The effective management of cross-border talent is important to increase the flow of skilled labour in the Association of Southeast Asian Nations (ASEAN) region.
A newly released study from Accenture indicates the ASEAN region to have one of the fastest growing working age populations in the world.
About 50 million people from this region will enter the workforce between 2010 and 2020.
The ASEAN Economic Community (AEC) initiative is focused on increased flow of skilled labour, and this emphasizes the importance of effective management of cross-border talent as shown by Accenture study.
However, this is not easy as except Singapore, ASEAN-based firms struggle with limited availability and slow adoption of new technology.
"ASEAN is on the threshold of a new wave of change driven by demographic shifts, the explosion of digital technology and the opening of borders" said Grace Yip, a managing director at Accenture Singapore and co-author of the research. "Organisations need to reinvent their workplace, work practices and the management of talent to ensure they are ready to meet the future of work," she said.
Meeting the challenges
Accenture suggests ASEAN stakeholders to begin developing new and differentiated talent management strategies that cater to employees' diverse professional aspirations and priorities.
Organisations in ASEAN should also recalibrate operating models to maintain flexibility and tap into the extended workforce available in the region.
They should leverage diverse pools of talent and networks to meet business goals, focus less on command and control leadership and more on enabling decision-making.
All public sector leaders and policymakers in ASEAN should anticipate and align public sector investments to ensure talent is ready for the changing demands of industry.
These leaders and policymakers should also facilitate collaboration across business communities, public sector organisations and educational institutions to make this region sought after by businesses.
"As disruptive trends take hold and the region prepares for ASEAN's economic integration, companies and organisations must proactively adjust to the radically shifting world of work", said Yip. "Building on the positive changes occurring in the region will help position organisations for success, and create a stronger foundation to sustain ASEAN's growth trajectory."
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