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Posted: 27 Aug 2012 06:26 PM PDT

IN human resource and some corporate circles, talent often refers to employees and in most cases, key staff.

One of the statements many organisations and business leaders have professed is that their staff, their people, are their greatest asset.

Unfortunately, a majority of these organisations are probably not making the best use of their talent. More often than not, this usually stems from a lack of planning or having a long term view, and in some cases, both. Most organisations hire talent to satisfy an immediate need but consideration for their future requirements is often overshadowed by the need to fill a vacancy with an individual who can deliver immediate results, as quickly as possible.

A client, a forward looking one at that, when formulating the requirements for a key hire, once asked me to take into consideration that the company aspired to be public-listed within a 12 to 24 -month horizon. Clearly, any candidate for the role needed to be able to operate in the current as well as the future state of the company.

Another reason to take a longer term view in the talent acquisition process is the buy vs build' dilemma.

Those of us who have been in the workforce for the last decade or so, will know that it is almost a certainty that when a company needs to reassess its staffing cost during an economic downturn, the more expensive employees are usually the first on the chopping-block. However, these are often the people with the most experience and knowledge in the organisation. As such, optimising talent in such as situation would require further due diligence to determine which high-cost talent the organization can and cannot afford to lose.

This often boils down to how important talent management is to the organization and what other areas an organization can be managed' in times of crisis, rather than taking a broad stroke approach to immediately minimize operating cost by retrenching the most highly paid executives. One needs to consider the potential secondary costs involved, for example; if the initial hire needs to be compensated should a redundancy take place and the knock-on cost of rehiring.

The impact on staff morale due to the departure and the loss of productivity are also issues that need to be dealt with. All things considered, it is not only prudent but essential to take a long term and deliberate view when acquiring talent. Whilst talent development and retention may be considered costly exercises, the cost of having to bring in another executive to meet the needs of the next phase of the business further down the road may actually end up costing the company even more than keeping the initial hire.

One of the key questions I would ask potential candidates during an interview is, are you making the best use of your talent? Academic qualifications and experience do not necessarily relate to the innate ability we also call talent. It has more to do with what an individual enjoys doing and how this skill can add value to an organisation.

Most executives who are climbing the corporate ladder often strive and put a great deal of effort into reaching the next step. Although, once they achieve some level of success they sometimes feel that they have "been there, done that" and they begin to lose focus on developing their core skill set. I had a recent conversation with a human resource director whom I tried to headhunt for a multinational company that was starting its operations in Malaysia.

The individual was not keen to move even though it was a bigger role and the compensation was almost 40% more than her current salary. Her reason was that she was comfortable in her current role and she did not want to start over in a new organisation where she would have to lay the foundation for systems and build her team again. In other instances I have encountered candidates who have given other reasons for not taking on bigger, more challenging roles to enhance their skills and hone their abilities further.

The most common ones include wanting a country role after being in a regional role so that they are not required to travel as frequently and preferring to remain a single contributor rather than managing a team.

As such, these executives tend to stop growing and may eventually stagnate in their careers.

On the other hand, I have met managing directors and CEOs who are in their fifties and are still making the most of their talent. One such individual is currently the CEO of a large manufacturing plant in China.

He had just returned to Malaysia after a posting in North Asia when I presented him with the opportunity to turn around a manufacturing plant in China. Upon hearing the details of the role and giving the opportunity sufficient deliberation, he gave me the "green light" to share his profile with my client. After their first meeting, we were already talking about making arrangements for him to see the plant in China.

This individual was very much aware of what he wanted and he decided that he was going to gain even more exposure and further his career even more by taking on this next challenge. Hence, he was able to maximise his talent and push himself even higher up the corporate ladder.

Therefore, when dealing with talent issues let us consider the primary objective or the end-game.

If we are ultimately trying to build a talent rich organisation, it is essential to have the right talent at the right time. This would probably involve a great deal of planning and discipline to prioritise this objective especially if the company's revenue is declining and there is pressure to cut costs. From an individuals' perspective it is important to keep oneself current and that includes taking on roles that will help enhance your skills or take you to the next level.

At the very least we may run the risk of not maximizing our talent or in some cases become a dinosaur.' So, let's make the best use of our talent, shall we?

Pauline Ng is the consulting firector and head of BTI Consultants. She believes that everyone should maximise their talent as this will result in raising the bar as individuals, organisations and as a nation.

Malaysia's Q1 retail sales below forecast

Posted: 27 Aug 2012 06:24 PM PDT

PETALING JAYA: Malaysia's retail industry recorded sales growth of 6.9% in the first quarter of this year, which was lower than retailers' initial forecast of 12.1%, according to Retail Group Malaysia.

"The retail result of the first three months of this year was positive because of several incentives introduced by the Government since late last year," Retail Group Malaysia managing director Tan Hai Hsin said in the latest Malaysia Retail Industry Report.

He noted that about 1.2 million Government servants enjoyed higher salaries this year.

"The RM100 and RM200 book vouchers that were given to school students by the Government had boosted sales in bookstores nationwide for the first quarter of this year.

"The Government had also released a one-off RM500 aid under the Bantuan Rakyat 1Malaysia (BR1M) to close to four million households with income less than RM3,000 per month from the month of March. All these had increased retail spending from the masses during the early part of this year," Tan said.

An analyst from a bank-backed brokerage concurred that the various initiatives by the Government helped boost consumer spending in the first quarter.

"The various Government measures such as the BR1M scheme, the Skim Amanah Rakyat 1Malaysia (SARA 1Malaysia) scheme and the salary hike for civil servants all helped to boost the disposable income and purchasing power of Malaysians in the first quarter," he said. Tan noted that despite the encouraging first quarter result, retailers still needed to absorb the rising cost of goods and offer attractive discounts to attract shoppers to buy at the same time.

"Profit margin growth during this period was poor," he said.

As for the second quarter, Tan said members of the retailers' association remained optimistic of their businesses during the period.

"They expect their sales to rise by 11.7% compared with the same period in 2011.

"However, Retail Group Malaysia is expecting a lower growth rate of 5.5% only.

"This is due to poor economic prospects during the second quarter as well as higher base achieved in 2011 at 9.1%."

Another analyst said he expected flat growth in the second quarter of this year.

"This is mainly because there was a lack of major festive holidays in the second quarter which would have driven consumer spending.

"We expect better growth in the third quarter, due to the Hari Raya holidays," she said.

For the second quarter, Retail Group Malaysia said it is lowering its estimate to 5.5% instead of 11.7%.

"During this period, the European crisis did not turn positive, the US economy was also not recovering at a sustainable pace and China experienced slowing export and declining domestic demand.

"All these led to Malaysian consumers remaining cautious in their spending. Retail sales had slowed down slightly."

For the third quarter, Tan said the growth rate is estimated at 6% due to Hari Raya celebration.

"Furthermore, 1.25 million civil servants received half-month bonus with a minimum payment of RM500 recently (while) 657,000 Government pensioners have also benefited with RM500 special payment."

Retail Group Malaysia is forecasting the retail industry to expand by 5.5% in the fourth quarter of 2012.

"Malaysian consumers will still remain cautious in their retail spending. They are uncertain of their prospects due to the impending general election. Their confidence level may improve after the Budget 2013 announcement in end-September," said Tan.

KLCI slips in early trade

Posted: 27 Aug 2012 06:17 PM PDT

KUALA LUMPUR: The FBM KLCI slipped in early trade on Tuesday, weighed down by mild losses in MMHE and BAT but the broader market was firmer.

At 9.02am, the FBM KLCI was down 0.03 of a point to 1,648.10. Turnover was 41.07 million shares valued at RM13.93mil. There were 95 gainers, 62 losers and 113 counters unchanged.

Reuters reported markets from stocks to currencies were caught in ranges on Tuesday as investors waited for a gathering of central bankers and economists at Jackson Hole, Wyoming, later in the week for clues over the Federal Reserve's potential easing options.

At Bursa Malaysia, Tradewinds Plantations fell six sen to RM4.40, Oriental Holdings and MMHE fell five sen each to RM7.85 and RM4.68 while Carlsberg and BAT shed four sen to RM12.36 and RM62.56.

Amway was the top gainer, up 40 sen to RM11.30, Aeon Credit added 16 sen to RM13.46 while Favelle Favco gained nine sen to RM1.84 and MISC six sen to RM4.42.

Kredit: www.thestar.com.my

Isnin, 27 Ogos 2012

The Star Online: Business

The Star Online: Business

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