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Talent strategies key during integration

Released at: 16:31, 17/09/2019

Talent strategies key during integration

Photo: ManpowerGroup

ManpowerGroup and VCCI workshop updates employers on impact of new regulations on workforce planning and skills development.

by Nghi Do

Talent development must be the top priority for enterprises to grow in the context of increased international integration, Mr. Simon Matthews, Country Manager of ManpowerGroup Vietnam, Thailand and Middle East, told a workshop held on September 17 in Hanoi. Organizations must have the right talent strategy to be successful, he said, of which the development of internal employees plays an important role.

ManpowerGroup Vietnam, in collaboration with the Vietnam Chamber of Commerce and Industry (VCCI), were the hosts of the “EU - Vietnam Free Trade Agreement (EVFTA): Opportunities and Challenges for the Vietnamese Workforce” workshop.

Over 100 representatives attended, from the WTO Integration Center under VCCI, the Department of Legal Affairs under the Ministry of Labor, Invalids and Social Affairs, the European Chamber of Commerce in Vietnam (EuroCham), NHO, GIZ, NGOs, and local and international associations and enterprises. The workshop aimed at increasing awareness among enterprises on the opportunities and challenges of the EVFTA’s impact on Vietnam’s workforce. Representatives also discussed the implications of Vietnam’s revised Labor Code in the context of increased international integration and Industry 4.0.

By eliminating up to 99 per cent of export tariffs, the EVFTA will provide Vietnamese companies with competitive prices when they export goods to European markets. This is expected to bring tens of thousands of new job opportunities each year and raise incomes.

Industries set to benefit the most are manufacturing industries such as textiles, footwear, furniture and seafood. Businesses, however, are certain to face harsh competition in terms of workforce, especially the challenge of securing highly-skilled workers that can meet the increasingly stringent quality requirements of goods and services heading to Europe.

The EVFTA is a new-generation FTA, since one of its aims is to enforce labor and environmental standards. Vietnam and the EU have agreed upon a procedure from the ILO in 1998 to recognize and facilitate four basic labor standards (including freedom of association and the effective recognition of the right to collective bargaining, the elimination of all forms of forced or compulsory labor, the effective abolition of child labor, and the elimination of discrimination in respect of employment and occupation).

These commitments compel the Vietnamese Government to review policies and revise the Labor Code so as to make appropriate adjustments. This opens up opportunities as well as challenges to enterprises, as they have to change to meet the commitments. However, by complying with these commitments, Vietnam is also given an opportunity to develop a sustainable and well-balanced labor market, which provides both the local workforce and enterprises long-term benefits.

Experts said the opportunities that EVFTA presents to Vietnamese companies are significant, provided employers have the right workforce to maximize the opportunities. To achieve such potential, companies need to adjust their existing talent development strategy. According to the Humans Wanted, Robots Need You global research by ManpowerGroup, up to 84 per cent of companies worldwide will invest in training their employees in 2020. During the workshop, Mr. Matthews also gave practical guidance for employers to develop tomorrow’s talent by Build, Buy, Borrow and Bridge, to ensure Vietnam’s serious shortage of skilled workers is addressed.

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