The Looming Talent Gap in ASEAN
The Asian Institute of Finance is launching two new research reports at its International Symposium 2015 bringing to light significant developments in the search for skilled and talented industry professionals. The “Talent Gaps in the Financial Services Industry in Malaysia” and the “Skills Gaps in the Financial Services Industry in Malaysia” reports present the results of surveys conducted in participation with over 3,200 finance professionals across banking, capital markets, Islamic finance and insurance in Malaysia.
Dr Raymond Madden, Chief Executive Officer of AIF, said “based on our extensive industry research, 76 percent of employers in the country are struggling with talent shortages and more than half of these organisations say that this problem will continue to hinder organisational growth over the next three years.”
At a time when the financial services industry is facing growing talent shortages which are posing a very real threat to sustainable business success, AIF is hosting an international symposium themed around “Bridging the Talent Gap”. This two-day symposium held at Sasana Kijang, featuring speakers comprising senior business leaders from across ASEAN countries and global thought leaders in human capital development, is exploring the issues underlying the current talent crisis in the financial services industry and looking at potential solutions to this critical issue.
This new AIF research also reveals that the financial services industry is facing acute skill gaps, with financial service professionals found to be lacking in the skills needed for their organisations to grow and compete. The AIF survey results show that currently half of all Malaysian Hiring Managers and HR Directors cite the lack of a competent and skilled pool of candidates as a major reason for the acute shortage of talent they are experiencing.
“We believe this research raises important considerations for the financial services industry in planning for future growth. In addition to putting in place measures to up-skill their workforce, organisations should also be influenced to reassess their talent needs in terms of strategic focus. These are issues that we are exploring at the AIF symposium over the next two days,” Dr Madden added.
The AIF International Symposium 2015 is being officiated by Tan Sri Azman Hashim, Board Member of Asian Institute of Finance and Chairman of AmBank Group. Speakers at the Symposium include: Professor Herminia Ibarra, Cora Chaired Professor of Leadership and Learning, and Professor of Organisational Behaviour at INSEAD, who is a world renowned expert on professional and leadership development; Professor Adrian David Cheok, Director of Imagineering Institute, Iskandar, Malaysia and Professor of Pervasive Computing at City University London; Antony Lee, CEO, AIG Malaysia; Azran Osman-Rani, Group COO, iflix Malaysia; Professor Dave Ulrich, Rensis Likert Professor, Ross School of Business, University of Michigan, U.S.A.
For more information about the AIF International Symposium 2015: “Bridging The Talent Gap”, visit http://www.aif.org.my/events/symposium2015.
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About Asian Institute of Finance
Asian Institute of Finance (AIF) is a think tank jointly established by Bank Negara Malaysia and the Securities Commission Malaysia, to enhance human capital development and talent management across the financial services industry in Asia.
The Institute believes in the importance of attracting, developing and retaining talented individuals towards ensuring the development and sustainability of the industry. It advocates these principles via domestic and regional alliances with industry, multilateral organisations and applied research institutes with the sole aim of researching and producing thought leadership on human capital and talent management.
AIF works closely with our Affiliate Institutes, namely Asian Institute of Chartered Bankers and Asian Banking School, Islamic Banking and Finance Institute Malaysia, The Malaysian Insurance Institute and Securities Industry Development Corporation, through our research, thought leadership, professional standards and capacity building initiatives.
For more information, please visit www.aif.org.my.