December2023IssueNo.18

THESTRATEGICIMPERATIVE:

TalentRetentionandSuccessionPlanningforHRProfessionalsandLeaders

TalentretentionandsuccessionplanningarecrucialfororganisationsintheAsiaPacificregion,whichcurrentlyfacessignificantchallengeswithtalentscarcity,retention,andattraction.Inthiswrite-up,wewilldiscusstheimportanceoftalentretentionandsuccessionplanningintheregion.Additionally,wewilloutlinestep-by-stepapproachesthatHRprofessionalsandleaderscantaketoadoptaproactivestanceintalentretentionandsuccessionplanning.

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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.

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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.

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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.

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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