Sri Lanka Human Capital Summit 2024 to focus on building future-ready workforce

On 18 July, the Temple Trees auditorium will convene a powerhouse group, with public and private sector corporate leaders representing multi-industries and disciplines, in a quest to deliberate, debate, and discuss the way forward to ensure that our country has the right human capital – talent, capability, and availability to meet the nation’s development needs of the future; a future-ready workforce – at the Sri Lanka Human Capital Summit (SLHCS) 2024.

The Investment Promotion Ministry together with the Board of Investment Sri Lanka, Colombo Port City Economic Commission, the Association of HR Professionals Sri Lanka, World Bank, ADB, Deloitte, India CEO Forum, the Society for Human Resource Management (SHRM-USA), KPMG Sri Lanka, Access Engineering, Commercial Bank, and Daily FT, have come together to organise this very important “Human Capital Summit” to look at future-proofing our country’s human capability needs. 

The SLHCS will be inaugurated by President Ranil Wickremesinghe, who has fully endorsed the direction of this summit and given his valuable input to gather all related stakeholders, recognising the importance of this summit. Prime Minister Dinesh Gunawardana will also be in attendance.

The convener and head of the steering committee of this summit, corporate leader and BOI, Colombo Port City Economic Commission, and Employers’ Federation Chairman Dinesh Weerakkody, elaborated on the aim, context, and topicality of having this summit at this crucial juncture of our country where there is a talent shortage and brain drain. He said: “The economic trajectory of Sri Lanka stands at a pivotal juncture. To propel our nation from a lower-middle to an upper-middle income level, we must embark on a transformative journey – one that hinges on the development of our most valuable asset – human capital.”

The imperative of human capital development

Achieving this requires more than fiscal policies and infrastructure investments; it demands a strategic focus on our people. As the fourth industrial revolution reshapes global economies, we recognise that sustainable growth hinges on inclusivity. Our challenge lies in harnessing the potential of every citizen, ensuring that no one is left behind.

To achieve the above, we must look at: (1) Navigating complexity and urgency. The urgency is palpable. The intersection of technological disruption, environmental stewardship, and social equity adds layers of complexity. Sri Lanka’s path forward must be both innovative and inclusive. (2) Building a resilient export economy. Our vision extends beyond borders. To thrive in the global marketplace, Sri Lanka must build a sustainable export economy that withstands the tides of change. Our products and services should resonate with international partners, positioning us as a preferred trading partner. Current alarming Human Capital Index (HCI) statistics – where Sri Lanka’s HCI has stagnated at 0.58 since 2012 – reflects our nation’s utilisation of human potential currently operating at 42% below its capacity. Urgent corrective measures are non-negotiable. 

In 2016, the SLHCS convened key decision-makers, sparking thought-provoking conversations that reverberated across our nation. These dialogues yielded breakthrough ideas – seeds of transformation that promise to elevate Sri Lanka’s human capital with recommended action. 

Building a future-ready global talent pool – 2024 and beyond 

We have gathered learning from 2016 and focused on key pillars that strategically contribute towards Sri Lanka’s economic growth. At the upcoming summit, SLHCS 2024, under the theme of ‘Unlocking Sri Lanka’s Economic Potential by Building a Future-ready Global Talent Pool’, we will explore how to nurture, harness, and amplify our human capital.

Summit approach 

The summit will have comprehensive technical sessions on critical industry sectors. 

SLHCS 2024 Technical Sessions Co-Chairs Sutheash Balasubramaniam and Chandi Dharmaratne, entrusted with the task of roping in the best brains and proven specialists to share their insights and experiences, had this to say: “Whilst there are multiple industries, it was decided to stay focused to ensure the summit is informative, in-depth, and outcome driven. Hence, the following key pillars were prioritised based on the strategic potential and the impact it makes on the economy of Sri Lanka: public sector capacity, information technology, tourism, financial services, and start-ups.

Each pillar will feature an expert keynote speaker who will set the context and a panel focusing on actionable strategies based on the identified solutions and challenges to build a future-ready global talent pool. Hence, the respective panels will focus on: (1) How to increase the talent pipeline (2) Capability development – to build a skill-ready, global human capital pool, and (3) What are the talent retention strategies to stem the talent drain? 

A number of international dignitaries as keynote speakers and guests of honour including former Australian Prime Minister Scott Morrison, former Maldives President Mohamed Nasheed, Malaysia Higher Education Minister Dr. Zambry Abdul Kadir, World Bank Senior Education Specialist and Tertiary Education Global Lead Roberta Malee Bassett, famed customer service guru Ron Kaufman, SHRM-USA President and CEO Johnny C. Taylor, Jr., NASSCOM Chairman Rajesh Nambiar, and former Invest India MD and CEO Deepak Bagla will add value to the deliverables of the summit.

The local and international industry specialists contributing to the summit will share their experiences and bring in valuable input as to what Sri Lanka needs to do to have a future-ready workforce.

The achievement of the above human capital development approaches and challenges from a technical HRD point of view is challenging. Modern approaches to human capital development need to be employed. It is expected that Taylor Jr., CEO of the world’s leading human resource professional development organisation, will bring in modern international approaches and experiences.

The Association of HR Professionals Sri Lanka, the leading HR professionals association in the country, who was a co-organiser of the SLHCS in 2016, is a leading collaborator at this summit too. They bring industry-specific human resource development insights to discussion panels and moderators through their highly recognised executive committee members. Sri Lanka Association of HR Professionals President Roshan Kulasuriya endorsed the following:

• To increase the talent pipeline by STEM education, skills alignment, digitalisation, and diversity and inclusion, encouraging the Sri Lankan diaspora to look at contributing their expertise to the country. 
• To achieve capability development ensuring a skill-ready, global talent pool through competency development, industry-academia collaboration, up-skilling, and reskilling, investing in lifelong learning, enabling workers to adapt to changing job requirements through continuous training, and benchmarking global trends.
• To focus on talent retention strategies to stem the talent drain by competitive compensation by ensuring salaries are competitive globally and addressing wage disparities between Sri Lanka and other countries. 

Achieving these objectives requires concerted efforts from the Government, private sector, education sector, professional bodies, and civil society. The local and international industry specialists contributing to the summit will share their experiences and bring in valuable input as to what Sri Lanka needs to do to achieve the above.

The technical session sector discussions will be led and moderated by Sri Lankan industry leaders: Tourism – Sanjeev Gardiner, Public Sector – Sujeeva Mudalige, Startups – Jeevan Gnanam, IT – Jehan Perinpanayagam, and Financial Services – Jonathan Alles. 

At the end of the technical sessions, a “leadership forum” will be held as the highlight to bring in the much-needed leadership paradigm to achieve the country’s capacity building targets. This discussion will be led and moderated by Dinesh Weerakkody – the convener of the summit – whilst summit deliberations will be capsuled by Deloitte and later compiled into a comprehensive report. 

The SLHCS 2024 brings in hope of a more productive and skills-rich future.