Implementing the right talent management practices in firms can be half the battle won when it comes to boosting business performance, said Acting Manpower Minister Tan Chuan Jin at a conference on Wednesday.
He told the Singapore Human Capital Summit that a research project the ministry commissioned last year found that talent management practices affect about 54 per cent of business results.
Identifying and grooming leaders boosted business performance the most out of all the various aspects of talent management, he added.
However, the study also found that Asian business leaders were not as proficient in this area of talent management compared with other aspects such as establishing human resources standards.
The summit was held at Resorts World Sentosa.