We’re going to talk all about succession and business leadership development today.
While departments such as human resources may be labelled as cost centres, effective talent development and management can reap tangible outcomes for businesses when it comes to the dollars and cents.
According to a report by the Boston Consulting Group in 2015,” talent magnets” – or companies that rated themselves strongest on 20 leadership and talent management capabilities – have increased their revenues 2.2 times faster and profits 1.5 times faster than their peers with weak practices.
On this front, the Singapore Business Federation’s Alliance for Action on Business Leadership has released a report to call out opportunities in the local talent development landscape and put forth recommendations on what key stakeholders can do to help Singaporeans earn their place at the corporate leadership table on a global stage.
But really, what is in it for businesses to train locals for leadership positions? How will local leaders make strategic decisions differently given their understanding of the local market, and how will training local leaders position firms for longer-term growth?
On Under the Radar, Drive Time’s finance presenter Chua Tian Tian spoke with Frank Koo, Head of Asia - Talent and Learning Solutions at LinkedIn and Albert Tsui, Executive Director, Advocacy and Policy at the Singapore Business Federation for more.