Revised Budget Facilitates Innovation, People-Centric Approach To Lead Inclusive Growth: Kincentric Malaysia

Kincentric, a Spencer Stuart Company, welcomes the Government’s measures to create a more resilient and sustainable business environment and economy for Malaysia on the back of growing high-value local talent, building strong talent pipelines and cultivating an environment that encourages inclusive growth and innovation.

Ridhima Khanduja, Market Leader for Kincentric Malaysia said, “The Government’s focus on building and cementing its reputation as a hub for technology, innovation and green practices is timely and necessary for the nation to remain relevant and attractive to businesses and talent. The combination of facilitative policies such as the New Industrial Master Plan 2030 which emphasizes on new industries, and high-quality business activities that are guided by a framework that emphasizes positive social impact will position the country competitively. It is time for businesses and organizations to embrace a new way of approaching work and talent, from reengaging this new workforce through contemporary people practices and leading by example through engaging leadership.”

“The policy and Budget will also be crucial in growing and cultivating the pool of skilled local talent to be channelled into these industries as the country moves into high-value sectors and new industries. Homegrown skilled talent is necessary to propel the nation forward, especially in this increasingly mobile and connected world where talent mobility is no longer limited to one geography. Equally as important is the awareness of developing new skills and capabilities to support these nascent and emerging technologies and industries.”

“The Government’s efforts to cultivate such talent through apprenticeship programs for scholars to learn and benefit from multinational organizations, building this talent pool is also achievable through fertile organizational environments and policies that support talent development and evolving employee expectations”, remarked Ridhima.

Ridhima added, “According to our in-house research pieces, global trends have indicated that companies and businesses will need to equip their people with new knowledge and skillsets to navigate an operating environment that places greater expectations on environmental and social impact. As such, organizations need to redesign their structures and position themselves in areas of opportunity – by building the right workforce, innovating and driving the culture of innovation to remain relevant as a business and employer.”

“The Talent Uprising or shift in employees’ expectations, values and needs is not a symptom of the pandemic but a reflection of what the Future of Work looks like. It is encouraging to see the Government embracing the Future of Work by recognising the employees’ evolving needs, and introducing initiatives to meet these expectations. The measures under the revised Budget 2023 such as HRD Corp’s RM1 billion budget for purposes of upskilling employees, and the call for employers to provide childcare facilities to support working mothers who wish to participate in the economy will contribute towards an inclusive economic growth that benefits the Rakyat across the board,” Ridhima concluded.

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