I went to China with my wife and two cats. I had never been to China before and my Mandarin as a second language was mediocre. Since I had little prior exposure and knowledge of the marketplace, I decided the best option was to aggressively immerse myself in the environment, to quickly understand the issues, opportunities, vast geography, and most importantly, the people who were at the heart of our business execution.
With Singapore being a sanctuary of structure and stability, being willing to get out of one’s comfort zone – be it going overseas or even simply having a mindset shift in working styles – can perhaps be one of the biggest challenges that Singaporeans face.
But in our interconnected world today, getting uncomfortable – and having rounded experiences – is imperative to earn our place at the global leadership table, noted a recent Alliance for Action on Business Leadership Development (AfA-BLD) Insights Report by the Singapore Business Federation.
Today, the spotlight is turning towards Asia as firms increasingly look to the region to grow their businesses. According to the International Monetary Fund, Asia’s economy is expected to grow 4.6 per cent this year, contributing about 70 per cent of global growth.
Yet globally, Asians still largely remain underrepresented in corporate leadership roles. For instance, a study by the Center for Creative Leadership in September 2022 showed that Asians only account for 4 per cent of executive teams in US-headquartered companies and 3 per cent in Europe-headquartered firms.
With Singapore being an attractive regional hub for corporates, as home to the regional headquarters of more than 37,000 international companies, one question remains: Why aren’t more Singaporeans leading these corporations?
TOO COMFORTABLE TO LEAVE?
When it comes to hard skills, Singaporeans have what it takes to be leaders. Our universities are among the top ranked internationally, and more than 35 per cent of residents aged 25 and above are university graduates. Singapore is also deemed to be the most proficient in English in the region, and our students regularly top international math and science rankings.
With such achievements, however, have Singaporeans become so comfortable that we are at risk of losing our competitive edge?
Many of my business counterparts have observed that it is often difficult to get Singaporeans to take up overseas roles. Many of us are risk-averse, shying away from unfamiliarity and choosing to remain within the structured comforts of our home environment.