**50% of Asian businesses elevating commitment to sustainability**
Businesses across Asia increasingly believe the strongest opportunities for future growth lie in technology, sustainability and developing talent to harness digital advancement. While more than a third of Asian businesses are prioritising expansion into new markets, even more are turning their attention to improving productivity and new technologies, according to a new global survey by HSBC.
These are key findings from 'Navigator: Made for the Future', HSBC's latest survey of more than 2,500 companies across 14 markets globally – including over 1,300 firms from seven major economies in Asia-Pacific.
Innovation underpins growth for Asian businesses
The survey reveals that 43% of companies in Asia are citing innovation as fundamental to future success, compared to companies in Europe (42%) and North America (29%).
The majority of markets in Asia cited innovation as their top investment priority, focusing on two pillars – people and platforms – both largely in line with global findings.
Stuart Tait, Regional Head of Commercial Banking, Asia-Pacific, HSBC believes Asian businesses are more buoyant about their future prospects than the rest of the world given the economic vibrancy of the region. "With rising urbanisation, a growing middle class as well as upbeat intra-Asia investment and trade activity, businesses are seeing more opportunities than threats on the horizon," said Tait.
Tait also believes companies in Asia are staying agile in response to their fast-evolving customer base. "Asian businesses are attuned to disruption, and recognise that productivity and new technologies are critical to prosperity and longevity," he added.
Shift to sustainable investing in Asia
According to the research, 44% of Asian businesses expect to grow by three to five percent over the next two years, making them more bullish than their European (32%) and North American (30%) peers. To help drive this growth, companies in Asia are honing in on environmentally and socially responsible opportunities.
According to Tait, the strategy for Asian businesses is not hinged on growing at all costs. "To be 'Made for the Future', businesses are doubling down on sustainability, with 50% of companies planning to increase their sustainability investments."
The findings also reveal a contrast amongst Asian businesses' appetite for sustainability compared to companies in Europe (39%) and North America (45%). Of the Asian markets surveyed, businesses in India (59%), Indonesia (57%) and mainland China (60%) are leading the pack.
Are you 'Made for the Future'?
According to the survey, technology is driving a structural shift in the future workforce in Asia. Companies have a dual-objective for technology: driving customer-centricity and upskilling their people.
Reflecting on customer-centricity, more than three in four Asian businesses (78%) believe the integration of new technologies will help their people better understand customer needs.
Furthermore, the survey found that digital transformation is impacting the skills people need to compete in the future. In Asia, companies are investing in digital marketing skills (21%), sustainable business practices (17%) and systems-design thinking (18%), which is in line with peers in Europe and North America.
Commenting on Asia's workplace of the future, Tait said: "A business is only as strong as its people. As technology evolves, the time is now for organisations to equip their people with technology-led training so they can advance in lockstep."
"Businesses are putting their people at the heart of what they do. It's clear Asian companies see upskilling and technology as the key to 'future proofing' their business, strategy and people," Tait concluded.
Interviews for the 'Navigator: Made for the Future' survey were conducted in Australia, Canada, mainland China, France, Germany, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore, the UAE, the UK and the USA in May 2019.