The talent landscape of Asia Pacific and the Middle East (APAC & ME) is experiencing a period of unprecedented change. Fuelled by socio-economic factors and technological advancements, companies are discovering that harnessing talent through innovative technology is essential for growth. This is the central theme of the People Matters SHRPA 2024 report, a comprehensive study designed to shed light on the evolving HR industry.
HR has come a long way from its early days focused on payroll and record-keeping. What started as simple paper-based processes in the early 1900s has transformed through the advent of HRMS systems in the 1980s to the current era of advanced analytics and AI. As businesses evolve, HR too must innovate and adopt new strategies for talent management to stay ahead in a rapidly changing landscape.
Addressing the knowledge gap
The SHRPA report was born out of a pressing need. As businesses grapple with rapid changes in technology, economic conditions, and employee expectations, HR professionals often find themselves struggling to keep pace. The report aims to bridge this knowledge gap, providing HR leaders with actionable insights to navigate the complexities of the evolving industry and prepare for the challenges and opportunities of the next 12-18 months.
The report leverages a multi-pronged approach to paint a complete picture. Data is culled from two surveys – The People Matters HR & Business Leaders Survey 2024 and The People Matters Service Provider Leaders Survey 2024 – conducted across APAC and ME. The findings were supported by 25-plus interviews with HR leaders, CXOs, tech experts and investors to create a source of truth for the HR industry.
Key priorities for HR
The SHRPA 2024 report reveals a clear trend: CXOs and HR leaders in Asia Pacific and the Middle East are increasingly recognizing the strategic importance of talent. A workforce equipped with agility, a digital mindset, and the right skills is an imperative for future growth. Businesses can no longer rely solely on cost competitiveness or market expansion; the key lies in fostering a workforce equipped to navigate a rapidly evolving environment.
The report identifies three key priorities for HR departments:
Closing critical skill gaps: Upskilling and reskilling initiatives are crucial to ensure the workforce possesses the necessary skills to thrive in the digital age.
Mapping employee needs to organisational goals: Aligning individual aspirations with company objectives creates a win-win situation for both parties.
Leveraging borderless talent solutions: Tapping into global talent pools allows businesses to access specific skill sets that might not be readily available in their immediate markets.
Industry leaders echo the findings of the SHRPA report. Saakshi Wadhawan, Head HR, Southeast Asia at Livspace, states the increasing challenge of securing relevant talent in the market. “As the business landscape evolves, one of the biggest challenges leaders are likely to face is the availability of relevant talent in the markets they operate in,” she says.
Diana Spalding, APAC Sales of Employee Experience at ServiceNow, highlights the growing importance of flexibility in the workforce. “There’s a growing emphasis on mobile workforces, allowing employees to work remotely or collaborate across different locations,” she explains. “Businesses need to be adaptable to keep pace with changing market demands. These factors necessitate a more flexible talent pool.”
The SHRPA report, which offers a wealth of insights into the future of HR in the APAC and ME regions, makes one thing clear: talent strategy is the key to business growth. The report challenges HR leaders to reevaluate their approaches, embrace technology, and align their strategies with the evolving needs of both businesses and employees.
Download the SHRPA 2024 report now for more insights.