"In the past, being a 'people person' in Asia was primarily seen in terms of an executive's ability to establish high level guanxi with influencers in China, or to demonstrate appreciation for the loyalty of long-time employees in Japan. Today's CEO needs to develop personal relationships with their staff at all levels to promote stability and loyalty, a far stronger retention device than money."

Staff management and development was ranked by CEOs as more time consuming than engaging with customers and suppliers or strategic planning.

The research also found that a greater percentage (29 per cent) of Asia Pacific CEOs now reported directly to the Board, compared to three years ago (21 per cent).

Nearly two thirds (62 per cent) of CEOs rely on executive coaching to improve their ability to effectively engage their staff.

Tseng said that Asia Pacific CEOs needed to become much more involved in identifying and engaging high-potential employees. They should be tailoring development programs and spending 'one-on-one time' with them to build their leadership bench, a radical approach that may take some getting used to for typically 'hierarchical' leaders in the region.