At a time when HR managers are grappling with intense competition and acute talent crunch globally, a new study has found that most of the Asian companies are facing leadership crisis which in turn is affecting their future growth prospects.
According to a study conducted by global consultancy firm Hewitt Associates, frequent switching of jobs in search of better opportunities and changing employment contracts with employees are also posing major human resources challenges.
Despite having some of the most populated countries, the Asian region is facing shortage of skilled professionals.
"The relatively small talent pool in Asia has resulted in a leadership crisis in many organisations and an impediment to future growth," the report said.
The study, commissioned by Singapore's Ministry of Manpower, further showed that cultural norms that shape the value system of employees are witnessing a shift due to frequent job hopping.
"...Organisations in Asia are being confronted with a shifting set of cultural norms which shape the value system of their employees. Asia's workforce is increasingly individual- focused.
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"While life-long employment with one employer used to be common, employees are now changing jobs more frequently and are constantly searching for better employment opportunities," the report noted.
The study involved more than 80 business leaders and senior human resource practitioners in China, India and Singapore.