Singapore finance leaders claim their internal team lacks talent to replace them

Is this why they want outsiders instead?

According to a recent survey by Robert Half, only 14 per cent of finance leaders expect the job to go to a local internal candidate.

The vast majority of Singapore finance leaders favour employing someone from outside the company (45 per cent) or bringing in someone from another country who works for the same company (26 per cent).

Ms Stella Tang, Director of Robert Half in Singapore, said it is part of the responsibilities of a leader to groom a successor but many finance leaders in Singapore are not doing it.

“Finance leaders say their internal team lacks talent, but one in three (30 per cent) claim they lack time to develop and mentor their teams. They feel more comfortable bringing in someone from outside the organisation who already has the skills and experience in preference to training the people working for them. This puts internal candidates at a disadvantage."

"Creating a sustainable and reliable pipeline of talent to meet future leadership needs can only happen when companies spend time grooming employees from within," said Ms Tang.

Ms Tang offered some advice for candidates eyeing that lucrative top position. First, relying solely on tenure does not work in your favour anymore – it is your ability to innovate and contribute that matters. Second, deputies and professionals should take the initiative to develop new skills, especially soft skills such as communication, negotiation, conflict resolution, and not wait for their superior to guide them. Third, if the way ahead is blocked then look elsewhere – there are opportunities available and talented finance professionals who move to another organisation often enjoy healthy salary increases.