Thai business leaders concerned over reduced talent supply in the next decade, study finds

[webfact]

Thai business leaders concerned over reduced  talent supply in the next decade, study finds

By The Nation

 

FILE photo

 

According to a new study by Korn Ferry, the US-based executive search and management consulting firm, business leaders in Thailand are concerned that a reduced talent supply may impact their ability to stay on track for forecast growth in the mid-term future.

 

Forty-six per cent of leaders said that talent shortages may force them to increase salaries unsustainably.

 

Leaders in Thailand have ambitious plans to grow their revenue in the near and long term.

 

Some 84 per cent said they plan to grow an average of 36 per cent by 2020, increasing to 47 per cent by 2030. 

 

They have similarly aggressive plans to grow headcount over the same time period: 80 per cent of organisations intend to increase headcount by an average of 37 per cent by 2020, rising to 48 per cent by 2030.

 

However, leaders in Thai organisations surveyed are more cautious about the availability of highly skilled talent than those in other nations.

 

Only 30 per cent of the top executives think there will be enough or even surplus talent by 2030, as opposed to 48 per cent of leaders worldwide. 

Still, they see technology as more important than talent in the future of work.

 

Around 82 per cent believe technology will overtake people as their greatest value creator over the same period, and 70 per cent rank technology among their highest priorities when developing and executing their company's strategy.

 

But the majority of leaders in Thailand do not see the future as a simple battle of man versus machine.

 

Some 88 per cent also said their companies would need more highly skilled workers as a proportion of the future workforce, with the same number agreeing that technology itself would create the need for more highly skilled jobs.

 

To deliver their strategies, 86 per cent of leaders in the Kingdom have a formal forecast for their skilled talent need, but only 9 per cent have plans that extend through to 2030. 

 

Although they are anticipating which roles will be most impactful in the future of work, 82 per cent say they find it easier to create action plans around technology and other tangible assets, citing pressure from shareholders for quick returns and short leadership tenures as contributing factors.

 

“The explosion in technology has vastly hastened the pace of business development. Flexible forecasting and business modelling are now more relevant than the traditional models, such as five-year plans,” said Michael Distefano, Korn Ferry president, Asia Pacific. 

 

“While scenario planning is critical to business growth, this rarely extends to a people plan’. As skilled workers become the lever of growth in the new economy, organisations must shift this mindset to become more agile and adopt a long-term approach when devising their talent strategy,” he added.

 

The world is teetering on the brink of an impending skilled labour shortage, set to hit developed and developing economies alike, according to the report. 

 

For Thailand, it is a challenge of significant proportions, and one that could constrain the country’s economic growth by 6.4 per cent in 2030. 

 

Globally, in 2030, Korn Ferry research forecasts talent shortages of 85.2 million skilled workers, resulting in US$8.452 trillion (Bt269 trillion) in unrealised revenue across 20 of the world’s major economies. 

 

As early as 2020, the worker deficit could hit 20.3 million people.

 

Source: http://www.nationmultimedia.com/detail/breakingnews/30365204

 

-- © Copyright The Nation 2019-03-05

[overherebc]

Plenty of Chinese about to fill in the gaps.

[Eligius]

Fake news: everybody knows that Thais are the most technologically talented and intellectually cutting-edge people in the world!

[RotBenz8888]

Oversupply with daft alcoholic cheaters

16 minutes ago, Eligius said:

Fake news: everybody knows that Thais are the most technologically talented and intellectually cutting-edge people in the world!

In terms of making copies.

[Eric Loh]

That's what happen when you reduce the education budget like in 2018 and education per capita is low; Malaysia spent double the education per capita. Meanwhile defence budget got a hike. Really a case of misplaced priority. 

[DrTuner]

Would be interesting to see figures of what sort of percentage of the young Thais that receive international schooling stay in Thailand. 100% of the five youngsters I know who graduated outside didn't come back. Staying in US, Switzerland and Oz.

 

And those would be the only hope for Thailand so the country is screwed. Nothing new here.

[boonrawdcnx]

Well the attitude of this countrie’s rich “elite” and consecutive governments keeping 95 % of Somchais more or less uneducated because they don’t need too much knowledge. (Grand mother was told when she was a child that she did not need to learn to read and write because she is a woman!)

The fact that most Thais have been kept too poor to afford a proper education seems to be paying off now!
Even so called higher education in this country must be substandard at best - or what else would be the reason for the rich to not trust a Thai education and send their children abroad to get a real education?
Thinking nor further than tomorrow they suddenly realize that in today’s world of digitalization one needs a bit more education than just to read and write or a quick fix vocational education.

It worked fine so far - the 1% that owns this country kept their slices of the cake and now and then threw a few crumbs to the peasants.
Well it seems like this attitude is coming back to bite them now!



Sent from my iPhone using Thaivisa Connect

[bizboi]

They haven’t got through THIS decade yet!!

[stanleycoin]

9 hours ago, Eligius said:

Fake news: everybody knows that Thais are the most technologically talented and intellectually cutting-edge people in the world!

yes, i totally agree,  maybe here would be a good start

for future recruitment drives. 

 

https://www.youtube.com/watch?v=HaNNkNzqurc

 

 

 

Edited March 5, 2019 by stanleycoin

[hotchilli]

I have a Thai friend who owns a small manufacturing business, he employs a total of 150 personnel at the moment. He is trying hard to break into ASEAN markets & into Europe, but is held back because he just cannot find Thai people with the required sales/skills to communicate with the international companies.

He say's every time the language barrier holds him back. Either with marketing/promotions, trade fairs, emails, telephone conversations etc etc.

He say's he just cannot find anyone who is proficient enough to communicate at a professional business level. All his foreign counterparts have good English skills but he just cannot compete at the same level. He says he is actually embarrassed when he has to communicate with other companies trying to do business!

 

 

[Cadbury]

On 3/5/2019 at 1:45 AM, webfact said:

Forty-six per cent of leaders said that talent shortages may force them to increase salaries unsustainably.

This is the payback for the third world corrupt education platform and having a myopic leader who tells impressionable school children that the Thai language will become the new international language.

Thailand is on the slide to economic darkness while countries like Malaysia and Vietnam will pick up the opportunities that Thailand is generously making available to them courtesy of their low talented work force and the costs they face in importing such talent. 

 

[KarlS]

1 minute ago, Cadbury said:

This is the payback for the third world corrupt education platform and having a myopic leader who tells impressionable school children that the Thai language will become the new international language.

Thailand is on the slide to economic darkness while countries like Malaysia and Vietnam will pick up the opportunities that Thailand is generously making available to them courtesy of their low talented work force and the costs they face in importing such talent. 

 

Can you explain why most(all?) western countries are concerned about current and projected future skill shortages?

[DrTuner]

1 hour ago, KarlS said:

Can you explain why most(all?) western countries are concerned about current and projected future skill shortages?

Low birth rates (thank feminists). They are trying to replace it with immigration but are getting scraps.

 

The fourth industrial revolution will require some very highly skilled people but less hoi polloi. We're all screwed, the peasants will eventually revolt and then we're back to dark ages.

[fruitman]

23 hours ago, DrTuner said:

Would be interesting to see figures of what sort of percentage of the young Thais that receive international schooling stay in Thailand. 100% of the five youngsters I know who graduated outside didn't come back. Staying in US, Switzerland and Oz.

 

And those would be the only hope for Thailand so the country is screwed. Nothing new here.

I know a lot Thai who studied abroad, maybe 1 out of 10 comes back but still works for the multinational company.

 

Once they have lived in the West they won't come back to the hell called BKK where nothing works properly.