MISC Annual Report 2017

MISC BERHAD | Annual Report 2017 116 INDUSTRY HR TRENDS While economic conditions varied in 2017, most markets across the regions experienced at least modest growth, which boosted hiring and led to talent shortages in certain sectors. The most significant change was seen in Europe, as the continent’s economy and job market recovered after 10 years of being stagnant. Job growth increased on the back of strengthening business confidence and deregulation in the employment market. In Southeast Asia, the job market remained active, largely due to new start-up companies entering the market and the expansion of existing businesses. There were several noticeable trends in this region in 2017, which included : The continuing shift towards digitalisation This is especially due to a rapidly growing younger population and increasing consumerism. As more businesses moved to online or mobile platforms, there was a rise in demand for professionals with digital expertise. Cloud and cyber security were key growth areas and this is expected to continue in 2018. The increasing focus on business transformation This helped to trigger demand for HR professionals with change management experience. These professionals too will be sought after in 2018 as companies undergo further cultural and structural change. Tighter regulations in the banking/ financial services sector This resulted in strong demand for regulatory and compliance skill sets as well as risk, audit and legal expertise. Demand for these groups of specialists will be sustained in 2018, along with salary increases for this group. KEY ACHIEVEMENTS The year 2017 marked the second year of implementation of MISC’s five-year (2016- 2020) HR masterplan. This blueprint aims to ensure that a sustainable talent pipeline is in place across the Group, and that the competencies and capabilities of the MISC workforce are strengthened through a structured and holistic developmental process. In rolling out the masterplan, we continued to focus our efforts on succession planning and employee competency development initiatives. MANAGEMENT DISCUSSION & ANALYSIS PEOPLE DEVELOPMENT