'Indian firms operating in Asia face local talent crunch'

Indian companies working in the highly competitive Asian markets face severe constraints in hiring qualified local talent and dealing with expectations of quick financial turnaround from the local market, a study by voice and satellite services firm Telstra Global revealed.
According to Telstra Global's pan-Asia research report, Connection Countries, over half of local firms covered said they have achieved financial success over the last three years.
"Overall the firms projected a positive outlook, but they revealed that there are some clear challenges like qualified local talent crunch and high expectations of quick financial recovery," Telstra Global Head (Marketing, Products & Pricing) Nathan Bell told PTI.

The report, a first in an annual series, was commissioned to benchmark the mindset and strategies of high performing international companies in Asia, he added.
The study interviewed over 4,100 executives and managers with national or multinational company-experience working in Asia.
These firms were headquartered in more than 20 countries around the world, including the US, the UK, Germany, China, Australia, Japan, India, Hong Kong Singapore and Indonesia.

"Globally, ICT industry is a standout in Asia, with more than 70 per cent of these firms having been very successful in the past three years, compared to 61 per cent across other sectors," Bell said.

Over the next three years both financial services and insurance companies and those in the ICT sector are most bullish about exceeding their objectives in Asia, with 55 per cent and 51 per cent, respectively, compared to 42 per cent across the board, he added.
Enumerating traits of successful companies in Asia, Bell said such firms have the necessary foundations like a strong leadership and communication across global headquarters and local offices, combined with a long term view and investment strategy.
The report also revealed that China is the primary growth market for companies who see expansion into new markets as a high priority in Asia over the next three years, with 50 per cent of the respondents nominating China as part of their strategic expansion plans.

Besides, firms are also focused on expansion in Singapore (38 per cent respondents), Hong Kong (33 per cent) and India (32 per cent), it added.
The report also identifies a superior category of top business performers in Asia, Asia Business Champions, who exceeded their financial and strategic objectives in the last three years and are expected to do so again in the coming three years.
Asia Business Champions comprise top 5 per cent of the overall companies in Asia. Thirty-two per cent of Asia Business Champions are firms headquartered in the US. The UK companies make up 8 per cent.