Three in four (75 percent) of Singapore C-suite leaders expect to be negatively impacted by talent shortages in the next three years, according to a new report by KellyOCG's APAC team.
The study surveyed 210 C-suite level executives across Singapore, Australia, India and Malaysia from industries such as banking and financial services, life sciences, healthcare and medical services, and manufacturing.
Nearly two-thirds (61 percent) of respondents in the region expect a negative impact on their business as a result of talent shortages in the next three years.
The C-suite leaders recognised HR's potential to enable business strategy, with about eight out of 10 perceiving their HR function to be either competent or fully competent at using strategic workforce insights.
The majority of C-suite leaders across APAC don't view their HR department as excelling or fully competent at enabling business strategies. This is especially so in Singapore, with 63 percent of leaders feeling this way.
"C-suite leaders understand that more needs to be done to ensure workforce planning is addressed when developing business strategies. In today's challenging business environment, some leaders are already working towards ensuring that they have a nimble workforce. To adapt during times of uncertainty, they are becoming increasingly dependent on contingent workers," said Tatiana Ohm, vice president and general manager, at KellyOCG SEA.
Elevating perceived competencies
Only half of organisations in Singapore engage workforce analytics tools to build their HR capabilities, suggesting that HR teams can do more to elevate their perceived competencies and secure a seat in the boardroom.
About 60 percent of C-suite leaders in Singapore cited the 'lack of available talent' as the most difficult issue faced when it came to attracting talent.
Nine in 10 executives in the region expect to maintain or increase their percentage of contingent workers in the next two years.
Businesses in Singapore have been slow to adopt these practices, with only 37 percent of them engaging external HR consultants who are well-positioned to provide insights to inform an innovative workforce strategy.
"Over the past few years, KellyOCG has seen businesses in the region expanding their use of the contingent workforce and leveraging this talent pool more strategically," said Peter Hamilton, KellyOCG APAC's vice president and regional director. "Many companies are now looking beyond filling immediate talent shortages and have started to recognise the contingent workforce as an integral part of a more holistic workforce structure."
Sign up for CIO Asia eNewsletters.