Leadership is the top Human Capital trend in Southeast Asia, according to Deloitte's Global Human Capital Trends 2016 survey.
Ninety-three percent of the respondents in Singapore have indicated leadership as their key priority but less than half of them are ready or very ready to tackle this issue.
Most Singapore companies are not prepared for either developing current leaders or putting in place programmes required to develop effective future leaders.
Only 6 percent have a strong succession planning programme, a quarter have leadership programmes across organisational levels, and only 12 percent have programmes to build global leadership, millennial leaders and role-based leadership programmes.
"In Singapore, there are senior leaders that possess a legacy hierarchical Asian mindset, and they will need a paradigm shift in their thinking to adapt to the changing trends and challenges. Also, more rigorous leadership programmes are required to ensure a strong pipeline for building effective leaders for the future," said Indranil Roy, Head of Deloitte Leadership, Southeast Asia.
Ninety percent of Singapore leaders surveyed are aware of the increasing importance of organizational design and 46 percent are ready to deal with the challenges.
"Organisations in Singapore need to re-look at how to structure themselves for success as they adapt their organisational design to compete in the highly challenging local and rapidly expanding regional markets," said Jason Seng, Human Capital director for Deloitte Singapore. "In addition, employees will need to develop more effective teaming skills to work in and lead project based groups to deliver optimal results."
Ninety-one percent of business and human resources leaders in Southeast Asia believe that this is a key issue, but 53 percent feel that they are still not ready to address it.
Deloitte has identified digital transformation, globalisation and regionalisation, succession planning, and misalignment of leadership capabilities as some of the challenges for leadership development in Southeast Asia.
Organisations should break away from traditional structures and mindsets toward leadership development, and embrace transformation.
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