Business
In an era of unprecedented change, HR leaders call for a radically agile workforce
In a world grappling with what many now call a “polycrisis”—a convergence of economic instability, geopolitical tension, and relentless technological disruption—the old paradigms of workforce management are no longer simply outdated; they are liabilities. For businesses in Sri Lanka and across the globe, survival and growth now depend on a new, more dynamic asset: a workforce that can pivot, adapt, and innovate on the fly.
This urgent imperative was the central theme at the National HR Conference 2025, hosted by CIPM Sri Lanka on June 3rd at the Monarch Imperial. The event convened a panel of distinguished industry leaders, academics, and HR practitioners to grapple with a critical question: How do we build a workforce that is not just prepared for the future, but can actively shape it? The discussion that unfolded was not one of incremental adjustments, but a call for a fundamental reimagining of how we hire, train, manage, and lead people.
The panel, expertly moderated by Janaka Kumarasinghe, featured insights from Mayura Malagala, Chetana Liyanage, Pavithra Kailasapathy, and Rajitha Kariyawasam. Together, they mapped out the profound challenges and actionable strategies for cultivating the future-ready, agile workforce essential for navigating the complex, uncertain decades ahead.
Defining the ‘Future-Ready’ Workforce in an Age of Uncertainty
Moderator Janaka Kumarasinghe initiated the dialogue by posing a question that cuts to the heart of modern strategy: in a future that is largely unknowable, what does “readiness” truly mean?
Pavithra Kailasapathy of the University of Kalam’s Department of Human Resources offered a foundational definition, urging a move away from static planning. “When we talk about a future-ready workforce, we must first humbly accept that we cannot predict what the future holds,” she stated. “The only certainty is uncertainty itself. Crises and disruptions are no longer black swan events; they are becoming the regular rhythm of the global landscape. Therefore, organizations—and indeed, the nation—need a workforce that is inherently adaptable, flexible, and psychologically equipped for swift decision-making amidst constant change.”
She delved deeper, stressing that this capability goes far beyond a simple list of technical proficiencies. “It’s not just about skills; it’s about possessing a growth mindset—the core belief that abilities and intelligence can be developed through dedication and hard work. This contrasts sharply with a fixed mindset, which assumes talent is innate and unchangeable.”
In practice, an employee with a growth mindset sees a challenge as an opportunity to learn, whereas one with a fixed mindset sees it as a threat that might expose their limitations.
“Agility,” Kailasapathy concluded, “is the fusion of this learning ability with the adaptability to apply that knowledge in novel, often high-pressure, situations. It’s about learning, unlearning, and relearning as a continuous cycle.”
Navigating Exponential Change and Geopolitical Shockwaves
The conversation then shifted to the powerful external forces compelling this evolution. Rajitha Kariyawasam, a multidisciplinary executive with deep experience in global manufacturing and business, painted a stark picture of the operating environment.
“This isn’t ordinary, linear change; it’s dramatic, exponential transformation,” he warned. “The rate of change is vast and accelerating, primarily driven by a new wave of technology. We are seeing robotics, AI, and automation not just augmenting human work, but fundamentally redefining entire job categories.” He explained that this isn’t a distant future; AI is already handling complex analytics and diagnostics, while automation is reshaping supply chains. “The agility we have today, which might feel advanced, could very well be obsolete by tomorrow.”
Beyond technology, Kariyawasam highlighted the immense impact of geopolitical volatility. “Strategic plans can be shattered overnight by a single policy decision made thousands of miles away,” he noted. “When a major economic power, like the US, suddenly announces a 44% tariff, it can decimate a company’s core export market in an instant. A company’s ability to survive such a shock depends entirely on its agility.”
How can an organization respond? “It requires a collaborative, ecosystem-wide approach,” he argued. “You need to rapidly explore new markets, reskill your sales and logistics teams, re-engineer products to meet new price points, and potentially adopt new technologies to reduce costs. This is not a challenge for one department; it involves the entire workforce, suppliers, industry bodies, and even government support.”
He pointed to China’s remarkable economic transformation as a powerful, large-scale precedent. “Look at how Chinese companies and institutions fostered a national culture of agility. They invested massively in upskilling their workforce, from factory floors to research labs. They embraced cutting-edge technologies fearlessly and built an infrastructure that could pivot to meet global demand. They turned potential weaknesses into the very drivers of change, a lesson for any company looking to build a forward-thinking, adaptable organization.”
From Theory to Practice: Cultivating an Agile Culture
Understanding the need for agility is one thing; building it is another. Chetana Liyanage provided a practical framework, arguing that all HR practices must be intentionally re-engineered around three core pillars:
Instilling a Growth Mindset: This must be the cultural bedrock. It means leaders must actively model learning, celebrate “intelligent failures” as learning opportunities, and create an environment of psychological safety where employees feel secure enough to voice new ideas and experiment without fear of blame.
Developing Essential Skills and Competencies: The focus must be twofold. While technical skills remain vital, so-called “power skills”—critical thinking, creative problem-solving, communication, and collaboration—are what enable agility. These are the skills that allow technical knowledge to be applied effectively in new contexts.
Strengthening Enabling Systems: An agile culture cannot survive in a rigid, bureaucratic structure. “We cannot foster agility within traditional hierarchies,” Liyanage asserted. “We need to move toward a skills-based approach, empowering cross-functional teams to swarm on problems and opportunities. It’s about creating a ‘gig economy’ within our companies, where talent is deployed fluidly based on project needs, not static job descriptions.”
This requires a radical overhaul of legacy systems. Annual performance reviews become obsolete, replaced by continuous, real-time feedback conversations. Training evolves from monolithic, top-down programs to personalized “micro-learning.”
Business
Tax revenue rebound seen as reshaping SL’s sovereign risk outlook
Sri Lanka’s improving tax performance is reshaping its sovereign risk outlook. With the tax-to-GDP ratio rebounding to 15.4% from pre-crisis lows near 10%, markets are seeing early signs that fiscal consolidation is becoming structurally anchored—supporting debt sustainability, IMF programme credibility and a gradual return to capital markets.
Finance and Planning Deputy Minister Dr. Anil Jayantha Fernando said on Monday that tax revenue is on track to reach 16% of GDP by the end of this year, marking one of the strongest fiscal reversals in the country’s recent history. Speaking at a ceremony at the Inland Revenue Department (IRD) to present appointment letters to 100 newly recruited Assistant Commissioners, he said all three main revenue-collecting agencies—the IRD, Sri Lanka Customs and the Excise Department—have exceeded their annual targets.
From a macroeconomic standpoint, the recovery in revenue mobilisation reduces Sri Lanka’s reliance on debt accumulation, monetary financing and ad hoc tax measures—key vulnerabilities highlighted during the economic crisis. Dr. Fernando said the Government’s medium-term objective of lifting the tax-to-GDP ratio to 20% is achievable if credibility in fiscal governance continues to improve.
He attributed the revenue surge primarily to the restoration of trust between the state and taxpayers rather than to technology or enforcement alone. Improved compliance, he said, reflects growing confidence that public funds are being managed transparently and directed towards development priorities, reversing years of entrenched tax evasion linked to weak governance.
Fernando also stressed the correlation between higher tax ratios and lower corruption, noting that Sri Lanka’s revenue base had eroded sharply during periods of institutional decay. The recent rebound, he said, signals renewed accountability and more disciplined public financial management.
On public sector reform, he rejected the narrative that the public service is inherently a fiscal burden, arguing that inefficiencies stemmed from decades of politically motivated recruitment. The government, he said, is now rebuilding the public service through merit-based, competitive recruitment, aligned with broader public sector transformation and fiscal capacity. The newly appointed officers, he added, will play a critical role in strengthening revenue administration and policy implementation.
Turning to structural growth constraints, Dr. Fernando highlighted low labour force participation—particularly among women—as a key drag on income expansion and future revenue potential. Despite women accounting for a majority of the population, female participation remains below 30%, limiting productivity growth and narrowing the tax base. Raising participation levels, he said, is essential to sustaining higher growth over the medium term.
He also stressed the importance of simplifying the tax system to improve predictability and compliance while ensuring all eligible taxpayers are captured. Sustainable revenue growth, he reiterated, must come from broadening the base rather than imposing excessive burdens on a narrow segment of taxpayers.
By Ifham Nizam
Business
WTS IPO opens tomorrow
The Initial Public Offering (IPO) of WealthTrust Securities Limited (WTS) will open tomorrow, inviting the public to subscribe for 71,548,244 Ordinary Voting Shares at an Issue Price of LKR 7.00 per share. Through the Issue, WTS seeks to raise a total of LKR 500,837,708, with the Company’s shares expected to be listed on the Diri Savi Board of the Colombo Stock Exchange (CSE).
WTS is a Primary Dealer authorised by the Central Bank of Sri Lanka, and is also licensed by the Securities and Exchange Commission of Sri Lanka as a Stock Broker (Debt) and Stock Dealer (Debt). The proceeds of the IPO are intended to further strengthen the Company’s core capital buffer and support the expansion of its investment and trading portfolio in government securities, enhancing capacity to manage market and interest rate risk while supporting sustained value creation.
The Issue is being managed by Asia Securities Advisors (Private) Limited as Manager and Financial Advisor to the Issue. With the offering priced at a discount to valuation benchmarks cited in the Prospectus, and with broad-based interest typically seen in well-positioned capital market listings, WTS enters its opening day with positive sentiment and strong anticipation among prospective investors.
Business
CBC Finance lists on the Colombo Stock Exchange
CBC Finance Ltd, a subsidiary of the Commercial Bank of Ceylon PLC commemorated its listing on the Colombo Stock Exchange (CSE) by way of the issuance of LKR 1.5 bn worth of debentures by the ceremonial ringing of the market opening bell on the CSE trading floor.
CBC Finance Ltd raised LKR 1.5 Bn on 27th November 2025 with an oversubscription of an issue of 15 Mn Listed Rated Unsecured Subordinated Redeemable Debentures for a tenure of five years and a fixed interest rate of 11.50% p.a. payable annually (AER 11.50%), with a par value of LKR 100/- and an issue rating of “BBB+(lka)” by Fitch Ratings Lanka Limited.
Sharhan Muhseen, Chairman of CBC Finance Ltd and the Commercial Bank of Ceylon PLC, who was the events keynote speaker remarked upon the companies listing and CBC Finance’s role, commenting: “We are a key part of the economy. The development of the capital market is essential for the economic growth of the country. Thus, through this debenture issue, we encourage investors to participate in the development of the capital markets which is a key driver of economic growth.”
Delivering her welcome address at the event, Ms. Nilupa Perera, Chief Regulatory Officer of CSE, remarked upon the wide array of products CSE offers, stating: “The Colombo Stock Exchange has introduced several innovative instruments, from Shariah compliant debt instruments to GSS+ instruments – Green bonds, Social Bonds, Blue Bonds, sustainable and sustainability linked bonds, perpetual bonds and high yield debenture bonds. We hope that CBC Finance Ltd will use CSE to raise capital through these instruments.”
CBC Finance Ltd., formerly known as Indra Finance Ltd. and subsequently re-named as Serendib Finance Ltd., was acquired by Commercial Bank of Ceylon PLC in 2014. The company was established in 1987 as Indra Finance Ltd and has 21 branches island wide, delivering a wide range of financial services to Individual and SME segments, and enjoys an A (lka) Stable from Fitch Ratings Lanka Limited. In the financial year 2024, the company recorded a net profit of LKR 82 Mn and successfully expanded its Total Asset Base to LKR 17 bn. Its parent company, The Commercial Bank of Ceylon PLC, was named Sri Lanka’s Best Trade Finance Bank at the prestigious Euromoney Transaction Banking Awards 2025.
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