Mercer Human Resource Consulting, Singapore Business Federation and Singapore Management University launch joint initiative to promote Human Capital Management
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[26 March 2003] Facilitated by the Singapore Economic Development Board (EDB), the initiative aims to groom Asian leaders for the new, business-oriented HR function Mercer Human Resource Consulting (Mercer), the Singapore Business Federation (SBF) and Singapore Management University (SMU) have today signed a memorandum of understanding (MOU) to jointly promote the advancement of strategic Human Capital Management (HCM) in Singapore. This collaboration was developed and facilitated by the Singapore Economic Development Board (EDB). In today’s high-performance organisations, the human resource (HR) function is being redefined to meet changing business needs. HR leaders now need to adopt the role of the strategic business player. They need to be able to link business goals and HR practices innovatively to drive the implementation of new human capital management approaches, effective intra-organisational change leadership and outstanding business performance. Mercer, SBF and SMU realise that this specific HCM capability is unrecognised by many Asian organisations, thus impacting business performance. The three organisations have decided to leverage their respective strengths – Mercer, with its HR consulting experience, SBF, with its business links, and SMU, with its academic and research exposure – to extend and promote HCM capabilities among Asian HR professionals and executives. Integral to this initiative is the Strategic Human Capital Management programme. Targeting senior HR leaders in Singapore and other ASEAN countries, the six day programme is unique in that it focuses not only on globalisation and Human Capital issues, but also on the “Asianisation” of HCM theories and practices. Through action research, participants are encouraged to explore best practices in their organisations and the region, and explore how HCM theories and models are best implemented within the Asian context. Led by Programme Directors Associate Professor Thomas Menkhoff and Ms Elisa Hukins, the teaching team will comprise SMU faculty members, Mercer consultants, as well as business and industry players. “The investment companies make in their human capital is the biggest expense they know least about. We have moved beyond the control of the personnel function and are extending the horizon of the HR function. Today’s world needs a business that lets us maximise the return on our investments and provide a better basis to manage people in the new millennium,” said Hugh Bucknall, Asia Practice Leader for Performance, Measurement and Rewards, Mercer. “We believe the Strategic Human Capital Management programme will help its participants better understand, develop, implement and quantify the effectiveness of human resource programmes and policies that create measurable improvement in business results for their employers. Importantly, it will achieve this within an Asian context. Human capital management presents difficult challenges to begin with. A special emphasis on human capital management is required in Asia, where language and culture pose challenges to naïve, one-size-fits all approaches,” said Rich Nuzum, Managing Director, Mercer. “One of the key recommendations of the Economic Review Committee is enhancing human capital management. SBF believes the timely launch of this program will help raise the capabilities and professionalism of HR practitioners,” said Mr Stephen Lee, Chairman, SBF. “It is timely to introduce such a programme here and in the region. SMU brings to the table programme design and delivery expertise, and in particular, a team of committed faculty members who are absolutely passionate about the subject of human capital management. We hope Asia HR practitioners will rise up to the challenge of their evolving roles within the business world,” said Professor Ronald Frank, President, SMU. Added guest-of-honour at the event, Mr Teo Ming Kian, Chairman, EDB, “This collaboration between Mercer, SBF and SMU harnesses the collective knowledge of industry, academia and HCM thought leaders. The initiative to develop HCM knowledge on Asia will provide a new competitive capability for businesses in Singapore that are actively expanding into Asian markets. It will create new understanding and knowledge about HCM in Asia and help provide the critical high quality managerial resources to local and foreign investors here. It will also contribute to Singapore's development as an education and training hub under our global school house strategy.” Subsequent activities planned as part of the HCM initiative include field visits, research and development projects, creation of a public website/extranet for alumni, mentoring between industry leaders and novices, and internships. For more information on the Strategic Human Capital Management programme, you can enquire with Ms. Christina Ong, SMU at (65) 6822 0375 or visit the SMU website. About Mercer Human Resource Consulting About Singapore Business Federation The objectives of the SBF are:
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