The Snitch

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Day 1 at the Singapore Human Capital Summit

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Senior Minister Goh Chok Tong speaks on employee talent

Senior Minister Goh Chok Tong speaks on the war for talent

“In a seminal report a decade ago entitled “The War for Talent”, McKinsey concluded that “the most important corporate resource over the next 20 years will be talent”. It asked if companies were “ready to fight for their share”.

However, I understand that its prescriptions have been criticised for contributing to the excesses which caused the collapse of companies like Enron. Likewise, one could criticise the financial wizards on Wall Street for its excesses in financial engineering and creating highly-leveraged complex derivatives, which Warren Buffet had called “financial weapons of mass destruction”.

Nevertheless, one must not draw the wrong conclusion from these episodes about the war for talent. The war for talent has not ended. Rather, today’s financial turmoil only highlights the increasing pressure that firms and shareholders face in coaxing innovation and performance from their employees.

It also highlights the urgency of how to draw a fair share of talent into government and public service. Regulators and public officials must be a match for those in the private sector whose  profit may drive them into activities which can potentially cause systemic failure in the business environment.”

– Senior Minister Goh Chok Tong delivering the opening keynote address

Written by Human Resources

October 22, 2008 at 7:04 pm

Posted in Conference & events

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