Give high priority to talent development and management --Zeti

In making the call, she said talent development and its management would need to be accorded an even greater priority than previously, on account of two significant shifts that would fundamentally affect human capital.

"The first is the rapid and significant transformation of the economic, financial and business landscape which will continue to have far-reaching changes on the talent requirements.

"The second is the changes in the character and nature of the talent that is now coming on stream," Zeti said during her opening remarks at the Asian Institute of Finance (AIF) International Symposium 2013: Changing Face of Talent.

The symposium is held for two days, beginning Wednesday.

Zeti, who is also the Chairman for AIF, said these emerging changes have warranted new approaches to human capital development and management.

"To not recognise these changes and their implications would not only affect business performance but also the overall economic progress of a country," said Zeti.

The challenge in recruiting and retaining the right talent has also become increasingly more competitive, and is particularly acute in the financial sector, she said.

"Therein lies the urgency for the greater focus of attention on these issues and the need to accord greater priority for this important agenda," she added.

The international, regional and national financial landscape also continues to be significantly transformed.

At the international level a growing number of financial centres will emerge.

There will possibly be new international reserve currencies and a greater network of financial institutions that originate from an increasing number of countries from different parts of the world, she said.

"This will also facilitate greater inter-linkages between financial systems, especially among emerging economies," said Zeti.

At the regional level, she said, the Asian region has become more cohesive with regional financial integration intensifying to facilitate a more efficient allocation of financial resources in the region, while at the national level, the landscape has also been significantly transformed to become more liberalised and more market oriented with greater adoption of technology.

"These structural shifts are reshaping the demand for talent across the global economy and international financial system.

"Given the increased level of international business, it will also be vital for talent to be able to deal with globalisation, with a more diverse workforce and operate effectively across different cultures, generations and perspectives.

"The demand for such talent with the new competencies and skills is made even more complex and challenging by the changing character and nature of the talent itself," said Zeti.

Zeti said among the factors that are important for the new generation is for the job to be interesting, challenging and fulfilling.

Meanwhile, emerging economies such as Malaysia need the right talent for the current environment, she said.

"While investment in education reform and investment in people through the education process is vital, this will require time before they generate results," she said.

The potential for retention has become challenging with the motivation of the workforce now becoming highly different.

The changing face of talent, the new generation of talent coming on stream and its different nature and character also present new challenges for human capital management, said Zeti.