When it comes to investing in their bench strength and ensuring a strong pipeline of key talent, senior human resources professionals in Singapore say these consultants are the best in the succession business.
Hay Group, Mercer and Korn Ferry top the list of this year's most preferred succession planning consultants respectively, as voted by more than 17,000 professionals in the annual Vendors of the Year 2014.
This special edition publication, published by Human Resources, Asia's most read and respected source of HR news, also found Towers Watson, McKinsey and DDI-Asia/Pacific International to rank highly in this year's results.
"Implementing an effective talent management strategy relies in part on a strong succession pipeline, ensuring HR and business leaders have the capability to make better talent decisions quickly and adapt to change," said Rebecca Lewis, editor of Human Resources magazine.
"These consultants were voted for because of their ability to be flexible and collaborative, as well as develop the right kind of succession plan to allow organisations in Singapore to meet all their current and future business needs, ensuring leaders can be efficiently transitioned and are business-ready when the time comes."
Now in its ninth year, Vendors of the Year provides a ranking of the most preferred vendors, service providers and consultants used by HR and C-suite professionals to recruit, manage and develop talent in Singapore.
In Vendors of the Year 2014, more than 125 companies were highlighted as the preferred vendors across 17 categories. These categories cover recruitment, employee healthcare, compensation & benefits, relocation, training venues, serviced apartments, payroll, training and more.
MORE VENDORS OF THE YEAR 2014Singapore's top recruitment websitesThe 10 most preferred recruitment agenciesSingapore's best C&B consultantsThe top employee healthcare providers in SingaporeThe best employee insurance vendors
Results are gathered from Human Resources‘ annual HR Trends Survey of 17,723 professionals, made up of senior-level HR professionals (84%) and top management, including general managers, managing directors and CEOs (16%).
Companies from various industries and of varying sizes are well-represented. Senior professionals from both multinational and small and medium-sized firms were included in the survey, with the biggest industries represented including business services (16%), IT & telecommunications (13%), travel (10%), and financial services and energy, utilities & government (both 9%).
Of these respondents, 60% had either regional or international responsibilities, while 40% had domestic responsibilities in Singapore.