KUALA LUMPUR: It is critical to devise a strategy to continuously retain and develop talent – which has seen competition intensify as the economy expands, said a senior central bank official.
It could adversely impact the economy if not managed well, warned deputy Bank Negara Malaysia governor Datuk Muhammad Ibrahim.
The “Talent Paradox” where we find ourselves having difficulty in finding competent talent despite having a large pool of talent in the market is “a reality, requiring a solution”.
“One perspective is to join the disciplinary areas of research, teaching and industry collaboration – creating a cycle that creates a structure that produces employable and productive employees of high quality,”he said, in a keynote address when opening the conference titled “Talent Management 2020 for Superior Business Performance”.
The central bank designed a human capital development map for a healthy talent pipeline from newcomers to senior level positions.
In Bank Negara Malaysia’s own “design thinking”, he said a map was created to make the environment conducive for the supply of a healthy talent pipeline from the entry to the senior levels.
“These initiatives were critical given that the financial services industry employs close to 150,000 people and requires 73,000 new hires over the next 10 years. Let me elaborate a bit on these initiatives.”
It also launched three initiatives last year to support the transformation of talent development infrastructure in an effective manner.
Apart from the Financial Services Talent Council, it also set up the Financial Services Professional Board with the support of the Securities Commission and industry.
It also launched the Finance Qualification Structure which will ultimately create seamless mobility for financial services practitioners to move across the industry within the financial sector.
The Financial Institutions Directors’ Education programme in Islamic Finance and Syariah Leaders Education Programme which will be introduced in 2015 will broaden and equip directors and scholars on opportunities.
Muhammad also lauded the industry for its part in transforming the financial services education landscape.
The Asian Institute of Charted Bankers and the Asian Banking School are committed to creating a greater brand identity and of significance is the Chartered Banker Qualification.
“This designation will be the Gold Standard in banking qualification and recognition. It will be jointly awarded with the Chartered Institute of Bankers. “
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