How the private sector can assist in developing and deploying human capital for the regional and glo
In a study conducted by the Asian Development Bank, CEO around the world were asked to rate the challenges that persist in conducting business throughout Asia. The findings showed that one of the top concerns is the shortage of qualified domestic staff to
The challenges we face
One key challenge for the region is finding common policies that unite ASEAN nations that often have different immediate development needs, with different languages and culture. It will be very difficult to bring about a standardized education system between the countries. Additionaly, this new system would have to be fine-tuned to deliver effectiveness on what potential employers demand.
Within the private education sector, it is sometimes difficult to balance between the company’s need for a high return on investment versus the ideal of providing high quality product at an affordable price. If only a few select individuals are able to afford the best training and education, then you fail in improving a more broad range of people. This would also present a problem across the region with regard to a uniform system, whereby regional pricing would be an obstacle in lower income nations.
Where we see opportunities
There is a growing level of interest throughout the ASEAN region to promote improvement in education, new academic cooperation, improved research opportunities, with knowledge transfer. Despite the cultural difference mentioned, most countries in the region have a young population and a culture that places high value on. Additionally, there has been an early adoption of ‘best practices’ which allow for countries to expedite improvements in their own systems using new technology and methodologies. Also, trade and technical schools are beginning to become more prevalent, which will allow for specific industry training.
Recommendations for implementation
There is a critical need to improve both the education and industry skills development throughout ASEAN countries in order to keep up with global multinational corporation’s needs and to promote healthy economic growth in the long-term. In order to achieve this, a standardization of education curriculum through grade 12 must be established. Whether through private or public means, improvements to industry focused trade schools need to be made. Individual countries could focus on areas that they currently have a competitive advantage, such as automobile manufacturing in Thailand or agriculture in Vietnam. Lastly, to ensure that progress can reach a critical mass, rural areas must be provided ways to stay connected. An expansion of web-based information and tools should be utilized in order to keep those living furthest from urban areas a chance to succeed.
Article from VinaCapitalGroup, Foundation Member, Don Lam, CEO of Vina Capital Group, Foundation Member of the World Economic Forum.
