Talent and consistent delivery of service is the buzzword in the Business Services industry.
The industry constitutes the backbone of the corporate world – providing businesses with the services necessary for business effectiveness and efficiency. Be it law, information technology, healthcare, accounting, banking, finance, insurance, marketing, quality assurance, consulting, advertising or designing, the entire suite of industries depends on the provision of excellent service. With the rise of China as an economic giant and the emerging economies of Asia in the background, Asia as a whole will be the focus of the world for the next 20 years. Aided by technological growth, the next evolution of the Business Service industry will be to deliver professional services seamlessly, across the space and time as barriers fall away. This delivery will rest in the hands of human talent.
The highly competitive market will warrant top talent to steer organisations through hard times to come out as leaders. The search for talent in the Business Services industry is of top urgency, with Asia economies developing at an intense rate; a trend seen throughout Asia as reported in AsiaOne Business in 2009.
Business Week reported that the expatriate population of Singapore represents nearly a quarter of the total population in 2007. By 2016, the number of people aged 60 to 64 will double, creating a vacuum for experienced talent. The Academy of Financial Management reports that Hong Kong is failing to tap into its pool of human capital – Hong Kong’s unemployment rate at the end of 2007 was 4 per cent, more than twice the unemployment rate in Singapore then. It is estimated that job changing in Hong Kong costs US$1.2 billion per annum. An article in TODAY in 2009 highlighted that fact the firms were having trouble filling positions in Singapore despite the economic crisis. In a survey 72 per cent of respondents cited difficulty finding skilled accounting and finance employees. Other surveys also indicated that industries such as healthcare, life sciences, architecture, real estate and hospitality were facing a shortage of skilled talent.
In the Business Services industry, the key to success lies in the quality of service being delivered consistently at each touch point. In this industry, employees are not just talent – they are the brand. And what businesses take away with each experience is dependent on the people delivering the service and its consistency levels.
StrategiCom understands the need for goal congruency between talent and organisations for a business brand to successfully translate into a way of life for employees. Our expertise includes charting out a roadmap to ensure brand alignment between your people and the businesses; which essentially is the brand formulation.
At StrategiCom, we face the same challenges alongside operators in the Business Services industry by working with clients; developing, implementing and driving brand strategy that makes a sustainable and positive difference to their businesses. Our ConsiliumTM Brand Strategy model precisely positions our clients in their respective sphere of competition and serves to create a highly differentiated brand – two critical components that will keep them ahead of their competitors.
With globalisation, a highly integrated business world will breed a complex network of highly competitive business service providers that are not bounded by geographical restrictions. The ease of connectivity between business parties, catalysed by the advent of the internet, will create a need for marketing strategies that are imperative to keep business service providers sustainable in the midst of rising competition and profitability in the long term.
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