The region-wide shortage of skills and an unprecedented exodus from professional work have combined to push training departments much higher on corporate agendas.
This is one of the key conclusions of the latest Chief of Staff Asia research paper, focusing on training, learning, and employee development. Titled Time to Build: Learning and Development Strategies in the Retention Crisis, the report was released today.
While the epicentres of the “Great Resignation” and “Quiet Quitting” phenomena are based elsewhere, organisations across Southeast Asia are still feeling their continuing effects. Among the most obvious impacts has been an even greater tightening of hiring markets, with skilled talent now much more difficult, expensive, and time-consuming to bring on board.
Even worse, average tenures are also falling, so that talent can now be expected to move on to new roles (and possibly new organisations) far sooner than before.
This has led to a significant recalibration of the age-old question for workforce managers: whether to “build or buy” the skills needed in their organisations. The answer is now a resounding “build”, with training budgets rising around the world, but particularly in Southeast Asia.
HR leaders are now working to seize those opportunities to create new development programmes that are engaging, effective, and relevant to the fast-changing business environment.