S'pore business leaders need to strengthen workforce planning: report

HR experts say the top human capital challenges for business leaders in Singapore are attracting new talent (24%), retaining top performers (17%) and increasing workforce performance and productivity (14%). 

Despite this around half (46%) of all business leaders in Singapore admit they spend 10 percent or less of their total strategic planning time on future workforce planning.

They say business leaders need to prioritise workforce planning in order to meet future human capital challenges. 

The findings were released as part of Randstad's latest World of Work Report. 

This years report gathered the feedback and opinions of 1315 people, some half of them business leaders (625 )in Singapore. 

Asia Pacific Regional Director of Randstad Sourceright, Doug Edmonds, says a lack of planning can impact an organisation's ability to innovate, lead and succeed in the future. 

He said its also important to think about the work options, systems, processes and performance measures that will support these managers, to ensure their success and their loyalty well into the future. 

The report also found the workforce planning horizon is alarmingly short. 

Over a third of employers don't plan their workforce a year in advance, just over half plan 12 months ahead and only 10 percent plan for a two-year period. 

Another finding, less than 10 percent of organisations currently engage employees at all levels in workforce planning.