The place to be ?
Ang Eng Siong, 33, has been promoted every year since he completed Oversea-Chinese Banking Corp. (OCBC)’s management associate program in 2010, when he was put in charge of two older, higher-ranked colleagues.
'My team members were all a lot more experienced in that particular role,' said Ang, now a vice-president of corporate treasury in Singapore under the chief financial officer. 'An opportunity to manage an important project would be rare so they wanted just to give me the exposure.'
Bloomberg reports that Banks and companies across Asia are putting local employees like Ang on a fast track to senior roles to counter a dearth of management expertise in the region and to deter staff from being poached by rivals. Samsung opened its first leadership academy outside of Korea in Singapore in October, following companies from OCBC to Unilever that have spent millions on training institutes in the region.
'Talent is in short supply and secondly businesses are growing faster than people can grow,' said John Nolan, Singapore-based senior vice president of human resources for global markets at Unilever. 'One way to fill that talent shortage is to accelerate the rate of readiness of your people.' He said the company’s philosophy is to try to promote employees in emerging markets faster than the five to six years it takes globally to move up a level.
The quicker advancements also mean faster salary increases. Pay for banks’ risk and compliance officers in Singapore and Hong Kong rose at about twice the pace of similar positions in New York and London this year amid a shortage of skilled staff, according to recruitment company Robert Half International.
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