As China’s growth slows, countries in the Association of Southeast Asian Nations (ASEAN) are poised to gain a greater share of global trade. Combined, the 10 ASEAN member states — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam — are projected to be the fourth-largest global economy by 2050. But if ASEAN businesses are going to capitalize on this new scale, they must contend with a scarcity of available leadership talent in the region.
With more than 600 million people who speak multiple languages and dialects and represent a multitude of cultures, the ASEAN region is a complex place to do business. Leaders must grapple with a host of societal, cultural, and religious differences among each country’s distinct ethnic groups. Executives who can manage effectively while respecting employees’ and customers’ multifaceted diversity are the ones who thrive and create value for their companies.
Finding leaders who are up to the task has proven challenging for many companies. And more complexity will come with the creation of the ASEAN Economic Community at the end of 2015. It will establish free movement of talent across the region — and further intensify competition among ASEAN businesses to attract the best leaders.