{ "docId": "019dd923-5ca1-7489-b639-a22e527929b1", "docSlug": "94459f2263408b95", "documentTitle": "From Threats to Impact Asia-Pacific", "authorId": "OliverWyman", "authorName": "Marsh & McLennan Companies", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "strategy_consulting", "sourceTypeLabel": "Strategy consulting", "presentationDate": null, "orientation": "portrait", "aspectRatio": 0.707, "pageNumber": 31, "pageCount": 59, "prevPage": 30, "nextPage": 32, "slideType": "problem_statement", "function": "frame_problem", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a word cloud to visualize qualitative survey responses regarding business risks.", "elementsJson": [ "headline_text", "infographic", "paragraph", "footnote" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-5ca1-7489-b639-a22e527929b1/31", "deckHref": "/decks/019dd923-5ca1-7489-b639-a22e527929b1", "deckJsonHref": "/decks/019dd923-5ca1-7489-b639-a22e527929b1.json", "deckAnchorHref": "/decks/019dd923-5ca1-7489-b639-a22e527929b1#slide-31", "components": [ { "bbox": null, "kind": "callout", "text": "A future talent shortage is a major concern for organizations operating in Asia-Pacific, and this plays out in APRC's discussions and surveys with business leaders across the region.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd951-d9f0-7525-9c3e-3669ff7b0491", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.7, "x": 0.14, "y": 0.4 }, "kind": "disclaimer", "text": "Note: For our presentation of the Global Risk Report 2018 in New Zealand, Hong Kong, Singapore and the Philippines attended by business executives, the APRC asked participants the open question: 'What do you think are the top risks for business in your country in the next 10 years?'. The polling is not meant to be analyzed quantitatively and is aimed at soliciting responses outside the designated risk list identified in the EOS", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "086697af-a0ad-4ef7-a430-096c08545142", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.7, "x": 0.14, "y": 0.15 }, "kind": "image", "text": "Word cloud of business risks with 'Skills/Talent shortage' and 'Political/Governance' highlighted.", "attrs": null, "subkind": "infographic", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ddf04d16-dae5-43a6-a8ef-5056607eb634", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.7, "x": 0.14, "y": 0.47 }, "kind": "paragraph", "text": "A future talent shortage is a major concern for organizations operating in Asia-Pacific, and this plays out in APRC's discussions and surveys with business leaders across the region (Exhibit 16). Talent shortages occur when companies are unable to recruit or retain people with the talent/skillsets needed to maintain business operations and competitiveness. This is both a short-term and a long-term concern, as executives not only need to recruit talent to meet their businesses' immediate priorities, but must also constantly consider how their businesses will be shaped by long-term market and societal trends, how their organizations should change accordingly, what the skills required to achieve these goals are, and where they can acquire these skills. The World Economic Forum's Global Talent Competitiveness Index has looked into a broad range of macro and structural factors to assess the overall capacity of a country to both nurture its own talent as well as to attract global talent. An overview of the country ranking shows that emerging countries are significantly less talent-competitive than their advanced counterparts, suggesting that talent shortages will be more serious in these economies. However, there are important variations among groups. For example, Japan and Korea are among the developed countries expected to be hit with severe talent shortages due to their rapidly aging populations. Japan is already facing an extremely tight labor market, and the problem had been exacerbated by the government's restrictive foreign labor laws which only recently have started to being eased. Among the institutional pillars assessed, the efficacy of a country's education system stands out as a key factor in determining the talent competitiveness in both advanced and emerging economies. For example, executives in highly competitive economies for talent such as Singapore and Hong Kong still cited an 'inadequate educated workforce' as one of the key challenging factors for doing business. Similarly, high youth unemployment rates continue to be referenced by business leaders in New Zealand and Australia as emblematic of the inadequacy of the education system in equipping graduates with the right skills.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "15a1e970-a5ba-4851-acf5-ce2fe83abe23", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.14, "y": 0.11 }, "kind": "paragraph", "text": "Exhibit 16: Polling results for the 5 most important risks for doing business in the next 10 years across New Zealand, Hong Kong, Singapore and the Philippines", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6b2f87d1-2aff-4760-a57d-8ef648448373", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.14, "y": 0.07 }, "kind": "title", "text": "TALENT SHORTAGE", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6f2f34eb-7cc4-4a18-a069-3f1f6c16119b", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }