As the second Singapore Human Capital Summit approaches, Greg Case, CEO, Aon Corporation, a plenary speaker, shares his insights into the people strategies for Asia, and how Singapore has led the way in becoming the region's key business hub.

The second Singapore Human Capital Summit 2009 will take place from 29 to 30 September this year, at the Raffles City Convention Centre, Singapore. Jointly organised by Singapore's Ministry of Manpower and the Singapore Workforce Development Agency, the Summit is the region's premier conference on managing and developing human capital in Asia.

This year's event will feature a distinguished line-up of global business leaders including Gregory C. Case, President & CEO, Aon Corporation.

Case is the visionary leader who, in 2005, was responsible for the successful turnaround of the then troubled and struggling insurer, Aon Corporation.

Under his leadership, the Aon Corporation has emerged as a global powerhouse of risk management, insurance and reinsurance brokerage and human capital consulting. The company now operates in 120 countries, with 500 offices, and in 2008, it generated a stunning S$11 billion (US$7.6 billion) in revenue.

Talent Development: A Strategic Business Driver

In Case's opinion, investing in the development of future leaders is essential in helping businesses overcome challenges and maintain their competitive edge.

Despite the current economic downturn, organisations which are successful in retaining employees and keeping them engaged in these difficult times are those that spend the most time and energy in equipping managers with key messages in a meaningful and relevant way. This, in turn, creates tremendous opportunities to meet organisational goals.

He adds that seeking solutions to immediate challenges and identifying opportunities for long term growth will see companies in good stead as they prepare for the upturn. In addition, innovation is key. "Crises such as the current global economic downturn create opportunities to foster and embrace innovation. This is a time for firms to focus on long term sustainability, which will provide a solid foundation for change that breeds success," reveals Case.

Asia's Unique Challenges and Advantages

With regard to workforce challenges and strategies in Asia, Case observes that the region, with its diversity, pragmatism, openness to change, and high growth rates, may well be a place for experimentation with innovative management theories and practices that could have implications for both the developed and developing economies of the world.

"This is precisely why we have invested in a Global Research Centre, based out of Singapore, to engage in human capital research," he says.

As Asian cities compete to be the top regional business  hub, each city has raised its standards to attract foreign investment, improved the liquidity of its stock market and reduced the funding costs for businesses.

Furthermore, simplified regulation and improved infrastructure are certainly advantageous in this competition, says Case. However, "The ultimate test lies in having the capacity to continuously generate a range of quality products, services and solutions for the wider geographies. This is possible only with a business community made up of a wide range of companies with diverse talent working together with free-flowing information and ideas."

Singapore's Strong Fundamentals Make it a Top Business Hub

A location's success is determined not just by its business incentives and tax breaks. According to Case, "It depends also on how well business and government cooperate in both planning and implementing steps to make the location conducive to working and living in that location. This is an area where Singapore seems to be taking a lead."

Citing Aon Corporation's growth in Asia Pacific, Case sums up by highlighting the pivotal role that Singapore plays as a base for the company's key regional management staff. "I would attribute the importance of Singapore to three factors: the business-friendly public policies and the many private and public partnering initiatives that it offers; the centrality of its location; and the nexus that it has created connecting western and Asian economies, which provides a platform for information exchange and idea generation. And last, the experience and quality of the talent pool available in Singapore, which enable us to develop distinctive strategies to strengthen our global disciplines and offerings to our clientele in the region."

Given the current economic climate, Asia has had to contend with multiple economic challenges and market volatility. The Summit comes at a particularly opportune time as businesses recognise the need to strengthen human resource strategies and practices to ensure sustainability and profitability. Participants will get to hear Gregory Case and other top business leaders share their insights. Ultimately, they will also be able to address their human capital challenges and gain a first-hand perspective on how to maintain their competitive edge in Asia.