Significant levels of attrition are impacting succession planning and producing a knowledge gap in the Philippines, according to the latest Chief of Staff Asia research paper. The report, titled How HR is Faring in Post-Covid Philippines, launched today and is available for free subscriber download here.
It notes that the Philippines is an exciting market as we move into the Year of the Dragon. The country is expected to post GDP growth of between 6% and 7% in 2024, which is expected to be the largest expansion in the region. But maintaining this economic growth, and making a sustainable recovery out of the Philippines’ particularly painful Covid experience, is not going to be easy, and HR teams will have a significant role to play.
Sources speaking with Chief of Staff Asia believe the Philippines needs to create a competent, energised, and adaptable workforce that will allow businesses to thrive in future adversity. However, record high rates of attrition are forming a massive roadblock to that goal.
Mharicar Castillo-Reyes, President and CEO of local technology outfit Asticom, says succession planning is being impeded in particular due to the loss of expertise. Institutional memory, in-depth knowledge, and industry-specific expertise that middle managers depart with leave a knowledge gap that becomes exceedingly challenging to fill across organisations of all sizes and types.
The full report is available for subscriber download now, with further extracts to be shared across Chief of Staff Asia’s networks over the next two weeks.
