Experts are describing the talent market in Asia-Pacific countries as “unpredictable”. To remain competitive, employers must rethink their recruitment and retention strategies in the APAC region as unemployment rates decline to pre-pandemic lows and job openings surge. The uncertain job market can be overwhelming, but it doesn't have to be unmanageable.
To keep your top talent and attract potential new employees, it is not enough to offer increased compensation. There is a need for a comprehensive and long-term solution. The current environment provides numerous job opportunities with improved wages and extra benefits. For those seeking a change, this is a period of tremendous possibilities. Therefore, why wouldn't job seekers take advantage of the situation? Paying higher salaries might be an answer in some cases, but it needs to be complemented with a longer-term, practical approach. Much research has been conducted around the most important predictors of retention and we’ve collated these for our readers:
Opportunities for growth and development: Employees want to feel like they are learning and growing in their careers, so offering training and development programmes, as well as clear career progression paths, can help retain talent. Data insights by Korn Ferry from over 1.8 million employees around the world, found opportunities to achieve career goals are the single largest indicator of a worker’s intent to stay.
A supportive and inclusive company culture: A positive and inclusive company culture can help employees feel valued and connected to their organisation. Globally, nearly 90% of employees who report feeling respected are likely to stay with an organisation for the long term. Show you actively listen to, and act on, what they have to say, and align your leader goals and rewards with the principles of inclusion. This lever focuses on ensuring your employee value proposition (EVP) and culture align to create a supportive work environment.
Effective leadership: Strong, supportive, and effective leadership can create a positive work environment and help retain talent. As much as employees in APAC expect to be fairly compensated for their work and benefits such as health insurance, retirement plans, and paid time off, globally, nearly 75% of employees who plan on staying with an organisation for the long-term say they have trust and confidence in their company’s leaders.
A positive work-life balance: Long work hours and high levels of stress are becoming increasingly unacceptable in APAC, and employees are looking for organisations that value work-life balance.
Remember, embed an EVP that has substance.
Organisations that have been successful have held true to their employee value proposition and used it to promote and retain their talent. By emphasising what makes them unique, and supporting their staff during difficult times, they have created a greater number of passionate employees.
To take full advantage of this chance to be known for providing better employee treatment than the competition, you need to consider the most effective and enduring effect you can have on your workforce. Not just for the near future, but for the next ten years.
Previous economic downturns have seen an increase in attrition, before returning to normal levels. The actions you take now will have a significant influence on the scale, structure and quality of your workforce during this period of transition. An EVP that is transparent, authentic and meaningful will give you a strong base to weather the next wave.
We hope you found this article insightful. Interested to hear how we can support your organisation’s hiring needs? Contact us here to start the conversation.