Asian companies are leading the way in leadership development, as 46% of companies in the region plan to increase future investment in this field, as compared with 39% globally.
According to the survey conducted by The Conference Board and Right Management, the global average percentage of companies who expect their future leadership spending to remain the same is 47% (42% in Asia), while 10% expect a decrease and 4% are not sure (also 4% in Asia).
The survey also found only 8% of Asian companies expect to decrease future leadership investments, and the most important leadership characteristics companies in the region are looking for include global thinking/mind-set, leading change, and retaining and developing talent.
Amy Abel, director of human capital research for The Conference Board, said the increase in spending could reflect companies recognise the pace of work will continue to accelerate in the future.
However, while the increased spending may hint that leaders realise talent is the single biggest factor in driving business growth, 40% of leaders are perceived to be either marginally prepared or not prepared to meet the business challenges that lie ahead.
The report also found action learning initiatives were found to have the most impact in accelerating leadership development in Asian companies (56%), followed by international assignments (44%), and executive coaching or mentoring (40%).