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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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