PEOPLE MATTERS – Are we paying enough attention to developing the next generation of leaders? The next few decades will see a new generation take the reins in APAC, making succession planning critical for continued success in the global economy. Nina Chatrath, Partner, DHR Leadership Consulting, shares five areas business leaders should focus on to prepare their successors for the future, as featured in People Matters:
“Succession planning is key for business continuity and risk management. Long-term succession planning is a strategic, ongoing initiative of building your “bench” – a collective of future leaders – through talent development, training and recruiting. And this challenge is particularly prevalent in the Asia Pacific (APAC) region.
The region is further expected to contribute to nearly half of the entire global economy’s growth by 2040, driven mainly by the growth of Chinese, Indian and Southeast Asian businesses. With McKinsey estimating that as soon as 2025, 25% of the APAC population will be Gen Z, the next few decades will see a new generation take the reins for continued APAC ascent in the global economy.”