Navigating Talent Acquisition and Retention Challenges in Asia Today : Insights from Newbridge

Drawing and retaining top-tier talent is a critical determinant of success, presenting a significant challenge in the current economic landscape. However, the ongoing power struggle between employers and employees, exacerbated by recent trends such as the "great resignation," quiet quitting, quiet firing, remote work (WFH), and the return to the office, has made it increasingly difficult to identify, attract, and retain high-level executive talent.

As a comprehensive digital acceleration partner, Newbridge provides holistic solutions that cater to clients' specific needs and drive their digital transformation journey.

Indeed, Newbridge has recently made substantial strides to strengthen the market presence of a prominent financial services company in Asia. We achieved this by strategically assembling a highly skilled C-Suite team. After recently onboarding a C-level executives to aid our clients Asia expansion, we have gathered valuable insights.

Adapting to Evolving Situations: The Need for Flexible Approaches

According to a preliminary estimate, Singapore's seasonally adjusted unemployment rate in Q2 of 2023 increased slightly to 1.9% from the previous period's 1.8%. The number of laid-off workers decreased to 3,200, reaching a pre-pandemic level, compared to 3,820 in Q1. The retrenchment trend was primarily observed in the services sector, particularly in IT services and wholesale trade. However, there was a notable decline in retrenched workers in the manufacturing sector. Concurrently, employment saw growth for the seventh consecutive quarter, with an increase of 23,700 jobs. Nevertheless, the pace of growth has significantly moderated. Notably, the rise in employment was driven solely by non-residents, with the construction sector experiencing a boost due to sustained demand for both public and private sector projects.

?Nonetheless, experts concur that the C-level job market is poised for further transformation as executives increasingly exhibit adaptability and a drive to explore more financially rewarding or fulfilling career paths. Moreover, a particular group of executives shows eagerness to acquire new skills and fully embrace cutting-edge technologies, including artificial intelligence (AI). This trend is partly driven by the substantial demand from enterprises seeking leaders capable of harnessing technology to enhance customer experiences, optimize processes, and unlock potential avenues for revenue generation and business expansion. To initiate a targeted recruitment strategy for such talent, it is crucial to precisely understand the organization's requirements and identify the specific attributes of a leader that would align perfectly with the role.

Gaining Clarity on the Requirements for High-Caliber Talent

To ensure successful talent acquisition, it is crucial for organizations to be clear on their top-tier talent needs. This involves understanding the underlying reasons for hiring, whether it's for growth, strategic pivots, or expansion into new markets. It's essential to determine the leadership qualities required – whether the organization needs a visionary or someone who can roll up their sleeves and take action, or both. Additionally, having a well-defined budget is vital to attract suitable candidates, as underpaying an executive may lead to underperformance. When marketing the role, honesty is key, and job descriptions should avoid unnecessary skills and false culture claims. Focusing on soft skills and growth potential in candidates can be more valuable than seeking candidates with specific hard skills. By carefully considering these aspects, organizations can attract the right talent that aligns with their long-term vision and drives their success.

To gain clarity on these specific needs, we engage in in-depth consultations with our client companies. The team at Newbridge collaborates closely with the organizations seeking top-tier talent, conducting thorough interviews and workshops with key stakeholders. These interactions not only provide valuable insights into the client's culture and leadership dynamics but also help us to understand the vision and long-term goals of the company. Armed with this comprehensive understanding, Newbridge tailors its executive search process to target candidates whose values, experience, and aspirations align seamlessly with those of the client, ensuring a perfect fit.

How can the position be promoted? Be cautious about incorporating unnecessary competencies in the job description, making false assertions about company culture, and employing trendy jargon. There's nothing like luring an enthusiastic, qualified candidate only to dampen their enthusiasm when they discover they must excel in an obscure software program they could easily learn or that the "welcoming environment" is actually a dreary, poorly lit basement office. Bear in mind that it's more straightforward to hire for interpersonal skills and teach the missing technical skills rather than the other way around.

Additionally, assess the capabilities and potential of the candidate. What should the candidate be able to accomplish right away, and do they have the potential to grow into a more challenging role as the company adapts, expands, or undergoes significant changes?

Discovering Exceptional Talent Using Available Resources

We successfully assembled a powerful team of leaders through a strategic hiring approach that involved tapping into laid-off talent.

With plans to expand our client’s presence in the Asia., we aimed to rapidly scale up and build a cohesive team of leaders who possessed a deep understanding of our clients business and the prevailing economic landscape. The opportunity arose when layoffs which resulted in top-notch professionals seeking new opportunities, and our team was quick to spot this shift. We managed to bring onboard new hires occupying C-level executive positions and sharing a cultural philosophy that aligned perfectly with our client’s business.

Another effective tactic we employed was assessing competitors and identifying potential candidates whom we believed would seamlessly integrate into our client’s organization. We extended job offers to individuals who might not have actively sought a change but were open to exploring new prospects for career growth, which their current company couldn't provide.

Furthermore, we kept a close watch on social media platforms, especially LinkedIn, and closely followed trade publications to glean insights into companies that might be undergoing changes or have a similar culture to ours. This proactive approach allowed us to maintain an open mind when it comes to hiring talented individuals who may not be needed immediately but could fill key positions we anticipate requiring in the future.

Preserving Culture and Investments Through Effective Retention Strategies

Newbridge recognises the importance of effective talent retention strategies. To achieve this, we focus on providing comprehensive support for new employees during their initial days, ensuring easy access to necessary information and assistance. We create a memorable onboarding experience, offering not only well-equipped workspaces but also opportunities for new team members to connect with each other and the organization's culture. For leaders in Asia, Newbridge emphasises extending autonomy, trusting them to take ownership and lead with their innovative ideas. By promoting a culture of trust and support, Newbridge ensures that its talented executives feel valued and engaged, leading to long-term success and growth for the organization in the dynamic Asian market.?The company partners with its client organizations to develop tailored retention strategies that address the unique needs of each executive team member. We emphasise the importance of maintaining a positive work culture and offers guidance on fostering an environment where innovation, collaboration, and employee well-being thrive. To preserve investments in top-tier talent, Newbridge advocates for competitive compensation packages, performance-based incentives, and opportunities for career growth and skill development. By nurturing a supportive and empowering work environment, we help our clients to ensure that their executive teams remain committed and engaged, driving the company's success.

Teamwork Makes The Dream Work, And Talent Makes The Team

At Newbridge, the philosophy is simple - teamwork and talent go hand in hand. Building a cohesive and high-performing C-Suite team is critical to the success of any organization. Newbridge excels in facilitating seamless collaboration among top-level executives, ensuring that they complement each other's strengths and work cohesively towards shared goals. By assembling a highly skilled C-Suite team for a prominent financial services company in Asia, Newbridge has proven the impact of cohesive leadership on driving expansion endeavours and achieving remarkable outcomes.

Conclusion:

In the fiercely competitive Asian market, Newbridge has emerged as a trailblazer in talent acquisition and retention. By embracing flexible approaches, gaining clarity on client requirements, discovering exceptional talent, preserving culture through effective retention strategies, and fostering a collaborative work environment, we ensure that our clients have access to the best executive talent in the region. As Asia's business landscape continues to evolve, Newbridge remains steadfast in its commitment to helping organizations thrive by building high-level executive teams that drive digital transformation and sustainable growth. Through our personalised and holistic solutions, Newbridge has solidified its position as a strategic partner in shaping the success of businesses in Asia's dynamic economic landscape.