Managing ASEAN Talent? You Need These Building Blocks
- By DWFTrends editors
- January 10, 2023
With its large population of young people and robust economy, the ASEAN region will likely become the 4th largest world economy by 2030, after the U.S., China, and E.U.
As the region’s economy grows, so does its need for digital talent. In 2021, ASEAN's internet penetration rate climbed to 80%, leading to increased demand for digital talent.
According to ASEAN’s Growth & Scale Talent Playbook by Alpha JWC Ventures, Kearney, and Grit companies, here are essential building blocks for digital talent management that every digital firm needs:
1. Strong culture
Employees highly value culture — 57% of respondents in the Playbook say that this aspect is essential for them. An effective corporate culture helps employees perform better and engage more with their responsibilities. It also makes them less likely to leave the company for other opportunities.
2. Effective talent acquisition
A well-defined talent acquisition process increases the chances candidates will be aligned with a company’s values and mission. It is a multifaceted process that requires a targeted employee value proposition (EVP), a focus on relevant competencies and expertise, a simple and transparent hiring process, and clear communication.
3. Career enablement
Investing in career enablement helps employees grow and develop. The Playbook's survey found 44% of employees ranked Learning and Development Opportunities as the most important, while 42% chose Career Progression Opportunities. Creating clear career pathways, goal setting and giving reiterative feedback, as well as having employee upskilling programs, are good ways for employee growth.
4. Talent retention and exit management
When people decide to leave, companies need a plan to manage exits professionally. Retrenchment can be handled professionally only through proper communication, clarity about severance pay and other benefits due to employees who are let go, and compassion for those impacted.
5. Good rewards and compensation
A reward and compensation program that is merit-based, transparent, and aligns with the business strategy is a must for every firm. Employees must understand that compensation packages are not just about base pay but also benefits and opportunities for growth.
6. Talent enablement infrastructure
To stay ahead, companies need to build their talent enablement infrastructure that supports all aspects of talent management, including recruitment, development, retention and exit strategy. It should also be flexible enough to support the changing needs of the business and enable agility when it comes to rapid scaling and development.
Image credit: iStockphoto/tadamichi