Lt Col (R) Ranjit Singh, Chief Operating Officer, Asian Institute of ...

Talent DevelopmentStrategy andApplicationsLt. Col (R) Ranjit SinghChief Operating OfficerAsian Institute of Finance

ScopeMalaysia’s Finance Industry - Towards 2020Issues & Challenges for Talent DevelopmentTalent Development LandscapeCapacity BuildingConclusion

Malaysia’s Finance Industry: Current situation –Moving towards 2020Share of GDP: to grow from 4 times of GDP to 6 times ofGDP by 2020.Workforce: expand current 144,000 to 200,000 by 2020.E-payment per capita: from 44 transactions to 200transactions by 2020.

Malaysia’s Finance Industry: Current situation –Moving towards 2020 (continued…)Focus areasPromote and develop Islamic financeEnhance corporate governance and risk managementDevelop financial inclusion and micro-financeStrengthen international linkages and cross borderinfrastructureDesired outcomeFinancial services sector to be more competitive, dynamic,inclusive, diversified and integrated with the ability to offerworld class financial services, with breadth, depth and quality.

Issues & Challenges For Talent DevelopmentQuality of EducationSubstantial investment in education, but mixedoutcomesChallenges faced by tertiary institutionsAvailability of TalentShortage of top talents & highly skilled workersEnhance employability of graduatesShift towards higher value added activities requireslarger pool of highly skilled workforce.

Issues & Challenges (continued…)Workforce ProductivityDisconnect between productivity, skills & compensationstructuresInflexible hiring & firingInsufficiently leveraged pool of latent talent; poorwomen labour force participation.LivabilitySalary growth not on par with cost of livingRestrictive entry regulations; immigration regulations,and laws on governing on professionals to practise inMalaysia.

Talent Development Landscape –Malaysian Finance IndustryInduction ofWorkforceInto TheIndustryPractitioners& GraduateProgrammesTALENTProfessionalDevelopmentof Workforcein IndustryLeadershipDevelopmentSpecialisation

Induction of Workforce into The IndustryCurrently (Interim Measure) – specific programmeaimed at producing rounded and industry ready entry levelgraduates.Future – establish working arrangements between theindustry and institutions of higher learning in developingstructured programmes for graduates to develop andenhance skills required for employment in finance industry.

Professional Development of Workforce inIndustryUpgrading the skills and competencies of existingworkforce to enable them to meet the changingneeds of the industry as it undertakes highervalue-added services in a more competitive andglobalised environment.

SpecialisationDeveloping certification of the skills level orcompetencies required for key functions andpositions within the finance industry.

Leadership DevelopmentTraining for Senior Management in Strategic &Leadership Management.Financial Institutions Directors EducationProgramme.

Capacity BuildingEnsure talent competency, consistency andstandardisationContinuous assessment of talent competency, managingconsistency and standardisation is essential.Setting of standards for professional programmes andqualificationsCompetency / qualification frameworksAccreditation of programmes offered by the traininginstitutes

Capacity Building (continued…)RecognitionMutual recognition of programmes globally.Content of programmesEnsure applicability and updated training programsResearch in applied finance disciplinesEnhancement of Infra-structure

ConclusionFoster greater strategic focus, coordination andcollaboration to achieve a comprehensive andholistic approach to talent development is needed.Talent development is a continuous process as thefinancial industry evolution continues.

Thank youLt. Col (R) Ranjit SinghChief Operating OfficerAsian Institute of Financeranjit@aif.org.myWebsite: www.aif.org.my