Human capital management, key to drive growth in Asia

Lee also announced new initiatives including the Singapore Leadership Initiative for building Networks and Knowledge (LINK) at one-North, which will bring together players from across the human capital value chain –— business schools, professional firms and corporate universities, to grow the pool of knowledge, develop methodologies and deliver solutions on human capital management and leadership for Asia.

LINK will house the Human Capital Leadership Institute (HCLI), a premier institution by the Ministry of Manpower and the Singapore Management University to raise strategic human capital capabilities, develop HR thought leadership in Asia and provide intellectual support for emerging industry challenges in this field. One of the landmark programmes to be offered is the Singapore Business Leaders Programme (SBLP), slated to start in 2010.  Targeted at senior executives from global and local companies who are likely to take on regional or global management responsibilities, the SBLP will be an iconic programme that will showcase the best of leadership development, networking opportunities, business exposure and HR and corporate practices in Asia.

This year’s Summit is themed ‘People Strategies for Asia’, with a focus on human capital management and leadership initiatives for the region.

Innovative practices

The sharing of innovative people practices from organisations in Asia is extended through the knowledge showcase, a new addition to the summit programme this year. The Knowledge Showcase captures the collaboration of businesses, professional service firms and government to inspire delegates in search of leading edge human capital development and management strategies. Participating organisations this year include Standard Chartered Bank and Accenture Services Limited, India (Accenture India), Singapore Training and Development Association (STADA), Human Capital Singapore, Ministry of Manpower (MOM).

The prestigious Asian Human Capital Award was launched at last year’s summit to recognise organisations in Asia for world-class, innovative and impactful people practices.

The inaugural winner is Accenture India and they will be presented with the award by the Minister for Manpower, Gan Kim Yong. Nominations for the Asian Human Capital Award 2010 will open from 1 October 2009. A key feature of the summit is the sharing of new knowledge by industry and thought leaders. One such initiative this year is the ministry of manpower (MOM)-commissioned research study by Ernst & Young Advisory (EYA) and the RBL Group, entitled “Identifying and Developing Managerial Talent in Asia”.

Highlighting the need for organisations in Asia to strengthen their human capital management and leadership capabilities in order to improve business performance, the study reveals that companies willing to invest in talent development record a higher business performance than those who do not.

Commenting on the implications of the research findings on organisations in Asia, Leo Yip, Permanent Secretary, MOM said, “A key challenge for organisations to sustain business growth is developing their next generation of leaders who can seize the opportunities in a fast growing Asia. This study has introduced new insights on how organisations can identify and develop managerial talent in Asia.”

Full research findings, along with a framework developed by EYA to help business leaders and HR professionals successfully identify, develop and continually engage their critical talent with potential for high impact on business performance, will be shared on 30 September at the Research on Asia –— Developing Leadership Pipeline plenary session.