Regional Market Trends
The APAC region is undergoing a significant workforce transformation, driven by technological advancements, shifting demographics, and evolving employee expectations. Let's delve deeper into some key trends and data points:
The Rise of Remote and Hybrid Work:
PwC's Asia Pacific Workforce Hopes and Fears Survey 2024 found that 64% of employees in APAC prioritize flexibility as a top job priority.
A WTW 2024 July Salary Budget Planning Survey Report indicates that many APAC organisations are adopting hybrid work models to attract and retain talent.
The Digital Skills Gap:
LinkedIn's 2024 Workplace Learning Report reveals a significant demand for digital skills, particularly in areas like AI, machine learning, and data science.
A BTI Executive Search report highlights the increasing need for tech-savvy talent across various industries in the region.
The Great Resignation, APAC Style:
PwC's 2024 survey shows that 31% of APAC workers are likely to change jobs in the next year, indicating a high level of job mobility.
WTW's 2024 Salary Budget Planning Survey Report suggests that organisations are offering higher salary increases to retain top talent.
Aging Workforce and Intergenerational Challenges:
McKinsey & Company's 2023 report highlights the aging workforce in several APAC countries, particularly Japan and South Korea.
Deloitte's 2024 Human Capital Trends report emphasizes the need for intergenerational collaboration and knowledge transfer.
Diversity, Equity, and Inclusion (DE&I):
McKinsey & Company's 2023 Women in the Workplace report shows that while progress is being made, there is still room for improvement in terms of gender diversity and inclusion in APAC workplaces.
To navigate these trends, APAC organisations should:
Invest in Upskilling and Reskilling: Equip employees with the skills needed to thrive in the digital age.
Prioritize Employee Experience: Create a positive and inclusive work environment.
Embrace Technology: Leverage technology to improve efficiency and productivity.
Adapt to Hybrid Work Models: Implement effective strategies for remote and hybrid work.
Foster Diversity and Inclusion: Create a diverse and inclusive workforce to drive innovation.
By understanding these trends and taking proactive steps, APAC organisations can build a resilient and high-performing workforce.
So, what's the takeaway for businesses in APAC? It's time to take a hard look at your portfolio and make some strategic adjustments. By embracing change and adapting to the evolving marketplace, companies can unlock new opportunities and thrive in the dynamic APAC region.
SOURCE: https://www2.deloitte.com/id/en/pages/about-deloitte/articles/companies-across-asia-pacific-face-urgent-need-for-portfolio-rebalancing.html
Across bustling metropolises and emerging economies of Asia Pacific (APAC), a wave of change is rippling through businesses. Deloitte's research suggests there's an urgent need for companies to rebalance their portfolios (think of it like a company's mix of products and services). Here's why:
Growth Slowdown: The once-unstoppable growth rates in the region are slowing down. This means businesses can't just rely on the rising tide to lift all boats.
Shifting Consumer Preferences: Consumers in APAC are becoming more sophisticated and demanding. They're looking for innovative products and services that align with their values. (Imagine all those tech-savvy millennials!)
Disruptive Technologies: New technologies like artificial intelligence (AI) and automation are changing the game across industries. Companies need to adapt to stay ahead of the curve.
The good news? This isn't just a threat, it's an opportunity! By strategically rebalancing their portfolios, companies can:
Unlock New Growth Markets: Explore high-growth areas like digital services, healthcare, and sustainability.
Optimize Existing Businesses: Streamline operations, invest in innovation, and improve efficiency. This could involve cutting costs in some areas and investing more in others.
Stay Competitive: Keep pace with disruptive technologies and changing consumer preferences.
Data Points to Consider:
Deloitte's research suggests that 60% of APAC CEOs are actively considering portfolio actions, such as mergers, acquisitions, and divestitures.
Emerging markets within APAC, like Southeast Asia, are expected to be key drivers of future growth.
Key Finding: Micro-multinational companies (micro-MNCs) in the Asia Pacific (APAC) region are optimistic about the future of cross-border e-commerce and digital trade.
71% of surveyed micro-MNCs involved in cross-border e-commerce remain optimistic about the future of the sector in the coming year.
Market Demand: Expectation of continued growth in consumer demand for cross-border e-commerce solutions.
Policy Environment: Belief in supportive government policies fostering digital trade initiatives.
Technological Advancements: Confidence that advancements in technology will continue to drive efficiency and accessibility in cross-border trade.
Technology Adoption: Micro-MNCs are emphasizing the importance of technology adoption to optimize cross-border operations.
Branding Focus: 88% of surveyed companies highlighted branding as a critical factor for long-term business growth. Effective branding fosters customer loyalty and a competitive edge in the crowded online marketplace.
Overall, the report suggests that APAC micro-MNCs are actively embracing digital trade and see it as a key driver of future growth. Their focus on technology adoption and strong brand development positions them to capitalize on the growing opportunities in the APAC digital trade landscape.
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