Business Daily Media

The Times Real Estate

.

87% of businesses in Taiwan face challenges with succession planning

TAIPEI, TAIWAN - Media OutReach Newswire - 29 November 2024 - Global talent solutions provider Robert Walters Taiwan released a report exploring the state of succession planning in Taiwan. The report, titled "Success in succession: Building a leadership pipeline to keep your business thriving", includes a survey of 253 organisations in Taiwan, which found that 87% of businesses face challenges with succession planning.

Moreover, 54% of respondents claim that their organisations do not have a succession plan in place. Many companies that do have a plan (43%) also feel their existing strategy could be more effective.

Taiwan's workforce is getting older and smaller

According to the National Development Council, Taiwan is set to transition into a "super-aged society" in 2025, where over 20% of the population is aged 65 years or older. The talent pool is shrinking as more experienced employees leave the workforce, which has significant implications for businesses' succession planning efforts. While 39% of businesses surveyed by Robert Walters Taiwan were worried about replacing these senior, retiring talent, over half pointed to other more urgent concerns: the increased risk of losing critical skills and experience within the organisation (57%), and difficulties facilitating knowledge transfer and skills development for younger employees (55%).

John Winter, Country Manager of Robert Walters Taiwan points out, "An age-diverse workforce is more than inclusive—it's a catalyst for innovation, resilience, and market relevance in today's dynamic business landscape."

Cultural challenges in Taiwan

Besides an ageing workforce, the survey reveals a range of other factors keep businesses from implementing effective succession planning. For most respondents, the primary barrier remains the senior talent shortage (49%), followed by cultural factors, particularly corporate management practices and traditions (33%).

Successful businesses are driven by exceptional leaders who inspire, innovate, and steer their teams toward sustained growth and progress. To cultivate a resilient leadership pipeline, organisations should prioritise developing key traits within their teams, including strategic thinking, effective decision-making, adaptability, and strong communication skills.

However, businesses in Taiwan face unique cultural challenges. According to the survey, values like maintaining harmony within organisations (66%), reluctance to challenge authority (58%), a deep-rooted adherence to Confucian principles (39%), and a strong family influence on business decisions (39%) all influence how leaders are identified, nurtured and promoted.

Sharon Chen, Associate Director of Robert Walters Taiwan comments, "Leadership transitions are pivotal in shaping a company's future direction. In Taiwan, managing this process requires balancing traditional cultural hierarchies with organisational needs. Through open dialogue and a structured approach, companies can craft an effective succession plan and build a resilient leadership pipeline."

Overcoming Barriers to Succession Planning in Taiwan

The scarcity of qualified talent, coupled with the rigid structures of many Taiwanese companies, creates significant obstacles to effective succession planning. Larger organisations often face the additional challenge of navigating intricate hierarchies, while specific talent needs vary by industry, adding further complexity.

John Winter – Country Manager, Robert Walters Taiwan says, "Effective succession planning is more than just filling positions – it's about future-proofing your organisation. By aligning your strategy with the evolving business landscape and encouraging a culture of openness and continuous development, companies nurture leaders that are ready to meet tomorrow's challenges."

The report also provides guidance for businesses looking to put together, maintain, and assess the effectiveness of their succession plan through a variety steps, as outlined below:

  1. Establish key positions and business objectives
  2. Select high potential employees
  3. Evaluate employees' readiness to advance into key positions
  4. Plan for employees' individual development and retention
  5. Identify positions without successors and plan for positions that cannot be filled internally
  6. Review and communicate the plan regularly
The "Success in succession: Building a leadership pipeline to keep your business thriving" report surveyed 253 organisations in Taiwan over a four-week period in July and August 2024. Respondents came from a large variety of industries, including, but not limited to: fast-moving consumer goods, retail, healthcare, IT and digital transformation, manufacturing, and semiconductor. The survey aimed to gather insights from Taiwan's professionals on how their organisations approach succession planning, as well as to explore broader perspectives on the state of succession planning in Taiwan.

For more information on Robert Walters in Taiwan, please visit www.robertwalters.com.tw.
Hashtag: #RobertWalters



The issuer is solely responsible for the content of this announcement.

Robert Walters

Robert Walters is the world's most trusted talent solutions business. Across the globe, we deliver recruitment, recruitment process outsourcing and advisory services for businesses of all shapes and sizes, opening doors for people with diverse skills, ambitions, and backgrounds. We help organisations find the skills and solutions to reach their goals and assist talented professionals to power their unique potential.

News from Asia

Phu Quoc welcomes the world’s most prestigious resort brands

PHU QUOC, VIETNAM – Media OutReach Newswire – 19 December 2024 - Phu Quoc is rapidly solidifying its position as a new luxury resort paradise in the world, with the arrival of renowned hospitalit...

Top 50 Best Places to Work in the Middle East for 2024

DUBAI, UAE - Media OutReach Newswire - 19 December 2024 - The Best Places to Work organization has officially announced the Top 50 Best Places to Work in the Middle East for 2024, showcasing the...

Commerce Dot Com Wraps Up a Momentous 25th Anniversary Year with the Prestigious Digitech Best Brands Award 2024

KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 19 December 2024 - Commerce Dot Com (CDC) concludes its milestone 25th anniversary year on a high note by receiving the esteemed Digitech BestBra...

Vietnam pushes for prompt removal of the ‘IUU Yellow Card’

HANOI, VIETNAM – Media OutReach Newswire – 19 December 2024 - Vietnam continues its robust efforts to implement the European Commission's (EC) recommendations for combating illegal, unreported an...

Sansiri, Thailand's Most Trusted Brand, Launches ‘the Society’: A New Social Space In Cherngtalay-Bang Tao, Phuket, Set To Become A Global Brand

PHUKET, THAILAND - Media OutReach Newswire - 19 December 2024 - Sansiri Public Company Limited, Thailand's leading property developer with a 40-year track record, is regarded as Thailand's most tr...

Management change at X-CAGO: Ingo Kästner takes over the reins

BERLIN/ROERMOND, GERMANY - Newsaktuell - 19 December 2024 - On 1 January, Ingo Kästner, Managing Director of PMG Presse-Monitor, will also take over the management of X-CAGO. The Dutch company is a...

Development Bank of the Philippines Celebrates Consecutive and Dual Honors at Asia Corporate Excellence and Sustainability (ACES) 2024

BANGKOK, THAILAND - Media OutReach Newswire - 20 December 2024 - DBP has once again been recognized as a trailblazer in sustainability with the conferment of two prestigious accolades at the ACES ...

Jockey Club Multiple Pathways Initiative - CLAP-TECH Pathway Reveals Latest Talent Survey Results in Information and Communications Technology and Creative Media Industries

Employers in the ICT and Creative Media Industries Place Greater Emphasis on Soft Skills; Growing Recognition for Higher Diploma Graduates’ Competencies HONG KONG SAR - Media OutReach Newswire - 2...

Ministry of Commerce partners with renowned chef Wolfgang Puck to elevate Thai SELECT’s global recognition

BANGKOK, THAILAND – Media OutReach Newswire – 20 December 2024 - The Department of International Trade Promotion (DITP), under the Ministry of Commerce, has launched a strategic initiative to prom...

AIM Vaccine has obtained clinical approval for two heavyweight products, creating new growth points for performance

HONG KONG SAR - Media OutReach Newswire - 20 December 2024 - AIM Vaccine (06660.HK) has added good news to the research and development of its heavyweight single product. According to the announce...

Five signs that AI is growing faster than the internet did

What do Aussie businesses need to do to keep up? There has been mounting chatter that AI is growing even faster than the rapid acceleration we sa...

Protecting Your Small Business from Cyber Threats This Holiday Season

The holiday season brings a surge of online activity for small and medium businesses (SMBs), with increased sales and customer inquiries offering ...

Essential SEO Strategies: Boosting Your Real Estate Business

In recent years, it is said that more and more people are searching for properties online than those who visit real estate companies in person. For ...

Every Business Needs to Apply a Concrete Strategy

Do you want your website to rank higher in the top results of the Google search engine? Then hire the excellent SEO Services in Australia for your n...

Navigating Cyber Fraud After a Natural Disaster

As Australia enters another long, hot and potentially destructive summer, businesses and residents are preparing for the natural disasters synonym...

8seats messaging startup aims to transform business communication

The new platform brings an innovative approach to unite office-based and desk-less teams 8seats, a next-generation messaging platform for busine...

Sell by LayBy