Employee training a priority in Asian businesses: survey
Wednesday, 13 November 2002, 20:30 IST
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NEW DELHI: Contrary to popular belief, many Asian businesses spend a considerable amount on the training of their employees, a Training and Competitiveness survey conducted by the Asia Business Council has revealed. "Now is the time that Asian CEOs need to be looking long term into the region's education needs," said Ronnie Chan, chairman of Asia Business Council and the Hong-Kong based Hang Lung Group Limited, in a statement Tuesday. The Training and Competitiveness survey revealed the need for "increased focus on science and math education and also felt that traditional education must be able to engender creativity and innovation." The survey has assumed greater importance for India due to the India-ASEAN summit earlier this month, said the Hong Kong-based Asia Business Council, a non-profit consortium of 42 CEO level business leaders with operations stretching across the Asia-Pacific region. "Asian businesses must improve their corporate governance and plan ahead to ensure Asia's workforce has the right education and skill set to succeed in the global economy," said Chan. During a two day forum, the Asia Business Council reviewed findings of the training and competitiveness survey undertaken among its members. The survey found that Asia Business Council members spend an average 3.5 percent of payroll on training of their executives and staff and that this amount is on par with large, multinational companies in the US and Europe. The survey also found that types and delivery of employee training were also similar to counterpart firms in industrialized countries. Looking beyond immediate corporate training, council members seriously examined the links between education, innovation and entrepreneurship. This discussion was led by the chairman and chief executive officer of South Korea based SK Corporation Taewon Chey, chairman of JG Summit of the Philippines, James Go, president of Thai Farmers Bank of Thailand. Each chief executive officer presented a perspective on the issue and discussed the strengths and weaknesses of education, innovation and entrepreneurship in their economies. Particular emphasis was placed on the weaknesses of the systems and areas for improvement. Asia Business Council began the project to review corporate governance regionally and globally in late 2001, and will conclude it in the spring of 2003. Chairman of Taiwan Semiconductor manufacturing company limited Morris Chang is heading the taskforce.
Source: IANS
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