KellyOCGFreeAgentWorkforce

Reshape your workforce

Understand and adopt the global free agent workstyle trend

Key Takeaway

The critical brain drain issue affecting Malaysia can be partially addressed by adopting the Free Agent Workstyle trend which is gaining momentum globally.

This comment is in response to ASEAN TODAY’s recent article, Malaysia’s brain drain reaching critical stage, which outlined the dire state of the country’s perennial brain drain issue, highlighting the following :

* 26 percent of Malaysians who have US$30 million of investable assets are planning to migrate within the next 10 years. This is much higher than the average rate of 16 percent  in the region;
* Economic reasons are the main push, with 84 percent of Malaysian jobseekers willing to pack up and leave for an overseas job just so that their lives would be better;
* a World Bank study showed that 72 percent of those Malaysians who have migrated do so for better career opportunities;
* In 2015, there were 2,206 Employees Provident Fund (EPF) withdrawals by Malaysians leaving the country, as compared to 1,787 in 2014;
* As of 2011, about one million Malaysians are overseas – a substantial number considering that the population of Malaysia is about 30 million;
* 2 out of 10 Malaysian professionals eventually leave the country;
* The poor economic climate is the main reason, with over 6,500 employees from 114 companies having been laid off. About 78 percent of them are from the finance and insurance sectors;
* Malaysia’s talent shortage will drive more multinationals  – which set up business in Malaysia in the last five years – to move away to set up facilities and invest in neighbouring ASEAN markets including Philippines, Vietnam and Thailand;
* Over the last five years, TalentCorp managed to attract only  3,600 professionals and skilled workers back to the country.

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A deteriorating state

This ASEAN TODAY article hits the nation’s brain drain issue right on its head, and accurately depicts the alarming and deteriorating state of continual HR talent losses from this market.

As of 2011, about one million Malaysians are overseas – a substantial number considering that the population of Malaysia is about 30 million

While the Malaysian government is making considerable efforts to address this, corporations and organisations (Private and Public sector, multinationals and SMEs) need to see the urgency of acting in their own capacity to help themselves – since business productivity and sustainability cannot rely on expecting this massive problem to be resolved by the government anytime soon.

So what can employers do? What actions do corporations take to resolve the issue of INSUFFICENT HR TALENT & RESOURCES?

Develop a robust talent engagement framework

They need to prioritise having a Talent Supply Chain Management (SCM) strategy today!

If you don’t have one, start one now. If you already have one, ramp-up the effort to activate it.

KellyOCG believes that Malaysia’s fundamental workforce and talent, is highly adaptable to this Free Agent model, especially in the Gen Y and Gen Z pool of mid-20s to early 40s employees.

Basically, corporations need to change how they are managing their talent resources. They need to accept that the brain drain issue is not going away for the next few years at least; so plan to move away from traditional employment to a Robust Talent Engagement Framework.

The Free Agent Workstyle

There are many ways to do this, but KellyOCG’s key advocacy now is to reshape your workforce to adopt the Free Agent Workstyle trend – a movement that is already hitting the US, Europe and many Asian regions.

KellyOCG believes that Malaysia’s fundamental workforce and talent, is highly adaptable to this Free Agent model, especially in the Gen Y and Gen Z pool of mid-20s to early 40s employees.

Adopting a ‘Free Agent’ model as part of the company’s Talent Supply Chain Management (SCM) strategy fits well to an overall flexible and varied approach to sourcing workers for the company.

The Non-Traditional way of filling the need for a workable workforce in a company, besides Full Time Employees, may involve :-
a) Temporary Staff;
b) Independent Contractors / Freelancers;
c) Service Providers;
d) Alumni, Retirees & Interns
…to make up for a more fortified Talent Supply Chain Management (SCM) Strategy.

In short, internally, there are numerous ways and action points that corporations and organisations can take to do something about the impact of Malaysia’s brain drain problem on their talent and HR requirements. These include :

  • talent optimisation;
  • good succession planning;
  • building employee competencies;
  • managing transitions; and much more.

But immediately and most fundamentally, KellyOCG is saying – First, work at a Non-Traditional Talent Supply Chain Management (SCM) Strategy that incorporates the free agent workstyle trend that we believe, will work quite well in Malaysia’s corporate culture.

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View the full KellyOCG Free Agent Workforce diagram

KellyOCG Free Agent Workforce image adapted from KellyOCG Free Agent Workforce diagram, courtesy Kelly OCG
#freeagent #braindrain





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