Priorities and drivers of change for the future of business

Businesses will be looking to the future as we enter 2024. Here are a few of the key drivers that are influencing change for organisations across the Asia-Pacific region.

CPID’s People Profession 2023: Asia-Pacific Survey outlined some of the top trends that have leaders’ attention. According to the study, digital transformation is of key concern for employers across Australia, with 37 per cent of respondents listing it as the top driver of change. This was compared to 28 per cent globally, highlighting just how important this theme is in Australia.

Comparatively, Hong Kong cited flexible working, industrial change, organisational agility, changing employment relationships, responsible business and social impact, and globalisation as the top influencers – much higher than the rest of APAC.

Economic change and rising costs were ranked highest in Malaysia, followed by digital transformation. Social media and content consumption was also ranked among the top five changes in Malaysia, the only country in the region to state this.

Compared to the rest of the world, Singapore was most likely to see the impact of digital technology platforms and changing workforce demographics as a key trend.

May Leng Kwok, head of market development global for CIPD, said: “APAC is a diverse region, and the report highlights the unique challenges and opportunities in talent management. Given the diversity of each market, it’s clear that a one-size-fits-all approach does not work region-wide. As we navigate these complexities, the survey acts as a compass, guiding us and people professionals to understand and address the intricacies shaping the future of work.”

Recruitment remains a persistent challenge across the region, and many are opting for remote hiring to plug gaps. Other means of reducing skills shortages is turning inwards and focusing on upskilling and reskilling to develop internally.

Meanwhile, unanimously across APAC, leaders agree that engaging with the workforce is a of top priority. According to CIPD, “this suggests that a cultural reset is needed to focus on employee experience, engagement, and culture in a post-pandemic workplace”.

Ms Leng Kwok continued: “Hybrid and flexible work models are reshaping the way we work, and it’s crucial for people teams and managers to recognise the profound implications for both individuals and business strategies. As organisations in APAC embrace this transformative era, they need to adopt a data-driven mindset, and thoroughly analyse how hybrid working uniquely impacts their market, employee segments, and internal and external stakeholders.”

“To adapt and thrive, organisations will need to explore creative solutions to enhance the employee experience, whether through dynamic career and skills development via job rotations, secondments, or robust support for professional qualifications and certifications.”

Aussies were the most positive about hybrid working situations, with 49 per cent agreeing that it makes it easier to support line managers, 48 per cent noting it makes management more manageable, and 45 per cent claiming it improves employee performance management.

Similarly, Australia also ranked highest in the belief that work affects mental and physical health (67 per cent and 64 per cent, respectively). Meanwhile, Singapore ranked lowest, at 34 per cent and 33 per cent, respectively.