandHRshouldcommunicatewithemployeesinthetalentpoolabouttheirdevelopmentplansandcareer
paths.Thiswillhelpemployees
understandtheirpotentialwithintheorganisationandencouragethemtostaywiththeorganisation.
Copyright2023.PERSOLKELLYConsulting.Allrightsreserved.6
Investingintalentretentionandsuccessionplanning
yieldsnumerousbenefitsfororganisation.
Enhancedemployeeengagementandsatisfactioncontributetoapositivework
environmentandahigh-performing
workforce.Maintainingastableand
experiencedworkforceensures
organisationalstabilityandcontinuity,reducingdisruptionsduringleadershiptransitions.Byattractingandretainingtoptalent,organisationsgaina
competitiveedgeinthemarket.
Furthermore,fosteringacultureof
growthandinnovationallows
organisationstoadapttochanging
marketdynamicsandseizenew
opportunities.
AsHRprofessionalsandleadersplan
forthefuture,talentretentionand
successionplanningshouldbekey
focalpoints.
Theongoingmigrationtrendandthe
needforfutureplanning,suchas
preparingfor2024,makeitevenmore
criticaltofocusontheseareas.Despite
externalfactorsthatmayseembeyond
theircontrol,leadersmustadopta
proactiveapproach,focusingonwhatis
withintheirsphereofinfluence.By
implementingeffectivetalentretention
strategies,anticipatingtalentgaps,and
developingarobustsuccessionplan,
organisationscannavigatetalent
challenges,fosteremployee
engagement,anddriveorganisational
success.Embracingtalentretentionand
successionplanningasastrategic
imperativewillpositionorganisationsfor
resilienceandsuccessintheever-
evolvingbusinesslandscape.
Copyright2023.PERSOLKELLYConsulting.Allrightsreserved.7
Conclusion:
Talentretentionandsuccession
planningarecriticalfororganisationsintheAsiaPacificregiontoovercome
talentscarcity,developstrong
leadershippipelines,andreduce
turnoverrates.HRprofessionalsand
leadersplayapivotalroleindriving
theseinitiativesbyfosteringalong-termmindset,developingtalentforecastingcapabilities,promotingacultureof
learninganddevelopment,
implementingsuccessionplanning
programs,enhancingemployee
engagement,promotingwork-life
balance,e
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