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The shortage of leaders is more pronounced in Asia than anywhere in the world as just 7.2 per cent of businesses in this region have leaders who are "very prepared" to address business challenges, a report says.
According to research conducted by Right Management - the global leader in talent and career management within ManpowerGroup, companies must build stronger leadership pipeline as business environment in Asia is changing rapidly.
As per the study, "only 7.2 per cent of businesses in Asia have leaders who are very prepared to address business challenges."
ManpowerGroup, leading global innovative workforce solutions provider and a World Economic Forum (WEF) strategic partner, would be joining leaders at the WEF Annual Meeting 2014 in Davos, Switzerland this week to discuss how the macroeconomic forces impacting the world of work are creating greater pressure for businesses to develop leaders faster.
Meanwhile, ManpowerGroup's 2013 Talent Shortage Survey also found that management and executives are on the list of the region's Top 10 hardest jobs to fill, category.
"Leadership is a journey but the current demand for leaders in Asia means this journey needs to be taken by an express train," ManpowerGroup Chairman and CEO Jeffrey A Joerres said.
Joerres further added that companies in Asia must deploy holistic leadership programmes "customised to local needs" to meet these compressed development timelines.
The WEF predicts a growth of an additional one billion middle-class consumers in East Asia. Moreover, this rise of the middle class and the evolution of the region, from one that manufactures to one that consumes and innovates, demands Asian leaders with new skills.
Right Management research has found that the three most important leadership characteristics in Asia today are a global mindset, the skills to lead change and the ability to retain and develop talent.