HR has had to shift its priorities back to commercial matters as more businesses focus on cost savings yet talent management remains one of the biggest challenges facing businesses in Malaysia, according to recruiting experts Hays. The global economic downturn has created a dichotomy in many organisations – how do they cut costs while still addressing the skills shortage in different areas of the workforce?
According to the latest Hays Journal, out now, businesses need to recognise talent as an asset to be deployed within an organisation while HR needs to be more planned and strategic about how it goes about talent allocation.
“HR professionals have had to become even more innovative and commercially driven, with a need to understand and address talent shortages in the new landscape in different ways,” says Chris Mead, Regional Director of Hays in Malaysia and Singapore.
“This means discovering where untapped sources of talent lie and evolving creative ways of attracting and identifying new talent. Then, all of these assets must be developed and allocated effectively through a business, so that the talent balance sheet constantly improves. This shift is necessary to provide the talent needed to help organisations emerge from the tough economic times and rise to new challenges.”
Not only is talent management of increasing importance to the development and execution of an organisation’s business strategy, but it has become a unique competitive advantage for businesses.
“Being proactive and deploying or sharing talented people within an organisation is what will make the difference for HR departments that are managing talent,” says Chris.
“HR Professionals who understand corporate strategy and align it to the competitive landscape, the wider economic environment, technological changes and the behavioural and content preferences of the relevant talent communities are at a distinct advantage.”
As it may be difficult to find talent to cover the top jobs, there’s is also a strong need for businesses to develop programs that build talent over a longer timeframe.
“Businesses need to ensure talent is developed, for example, over the next five years so they will be ready to take on leadership roles,” says Chris.
“This not only involves identifying the top talent in a business but determining the needs of those employees’ in terms of mobility requirements, family situations and motivation.”
To view the complete Hays Journal, please go to www.hays-journal.com
Hays, the world’s leading recruiting experts in qualified, professional and skilled people.
– Ends –
Hays is the leading global specialist recruiting group. We are the expert at recruiting qualified, professional and skilled people worldwide, being the market leader in Asia Pacific and the UK and one of the market leaders in Continental Europe and Latin America. We operate across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments.
Hays employs 7,800 staff operating from 245 offices in 33 countries across 20 specialisms. For the year ended 30 June 2012, Hays reported net fees of £734 million and operating profit (pre-exceptional items) of £128 million. Hays placed around 55,000 candidates into permanent jobs and around 182,000 people into temporary assignments. 33% of Group net fees were generated in Asia Pacific.
Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Colombia, Chile, China, the Czech Republic, Denmark, France, Germany, Hong Kong, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Russia, Singapore, Spain, Sweden, Switzerland, UAE, the UK and the USA.
- Recruiting for Startups: Cultural Fit More Important than Money to Retain Talents
- Recruiting for Startups: Candidates Use Gen Y to Search for Companies to Work For
- Recruiting for Startups: Top 10 Talent Trends in Malaysia for 2013 that All Businesses Should Know
- Young Entrepreneur Showcase with ZNG IMPRESA: Strategies to Survive a Cut-Throat Industry
- Talk to Inspire: Between Groupon Malaysia and the Young Entrepreneur Founder
- Surviving Economic Crises & Marketing to the Top, The Story of Thailand’s Largest Ebook Store – Part 3