Principal Asset Management

Andrew Wong

Andrew Wong, a non-traditional career recruiter, initially studied the law, trained as a management consultant and later transitioned into HR transformation professional before becoming the Head of Talent Acquisition at Principal Asset Management covering Asia Pacific and Middle East. His first experience in talent acquisition was at a large bank which involved transitioning work from RPO to in-house. Since then, his focus on talent acquisition has grown through various transformation projects like offshoring and outsourcing. Seeking a new direction, he consulted with a global head of talent acquisition, who encouraged him to pursue the field. This support led to his current role, where he oversees hiring across APAC and the Middle East at Principal Financial Group.

In an interview with HR Tech Outlook APAC, Wong discusses AI's impact on talent acquisition, especially with automated CV generation and more recently AI Assisted interviews, and the need for adaptation. He stresses balancing soft skills with technical abilities to stay competitive and highlights retention strategies, talent mapping, and upskilling for workforce stability.

Can you outline the key trends currently prevailing in talent acquisition, especially within the financial sector?

One prominent trend in talent acquisition right now is obviously AI. It is both positive and equally disruptive, with some uncertainty around its long-term impact. While many organizations have technically progressed forward with the adoption of technology since COVID, many are still using traditional talent acquisition processes and finding how AI will change the hiring landscape. What's emerging is a high number of CV’s are AI-generated, bots are being used for the application process, and more recently the use of AI assistants that provide live prompt during interviews. This raises a significant question—how do we differentiate between automated and human-written applications, and how can we assess candidates based on their skills, not just keywords? We have not yet fully established a comprehensive solution, but proactive planning is essential.

In recent years, talent mobility has slowed, yet organizations are now facing increased pressure to take action. Consequently, we are prioritizing retention strategies and investing in the development of our existing employees through skill assessments and targeted upskilling for future roles.

This shift requires a closer partnership between talent acquisition and talent management. As we move forward, it's clear that we need to balance both short-term actions and long-term strategies to navigate these changes effectively in talent acquisition.

What are the major competencies that HR professionals in the financial sector should focus on to stay competitive?

If I had to choose one, soft skills, especially communication, would be essential. Technical skills can be acquired over time, but the ability to communicate effectively and convey a compelling narrative is invaluable. Even the most technically skilled professionals need to articulate ideas clearly. I emphasize to my team the importance of honing storytelling and communication skills, as these are vital to building relationships and, ultimately, career advancement. Effective communication should remain a career priority, as it directly supports the broader goal—talent acquisition is more than just filling roles—it's about shaping the future workforce.

"Talent acquisition is more than just filling roles—it's about shaping the future workforce.”

Can you share a specific strategy you implemented that delivered positive results for the organization?

Our talent acquisition vision is “Fostering a hiring culture where everyone is a talent magnet.” The 2024 TA strategy is dedicated to establishing a robust foundation across people, processes, and technology. Efforts this year focused on fortifying these essentials to support the long-term vision. In 2024, the priority shifts to transforming talent acquisition from a transactional role into a strategic partner that delivers advisory services to the organization. Offering insights into future skills, market trends, and workforce needs, we aim to enhance the company's competitive edge.

Looking forward, employer branding, early careers and establishing more comprehensive data-driven insights will be the key priorities. Employer branding to ensure we have consistent brand presence across markets; data-driven insights will be employed to enable informed decision-making and improve operational effectiveness. And lastly, investments in grassroots recruitment through partnerships with prominent universities in Asia will build a diverse talent pipeline and introduce valuable perspectives from early-career professionals, contributing new ideas to the organization.

These initiatives will strengthen both talent acquisition and management functions, aligning closely with the organization’s long-term objectives. Significant challenges lie ahead, but the commitment to progress remains steadfast.

What sage advice would you give to your peers or other leaders in the industry?

Leaders today should cultivate a strong sense of curiosity. The growing influence of AI and automation makes it essential to understand new technologies, experiment with them, and identify ways to benefit our organizations. Curiosity drives transformation, strengthening our roles by leveraging technological advancements. Communication is equally vital; conveying ideas and insights clearly is critical.

Talent acquisition professionals should recognize that their role extends beyond transactional activities. Serving as the initial point of contact with candidates, we play a pivotal role in shaping talent strategies. The goal is to position talent acquisition as a strategic function that aids in business planning for future skills, trends, and workforce needs. Talent acquisition is evolving, and embracing this shift will allow us to deliver greater value to our organizations.