kelly services critical skills for building a sustainable workforce lr
TRANSCRIPT
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RECRUITMENT | OUTSOURCING | CONSULTING
www.kellyservices.com
An Asia Pacifc Perspective
Critical Skills for Building aSustainable Workforce
and Leadership Bench Strength
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Executive Summary
Introduction
Prole of respondents
Industries covered
Impact of shortage of mid to senior level talent with the right skills
Critical skills for mid to senior level talent - What is Hot and What is in Shortage?
How organizations attract and retain mid to senior level talent
How organizations attract and retain mid to senior level talent - by organization size
Finding mid to senior level talent
Critical skills in Banking & Financial Services
Critical skills in Banking & Financial Services
Critical skills in Engineering
Critical skills in Engineering
Critical skills in IT & Telecommunications
Critical skills in IT & Telecommunications
Critical skills in Life Sciences & Pharmaceutical
Critical skills in Life Sciences & Pharmaceutical
Critical skills in Manufacturing
Critical skills in Manufacturing
Conclusion
References
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All rights reserved. No part of this book may be reproduced or transmitted in any form without written permission from Kelly Services.
Highlights
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Kelly Skills at Work 2010 is the inaugural study conducted by Kelly Services
to uncover the critical skills requirements and skills shortage among mid tosenior level professionals, as well as to explore the attraction and retentionstrategies and tactics employed by organizations in Asia Pacic in order toremain productive and continue to grow.
Conducted in early 2010, over 1340 senior decision makers from a broad array of industries
participated in the regional study. Close to one-third of the respondents have regional Asia
Pacic responsibilities while the remaining hold local country responsibilities.
The increasingly borderless world, changing workforce demographics and demand for
employees with high skill sets to help organizations grow as the global economy reboundshave created a gap between the supply of skills available in the marketplace and the
requirements of the workforce in many industries. Additionally, the lack of viable talent
available to ll leadership roles is forcing organizations to re-examine the requisite mid to
senior level talent skills in their organizations and how their talent pipelines are built.
The serious shortage of skilled and qualied mid to senior level professionals, cutting across
industry sectors, is having an increasingly negative impact on close to 90 percent of the
organizations surveyed. Ultimately, skills shortages, both technical and soft or people skills,
are limiting organizations abilities to serve the needs of their clients and customers.
This pain is particularly acute within the Engineering, Life Sciences & Pharmaceutical, and IT &
Telecommunications and Retail sectors, as the shortage of mid to senior talent is signicantly
impeding their ability to successfully service clients and customers.
The research uncovered that four of the Top 5 critical skills required of mid to senior level
talent are also those where the greatest shortfalls exist and/or are in shortest supply.
Specically, these include communication, problem solving and decision making, people
management, and strategic thinking.
Across industries, there is a signicant overlay between those skills termed high priority and
those deemed to be in limited supply. Notably, all of the Top 5 skills with the greatest
shortage of mid to senior level talent are among the Top 5 skills that are considered to be
most important for professionals in the Banking and Financial Services sector.
Investing in talent to ensure that there are qualied, experienced and engaged people ready
to ll key leadership positions is a critical way in which organizations can improve
organizational effectiveness and build sustainable talent pipelines and leadership bench
strength. One form of investment is in the skills level of their mid to senior level professionals
and organizations need to understand existing gaps in skills, as well as look at innovative ways
to build skills that are in demand and contribute to business strategies and goals.
Executive Summary
CritiCal SkillS for Building a SuStainaBle WorkforCe and leaderShip BenCh Strength
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As the Asia Pacic region increasingly transitions to highly industrialized and service-facingeconomies, it creates unprecedented demand for talent and leaders who are highly skilled.
4
Introduction
However, the growing demand for higher skills is not
adequately matched by the supply of human capital, and
it is having an adverse effect on economic and
organizational growth, according to leading global analyst
rm Euromonitor International.
Increased competition for highly skilled workers will
mean that job retention rates drop, reducing businessproductivity.
Euromonitor International
While the skills decit is likely to benet highly skilled
talent in the short term by articially inating their wages,
it will at the same time drive up organizations cost of
doing business and reduce labor productivity.
In the longer term, markets in Asia Pacic might become
unattractive to foreign investors who are not able to
acquire and retain skilled talent. Consequently, a
slowdown in foreign investments will have implications on
economic growth and job creation in the long term.
As the ongoing transition to higher level economies
continues to generate demand for management and
personnel skills, some countries will seek to entice their
citizens working overseas who possess the relevant skills
to return home or attract highly skilled immigrants to ll
the skills gap. However, these approaches face
challenges as many countries globally are alsoexperiencing a similar trend of skills shortages.
The skills shortage in some economies is compounded
by changing demographics and ageing populations. As
Baby Boomers approach retirement, taking critical skills
and knowledge with them, organizations will need to pay
greater attention to these shifts and transform
management and human resources practices to attract,
nurture and retain highly skilled talent of all ages and
backgrounds.
Professional and technical skills, particularly in the middle
to senior levels, are lacking in many parts of the region.
Skills shortages will intensify as organizations and
employers nd the need to hire more knowledge workers
for high-skilled jobs that will help their organizations ride
on the growth of Asia Pacic.
Human resource professionals have indicated that many
workplace skills have become more important for
experienced employees than for new employees (based
on a poll by the Society for Human Resource
Management (SHRM) in conjunction with The Wall Street
Journal Careers). These skills include critical thinking,
problem solving, leadership, teamwork/collaboration, and
adaptability/exibility.
With more than half of the worlds population, Asia Pacic
is now the epicenter of economic growth. As the nature
of doing business changes, skills must evolve to meet the
demands of an increasingly globalized, borderless andtechnology-driven workplace.
A broad understanding of skills needs is critical in
helping organizations ensure they have an adequately
skilled workforce today, as well as to invest in a plan to
address anticipated skills needs and build sustainable
talent pipelines and leadership bench strength.
CritiCal SkillS for Building a SuStainaBle WorkforCe and leaderShip BenCh Strength
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Prole of Respondents
CritiCal SkillS for Building a SuStainaBle WorkforCe and leaderShip BenCh Strength
Over 1340 organizations representing more than 25 industries participated in the Kelly Skills @ WorkStudy 2010, conducted by Kelly Services.
The web-based survey was implemented in early 2010,
following the global nancial crisis, to uncover the
critical skills requirements and skills shortage among mid
to senior level professionals, as well as to explore the
attraction and retention strategies and approaches
employed by organizations to build sustainable talent
pipelines and leadership bench strength.
Respondents are senior decision makers and hiring
managers from a range of national and multi-national
organizations located in countries and territories across
Asia Pacic, including Australia, China, Hong Kong, India,
Indonesia, Malaysia, New Zealand, Singapore and
Thailand.
Almost one-third of the respondents (29%) have regional
Asia Pacic responsibilities, while the scope of
responsibilities for 71% of the respondents is at the local
country level.
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Banking & Financial ServicesBusiness ServicesEngineeringInformation Technology & TelecommunicationsManufacturingRetailLife Sciences & PharmaceuticalTravel / LeisureUtilitiesAdvertising & PR
AgricultureAutomotiveCall CenterConstructionGovernmentConsumer GoodsCommunicationEnergyElectronicsLegalMedia
Oil & GasMedicalReal EstateResearchSemiconductor
Industries Covered
CritiCal SkillS for Building a SuStainaBle WorkforCe and leaderShip BenCh Strength
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Total Negative Impact Top 2-Box Negative Impact
Retail
Engineering
Life Sciences & Pharmaceutical
IT & Telecommunications
Education
Manufacturing
Banking & Financial Services
Business Services
Utilities
Transport & Distribution
94%
92%
91%
90%
89%
89%
88%
88%
81%
69%
14%
28%
32%
25%
10%
20%
22%
18%
19%
17%
7
Impact of Shortage of Mid to Senior LevelTalent with the Right Skills
The vast majority of organizations (88%) indicated that the lack of mid to senior level professionals
with relevant skills had a negative impact on their ability to service clients.
Across industry sectors, Engineering, Life Sciences & Pharmaceutical and IT & Telecommunications reported the greatest
impact on their ability to service clients. Notably, nearly one-third of the organizations within the Life Sciences &
Pharmaceutical sector described the negative impact on their business to be severe, followed by Engineering (28%) and
IT & Telecommunications (25%).
CritiCal SkillS for Building a SuStainaBle WorkforCe and leaderShip BenCh Strength
5% 16% 41% 26% 12%
88% Total Negative Impact
21% Top 2-BoxNegative Impact
Greatest Negative Impact (5) Moderate Impact (3) No Impact At All (1)(2)(4)
To what extent does the shortage of mid to senior level talent impact your organizationsability to serve clients?
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There is signicant overlap between the skills cited as most critical within an organization and theskills viewed as the shortest in supply. Four of the Top 5 most important skills are also among thosenoted with the greatest decit among mid to senior level talent: communication, problem solving &decision making, people management and strategic thinking.
People management is a crucial part of mid to senior
executives work and they need to develop long-lasting
relationships with their key employees and stakeholders.
Successful leaders and managers explore and use
different ways of inuencing, motivating and leading
people as well as helping others by extending their skills.
Information exists about how to manage people by
applying active listening, coaching and delegation
techniques, but much of this overlooks the subtleraspects of keeping people engaged and committed to
the organization. Employee loyalty, motivation and trust in
the organization will all suffer if leaders and managers are
careless about the way they treat people.
Further, the ability to think strategically is a skill much
sought-after among mid to senior executives and deemed
as the shortest in supply. Besides bringing the
organizations vision to reality, strategic thinking is a skill
that helps executives confront change, plan for and make
transitions, and envision new possibilities andopportunities.
Of importance, the top skill identied as most
importantcommunication was also cited as one of
the Top 5 skills in short supply. This adds credence to the
growing body of evidence that supports the
importance of effective communication skills for mid to
senior level professionals and its impact on an
organizations brand, employee morale and even share
price. With an increasing number of communication
channels used by businesses, including email, webconferencing and social media, there is also more
pressure on mid to senior level executives to adopt a
concise and meaningful communication approach.
Problem solving and decision making are important as a
foundation stone in every successful mid to senior
executives prole. Problem solving often involves
decision making, and both are especially important for
leadership and management. Good decision-making also
requires a mixture of other skills: creative identication of
alternatives, clarity of judgment, rmness of decision andeffective execution.
CritiCal SkillS for Building a SuStainaBle WorkforCe and leaderShip BenCh Strength
Critical Skills for Mid to Senior Level Talent Whats Hot and Whats in Shortage?
Critical Skills - All Industries
What is Most Important and What is in Shortage?
High ShortageLow Shortage
Low
Importan
ce
HighImportance
CommunicationProblem Solving & Decision Making
People ManagementStrategic Thinking
Initiative & EnterpriseLifelong LearningGlobal Mindset
Marketing & SalesProject Management
Self ManagementNegotiation
Health and Workplace Safety
Work-related Technical SkillsTeamwork
Creative Thinking
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How Organizations Attract and Retain Mid toSenior Level Talent
How do organizations attract and retain mid to senior level talent with the right skills?
Internal promotion
Work life balance initiatives
Hire from other organizations
Attract younger workers
Attract older and experienced workers
Temporary or contract work arrangements
Increased reliance on foreign talent
Delayed retirement
Others
Attractive and competitive pay & benets
Talent and career development training
78%
62%
60%
34%
30%
19%
15%
7%
7%
5%
2%
In order to attract and retain mid to senior level talent, the vast majority of organizations (78%) areoffering attractive and competitive compensation and benets. This solution presents a signicantvulnerability within the marketplace as skills shortages could enable highly skilled talent to demandhigher remuneration, resulting in higher business costs.
Slightly more than three out of ve organizations would
consider training as a means for narrowing the skills gap.
Organizations that promote opportunities to enhance
current skills and develop new skills by providing
training and professional development opportunities
convey a message internally and externally that it values
a highly trained workforce and is committed to investing
in its human capital. Besides building a better prepared
workforce, this benets the organization as it creates aconduit to cultivating leadership from within the
organization. This succession planning approach will
become increasingly critical as competition for talent
intensies globally.
Looking internally is another popular solution for
covering gaps in skills. 60% of the survey respondents
would promote internally while 30% are looking beyond
their organization, citing that the best way to acquire mid
to senior talent with the right skills is to hire from other
organizations. Just 34% of respondents are willing to
implement work life balance initiatives as a means for
attracting and retaining mid to senior level talent.
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How Organizations Attract and Retain Mid toSenior Level Talent by Organization Size
Regardless of company size, creating attractive and competitive compensation and benetspackages is the single most frequently mentioned means to attract, retain and engage mid tosenior level talent within small, medium and large enterprises. Compared with their counterpartsfrom small-staff-sized organizations, respondents from medium and large-staff-sized organizationswere more likely to put forward competitive salaries and benets packages to draw and retain toptalent with the right skills.
However, organizations and employers have to balancetheir need to have the best and brightest talent with the
reality of their nancial situation. Increasing salaries to
attract and retain top talent due to intensifying
competition could impact operating margins and lead
to ination of wages. Instead, organizations should audit
their current talent pool, assess their future workforce
needs, and then determine what they want to change and
how that ts within their budget.
Training takes prominence as a key solution to retain mid
to senior level executives and engage top talent.Respondents from medium and large-staff-sized
organizations were more likely than their counterparts insmall-staff-sized organizations to provide training so that
their talent pool is able to continually learn and update
their skills. On the other hand, small-staff-sized
organizations that operate leaner training budgets can
become creative and select the correct training that helps
to narrow specic skills gaps.
More than half of the respondents at organizations of all
sizes would also consider promoting talent from within
their organization in an effort to engage mid to senior
level talent necessary to continue business at optimumperformance levels.
More than 1000 employees 101 to 500 employees 1 to 100 employees501 to 1000 employees
Attractive and competitive payand benets
Talent and career developmenttraining
Internal promotion
Work life balance initiatives
Hire from other organizations
Attract younger workers
Others
Attract older and experiencedworkers
Temporary or contract workarrangements
Increased reliance on foreigntalent
Delayed retirement for currentemployees
82%
67%
63%
38%
27%
22%
15%
7%
7%
5%
1%
79%
65%
59%
32%
33%
15%
17%
7%
6%
3%
2%
78%
62%
63%
35%
35%
20%
13%
7%
7%
6%
2%
73%
53%
52%
27%
29%
15%
15%
7%
6%
4%
2%
How do organizations attract and retain mid to senior level talent?
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12 CritiCal SkillS for Building a SuStainaBle WorkforCe and leaderShip BenCh Strength
Critical Skills in Banking & Financial Services
Signicant overlap exists between the skills considered most important for mid to senior executive
in the Banking & Financial Services sector and the skills reported as the shortest in supply.Notably, all of the Top 5 skills with the greatest shortage of mid to senior level talent are among theTop 5 skills that are considered to be most critical.
The ability to lead, motivate and inspire is another
important requirement for mid to senior level
executives in the Banking & Financial Services sector. This
would include ensuring that staff within their scope of
responsibility possess the right skills to carry out the
business strategy and activities.
Further, Banking & Financial Services organizations look
for professionals who possess relevant and transferable
technical skills. As products and services in this sector
grow and become targeted to individual customer needs,
the technical requirements for most roles are also
becoming more sophisticated. This, in turn, is driving
higher demand for Banking & Finance professionals,
especially those at the mid and senior levels, with the
relevant base of technical skills and knowledge.
The most in-demand skill according to Banking &
Financial Services organizations is communication.
Professionals are often required to communicate fairly
complex nancial issues to a non-nance audience in a
simple and tactful way. They also need a genuine ability
to build long-term, successful, professional relationships
with clients, in addition to selling a product or service.
Problem solving and decision making are cited as key
qualications given the number of regulations with which
companies must comply with as well as the greater
number of environmental uncertainties that need to be
considered when approaching problems or challenges.
An aptitude for strategic thinking is especially important
as is the capability for assessing multiple outside factors,
evaluating options and risks as well as solving complex
nancial challenges to keep the business moving forward.
High ShortageLow Shortage
Low
Importance
HighImportance
CommunicationProblem Solving & Decision Making
Strategic ThinkingPeople Management
Work-related Technical Skills
Creative Thinking
Critical Skills - Banking & Financial Services
What is Most Important and What is in Shortage?
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13CritiCal SkillS for Building a SuStainaBle WorkforCe and leaderShip BenCh Strength
How Banking & Financial ServicesOrganizations Attract and Retain Talent
Overwhelmingly, the vast majority of Banking & Financial Services organizations (83%) in the
region are prepared to pay more to secure highly skilled, qualied and experienced professionals.
Organizations are also committed to providing their top
talent with training opportunities (71%). Ongoing
education and professional training for Banking & Finance
professionals is an important means for covering gaps in
both technical and non-technical or soft skills. During
times of uncertainty, salary and training budgets were
under pressure. However, with improving economic and
business conditions, resources spent developing and
implementing appropriate employee training and
development programs will be an important investment
for an organizations future.
62% of the survey respondents would provide
opportunities for internal advancement to retain their best
and brightest talent.
Respondents also reported that work life balance
initiatives were key to talent attraction and retention.
More than 40% of those surveyed feel that exible
working options that support the lifestyle choices of their
employees have a positive impact in helping them nd
and keep strong performers.
How do Banking & Financial Services organizations attract and retain mid to senior level talent
with the right skills?
Internal promotion
Work life balance initiatives
Hiring from other organizations
Attract younger workers
Attract older and experienced workers
Increased reliance on foreign talent
Delayed retirement
Temporary or contract work arrangements
Others
Attractive and competitive pay & benets
Talent and career development training
83%
71%
62%
42%
25%
17%
17%
9%
8%
7%
1%
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Critical Skills in Engineering
In addition to the need to achieve technical competency in their area of expertise, professionals
in the Engineering industry require an ever-increasing range of soft or people skills to maintainrelevance in the global work environment.
Thinking around problems and being able to identify
solutions is another skill that half of the Engineering
organizations place in high value. Even if the problem
seems minor, mid to senior level executives who are able
to pin point ways forward and weigh the consequences of
each solution are highly valued.
The most in-demand skill for professionals in Engineering
is communication, which is also in short supply. Verbal
and nonverbal communication skills are especially
important as Engineering professionals are often required
to relay fairly complex technical issues to a non-technical
audience.
An increased focus on work-related technical skills (59%)
is also evident among Engineering organizations. While
technical competency in the respective areas of expertise
is an obvious credential, an overall understanding of the
techniques and processes currently deployed to meet
business needs and the linkage to projects and
responsibilities is critical for Engineering professionals to
be successful.
High ShortageLow Shortage
Low
Importance
HighImportance
CommunicationWork-related Technical Skill
Problem Solving & Decision MakingPeople Management
Teamwork
Creative ThinkingInitiative & Enterprise
Critical Skills - Engineering
What is Most Important and What is in Shortage?
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How Engineering Organizations Attract andRetain Talent
To attract and retain mid to senior level talent, the vast majority of Engineering organizations (83%)
are looking at offering attractive and competitive compensation and benets. This solutionpresents a signicant vulnerability within the marketplace as skills shortages could mean that highlyskilled talent will be able to demand higher remuneration, driving up business costs.
Training is another popular means to motivate and retain
talent with the right skills within Engineering organizations
(53%). Besides allowing them to cope better with the
sophisticated technical requirements of their job, it
enables mid to senior level talent to take on more
demanding assignments as well as achieve personal goals
of professsional advancement.
Close to half of the respondents in the Engineering sector
would consider promoting talent from within their
organization in an effort to engage mid to senior level
talent.
One out of three survey respondents would hire mid to
senior level talent from other organizations to ensure a
highly skilled workforce and 31% would offer work life
balance initiatives to promote a motivated workforce.
How do Engineering organizations attract and retain mid to senior level talent
with the right skills?
Internal promotion
Hiring from other organizations
Work life balance initiatives
Attract younger workers
Attract older and experienced workers
Increased reliance on foreign talent
Temporary or contract work arrangements
Delayed retirement
Others
Attractive and competitive pay & benets
Talent and career development training
83%
53%
48%
33%
31%
24%
13%
8%
7%
6%
1%
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16 CritiCal SkillS for Building a SuStainaBle WorkforCe and leaderShip BenCh Strength
Critical Skills in IT & Telecommunications
The most in-demand skills for mid to senior level talent in the IT & Telecommunications industry are
soft or people skills, which include communication, problem solving & decision making, strategicthinking and creative thinking. There is signicant overlap between these skills considered mostimportant and the Top 5 skills cited as the shortest in supply.
Faced with the rapid rate of technological change and a
great number of environmental uncertainties, this is
driving the need for IT professionals with strategic
thinking skills who are capable of looking at all of the
factors, evaluating options and risks as well as addressing
challenges to enact the business strategy.
Creative thinking is also growing in importance. IT
professionals are required to be able to think out of the
box, look at new ways of working, and solve diverse and
complex problems in order to deliver efcient and
innovative products and solutions to clients.
Given that IT projects are now planned and implemented
across country and cultural borders, communication is
the most in-demand skill for ensuring project success and
business growth.
IT & Telecommunications, as with many industries, has a
fast-moving landscape. Professionals in IT &
Telecommunications need to acquire transferable
problem solving and decision-making skills and be
capable of solving complex problems which do not always
have a right answer.
High ShortageLow Shortage
Low
Importance
HighImportance
CommunicationProblem Solving & Decision Making
Strategic ThinkingCreative ThinkingPeople Management
Global Mindset
Critical Skills - IT & Telecommunications
What is Most Important and What is in Shortage?
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17CritiCal SkillS for Building a SuStainaBle WorkforCe and leaderShip BenCh Strength
How IT & Telecommunications OrganizationsAttract and Retain Talent
With the global economic recovery underway and competition for top talent rising again, the vast
majority (79%) of IT & Telecommunications organizations are prepared to pay more to secure highlyskilled, qualied and experienced professionals.
Training, again, features prominently (61%) as a
recruitment and retention strategy employed by the IT &
Telecommunications sector.
While mid to senior level IT professionals are skilled in
their areas of expertise, training can facilitate greater
understanding of how technology contributes to the
organization or business strategy and objectives. Besides
having in-depth knowledge of the technologies available
and emerging in the marketplace, leaders and managers
need to ensure that technology is adopted and
implemented to the organizations greatest advantage.
Some organizations also face challenges when they adopt
new and emerging technologies due to organizational
inertia and the lag that comes from system changes.
Training can help managers understand the potential
impact of the new technology from a business
perspective, which would enable them to convince their
clients and other stakeholders of the value of the technol-
ogy as well as the infrastructure required to be built and
implemented for the technology to work.
Providing opportunities for internal advancement within
an organization (60%) is another popular means for
covering gaps in skills. Mid to senior level talent from
within an organization would be familiar with the
organizational structure, key operating procedures as well
as corporate culture. They would also have had exposure
to important networks, which include clients, vendors and
other afliated organizations.
How do IT & Telecommunications organizations attract and retain mid to senior level talent
with the right skills?
Internal promotion
Work life balance initiatives
Hiring from other organizations
Attract younger workers
Attract older and experienced workers
Increased reliance on foreign talent
Delayed retirement
Temporary or contract work arrangements
Others
Attractive and competitive pay & benets
Career and talent development training
79%
61%
60%
36%
26%
16%
11%
7%
4%
2%
16%
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18 CritiCal SkillS for Building a SuStainaBle WorkforCe and leaderShip BenCh Strength
Critical Skills in Life Sciences & Pharmaceutical
Again, there is a signicant overlay between those skills termed high priority and those deemed to
be in shortest supply in the Life Sciences & Pharmaceutical sector. Four of the Top 5 skills with thegreatest shortfall among mid to senior level talent are also among the Top 5 skills regarded as themost critical for professionals in their organization. These include: people management,strategic thinking, problem solving and decision making, and creative thinking.
Professionals in Life Sciences & Pharmaceutical also need
to acquire transferable problem solving and decision
making skills and be capable of solving complex
problems which do not always have just one solution or a
right answer.
Creative thinking, which involves dening the problem,
generating and experimenting with ideas, and evaluating
options is also another important skill in the Life Sciences
& Pharmaceutical sector that is continuously evolving and
changing.
The ability to lead, motivate and inspire people and
teams is the skill termed highest priority for mid to senior
talent in the Life Sciences & Pharmaceutical sector. This
would include ensuring that the people they manage
have the right skills to move the business forward.
An aptitude for strategic thinking is especially
important as mid to senior professionals in Life Sciences &
Pharmaceutical must be able to look at all of the factors,
evaluate options and risks as well as solve complex issues
and challenges to make the business strategy happen.
High ShortageLow Shortage
Low
Importance
HighImportance
People ManagementStrategic Thinking
Problem Solving & Decision MakingCreative ThinkingCommunication
Initiative & Enterprise
Critical Skills - Life Sciences & Pharmaceutical
Whats Most Important and Whats in Shortage?
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19CritiCal SkillS for Building a SuStainaBle WorkforCe and leaderShip BenCh Strength
How Life Sciences & PharmaceuticalOrganizations Attract and Retain Talent
Life Sciences & Pharmaceutical organizations remained resilient and continued to operate smoothly
throughout the recent global economic downturn, contributing to the stability of the sector andcontinued demand for talented professionals, especially at the mid to senior levels.
To attract and create a sense of belonging for highly
skilled and experienced professionals, an overwhelming
number of the survey respondents from the Life Sciences
& Pharmaceutical sector (85%) are prepared to pay a
premium for talent. Again, this solution presents a
signicant vulnerability as it could have an impact on
operating margins and lead to wage ination.
Compared with other industries, organizations in Life
Sciences & Pharmacetical are more likely to promote
internally (68%) to retain and keep their top talent
engaged than offer training and development
opportunities (60%).
35% of respondents would look outside their
organization to hire top talent with the appropriate skills
and 34% of those surveyed feel that exible working
options that support the lifestyle choices of their
employees have a positive impact in helping them nd
and keep strong performers.
How do Life Sciences & Pharmaceutical organizations attract and retain mid to senior level talent
with the right skills?
Career and talent development training
Hiring from other organizations
Work life balance initiatives
Attract younger workers
Attract older and experienced workers
Temporary or contract work arrangements
Increased reliance on foreign talent
Delayed retirement
Others
Attractive and competitive pay & benet
Internal promotion
85%
68%
60%
35%
34%
26%
8%
5%
0%
23%
8%
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20 CritiCal SkillS for Building a SuStainaBle WorkforCe and leaderShip BenCh Strength
Critical Skills in Manufacturing
There is signicant overlap between the skills considered most important for mid to senior
executives in the Manufacturing sector and those deemed to be in limited supply. Four of theTop 5 skills with the greatest shortage within mid to senior level talent are among the Top 5 skillsconsidered to be most critical for professionals in the Manufacturing sector. These are:communication, problem solving & decision making, teamwork and creative thinking.
To manage effectively, mid to senior level executives need
to understand and know how to allocate human capital
and other resources as well as work with colleagues and
other stakeholders to schedule reasonable time frames for
project completion.
Further, there is a driving need for creative-thinking skills
in order to solve diverse and complex problems.
Globalization continues to transform the manufacturing
industry and is pushing organizations to become more
creative with their products and services in order to meet
their customers needs and effectively compete in the
global economy.
Communication as well as problem solving and decision
making are the most in-demand skills for professionals
in Manufacturing. Organizations are looking for mid to
senior level talent who can articulate information and
engage stakeholders in both verbal and written form as
well as present themselves in a professional manner.
Thinking around problems, and the ability to evaluate
options and identify solutions, is another skill that
Manufacturing organizations place in high value. Even if
the problem seems small, mid to senior level executives
who can identify ways forward and weigh the
consequences of each solution are in high demand.
In addition, professionals in Manufacturing need to
acquire and develop skills to work in teams and manage
them.
High ShortageLow Shortage
Low
Importance
HighImportance
CommunicationProblem Solving & Decision Making
TeamworkCreative ThinkingWork-related Technical Skills
Strategic Thinking
Critical Skills - Manufacturing
What is Most Important and What is in Shortage?
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21CritiCal SkillS for Building a SuStainaBle WorkforCe and leaderShip BenCh Strength
How Manufacturing Organizations Attractand Retain Talent
With economies showing signs of improvement in the region and the competition for top talent
heating up again, the vast majority of Manufacturing rms (81%) are prepared to pay more tosecure highly skilled, qualied and experienced professionals.
Compared with other industries, organizations in
Manufacturing are more likely to promote internally (63%)
to retain and keep their top talent engaged than provide
training opportunities. Mid to senior level executives
within an organization would be familiar with the
organizational structure, key operating procedures as well
as corporate culture. This eliminates the inhibitions that
normally affect new employees when rst embarking on a
new job. They would also have had exposure to important
networks, which include clients, vendors and other
afliated organizations.
Top mid to senior level executives are also more likely to
remain with an organization if they see opportunities to
gain new skills and improve themselves through training
(61%). An organizations commitment to its leaders and
managers training and professional development will
boost their commitment to the organization.
An equal number of respondents would hire from other
organizations (32%) to ensure a highly skilled workforce as
well as offer work life balance initiatives (32%) to promote
a motivated workforce.
81%
How do Manufacturing organizations attract and retain mid to senior level talent
with the right skills?
Career and talent development training
Hiring from other organizations
Work life balance initiatives
Attract younger workers
Attract older and experienced workers
Increased reliance on foreign talent
Temporary or contract work arrangements
Delayed retirement
Others
Attractive and competitive pay & benets
Internal promotion 63%
61%
32%
18%
6%
4%
0%
32%
15%
5%
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22
Building a talent pipeline and succession planning rank
high on every organizations priority list. In order to
develop a sustainable talent pipeline and leadership
bench strength, organizations need to identify their key
people with the ability to assume expanded responsibility
in the future, and adopt strategies associated with skills
gap analysis, risk minimization, talent acquisition,
retention and development.
Asia Pacic is leading the global economic recovery, yet
many organizations still struggle with the extraordinary
gap between the supply of skills available in the
marketplace and the requirements of the workforce in
many industries.
Current skills shortages are expected to intensify as
organizations and employers anticipate the need to
engage more knowledge workers for high-skilled jobs that
will help their businesses grow as the economy rebounds.
The shortfall of mid to senior level talent with relevant
skills is compounded by changing demographics which
include the movement of talent within a country or across
borders and an ageing population in some markets.
However, organizations in Asia Pacic and globally will
always face a skills gap to some extent if they are staying
ahead of evolving market conditions and ever-growing
expectations from their clients and other stakeholders.
Instead of reacting to the skills gap with short-term
actions, organizations and other stakeholders should
continue to collaborate and take a more proactive
approach to identifying needs and forging long term
solutions.
Besides identifying specic skills that are in
decit, it is vital for businesses to match the skills of their
current workforce to changes in their strategy and goals.
Our research has established that skills shortages across
industries are now at critical levels and organizations
across different industries are threatened by many of the
same gaps in skills.
Developing highly skilled talent to be leaders of tomorrow
and allowing them to visualize what is possible today will
not only make a difference in their lives but will enrich our
communities now and for the future.
CritiCal SkillS for Building a SuStainaBle WorkforCe and leaderShip BenCh Strength
Conclusion
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Critical Skills Needs and Resources for the Changing Workforce: A study by the Society for Human Resource Management and WSJ.
com/Careers, www.shrm.org/Research/SurveyFindings/Articles/Pages/CriticalSkillsNeeds.aspx, June 2008
Doody, Michael F., Broader Range of Skills Distinguishes Successful CFOs, Healhcare Financial Management, September 2000
Eghbal, Media, Special Report: Skills shortage hinders Asia Pacic growth, www.euromonitor.com/Special_Report_Skills_shortage_
hinders_Asia_Pacic_growth, 6 May 2008
Galagan, Pat, Bridging the Skills Gap: New Factors Compound the Growing Skills Shortage,
www.astd.org/TD/Archives/2010/Feb/Free/1002_BridgingSkillsGap.htm, February 2010
Huff, Duane, How to Attract, Retain, and Motivate Top Notch People For Your Organization;
ezinearticles.com/?How-to-Attract,-Retain,-and-Motivate-Top-Notch-People-For-Your-Organization&id=1798757
Jacobs, Dianne, In search of future leaders: Managing the global talent pipeline, Ivey Business Journal, March/April 2005
Klaus, Peggy, The Hard Facts about Soft Skills, www.bettersoftskills.com/research.htm, 2008
Kumar, Avanti, Government and industry address ICT skills shortage in Malaysia, MIS Asia, 18 March 2010
Roger, Mark, The Importance of Information Technology Training from a Management Perspective, www.buzzle.com/articles/
the-importance-of-information-technology-training-from-a-management-perspective.html
Understanding skills shortages, Department of Education, Employment and Workplace Relations (DEEWR), Australia, www.skillsinfo.
gov.au/skills/SkillsIssues/UnderstandingSkillShortages/
23CritiCal SkillS for Building a SuStainaBle WorkforCe and leaderShip BenCh Strength
References
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