Kincentric: Budget A Plus For Local Talent Development For A More Competitive Malaysia

Kincentric, a Spencer Stuart Company, welcomes the Government’s focus to strengthen talent development for a resilient, diverse, and skilled workforce that can contribute to a more prosperous nation.

Ridhima Khanduja, Market Leader for Kincentric Malaysia said, “The Government’s plans for a comprehensive reform of the economic structure to recapture Malaysia’s regional leadership, especially in the areas of Islamic Finance and high-technology manufacturing, as well as to chart the path forward in the new green economy. It is a massive undertaking which will require a major shift in the way companies and businesses view and approach talent and development. As the nation looks towards attracting business and investments to compete with regional economies, Malaysia’s success is highly dependent on talent who are the driving force of our industries.

The Government’s aspirations to stimulate investment in high growth and high value areas, as well as the recent introduction of policies such as the New Industrial Master Plan (NIMP) 2030, the National Energy Transition Roadmap (NETR), and National Industry Environmental, Social and Governance framework (i-ESG), will create millions of new job opportunities. Some of these roles and capabilities do not exist yet and there is an urgent need for employers to review and revamp their talent and skills inventory for the future.

These frameworks recognize the talent gap and the need for companies to invest in their people. Specifically, the i-ESG framework which lists human capital and capabilities as one of the key enablers to remain relevant in what is becoming a highly regulated ESG-focused era and to achieve the nation’s manufacturing leadership aspirations.

As we move deeper into the era of digitalization, automation, and artificial intelligence, it is becoming more crucial than ever that we consider the skills needed across industries for the long haul. The future of work and the complexity of evolving economies demand new talent, knowledge, skills, approaches, and strategies to produce professionals who are adaptable to our rapidly changing world. Therefore, the Government’s efforts towards capacity building, technical and vocational training as well as upskilling the workforce are timely and a critical component towards achieving the vision of Malaysia Madani.

Through our work and consultation with corporations from various industries – from financial to telecommunications and more – we’ve seen more and more leaders of organizations emphasizing and developing a future skills inventory to prepare themselves. This future skills inventory is necessary to get ahead of talent acquisition, development, and retention needs, including pivoting how we train the workforce.”

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