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5 minute read

Employee Retention: 5 Companies Share 5 Ways to Preserve Talent in a Competitive Job Market

In a competitive job market, retaining top talent is crucial for success. Discover five valuable insights from five leading companies to preserve your workforce and foster long-term loyalty

Ask any employer if it’s easy to find the right talent, and chances are most will shake their heads. According to the latest survey by global staffing firm ManpowerGroup, a whopping 83 percent of employers in Singapore report difficulty finding the skilled talent they need.

Why is it tricky to retain staff?

In the face of talent shortages, employers cannot afford to lose those already within their ranks. But if employers are finding hiring challenging, retaining employees is no walk in the park either. 

Since the onset of the Great Resignation brought about by the Covid-19 pandemic, today’s workers are more inclined to leave their jobs in search of better opportunities. The latest survey by LinkedIn found that 65 percent of Singaporean professionals are considering a new position in 2023.

Still can’t find the right talent? Let MyCareersFuture recommend more talents to you for your consideration. Browse your list of Suggested Talents and invite them to apply for your roles directly!

 Pay and prospect are no longer the only considerations for workers in Singapore. While salary emerged as the biggest factor, non-monetary factors such as work-life balance and job satisfaction also ranked highly for workers looking for employment elsewhere. 

So, what should you do not to lose your best people?

We have compiled five ways to step up your employee retention game, with sharing from various companies.

5 ways to retain talent in your company

1. Offering competitive compensation and benefits

In a competitive job market, offering a competitive compensation package is crucial. Employers need to conduct regular market research to ensure that their salary and benefits packages are in line with industry standards. 

The right talent will expect the right salary.

On the hiring of talents, ByteDance’s liaison shared:

“Our overall pay range is competitive in the market, and our evaluation is competency-based. Each individual’s final package is determined based on the competency level that the individual has demonstrated during interviews.” 

Competitive remuneration aside, ByteDance also offers its employees lunch delivery service, generous team building allowances, and annual leave that starts from 18 days.

Jobseekers, check out jobs in Bytedance here!

2. Prioritising employee development and training 

Employees are more likely to stay with a company that invests in their personal and professional growth. At the same time, providing opportunities for professional development and skill-building initiatives can enhance employee job satisfaction. 

Supporting your employees to upskill will ensure that they have the capabilities to perform optimally.

To support its employees’ development and training, DBS Bank rolled out an AI-powered career development platform, “iGrow”, which provides its employees with personalised career advisory services. DBS’s spokesperson said:

“The platform taps into natural language processing to build individualised profiles based on each employee’s career and training history.”

iGrow curates insights and offers personalised recommendations on development opportunities, including over 10,000 learning programmes and job exposure opportunities.

Read More: In Good Company: 4 Reasons Why These Companies are Promoting Career Resilience for Employees

Jobseekers, check out jobs in DBS here!

3. Cultivating a supportive work environment 

Encouraging regular feedback and providing avenues for employees to voice their opinions and concerns helps create a sense of belonging and engagement. At Dell Technologies, managers are expected to support their subordinates and be ambassadors of wellness in the workplace. 

Your employees are not robots, so it’s essential to take care of their physical and mental well-being.

Spokesperson for Dell Technologies’ HR team, said:

“Our people leaders are encouraged to set an example for our teams on how to institute self-care and wellness to better manage stress, anxiety and challenges.”

Scheduling regular check-ins with employees to discuss work-related stress and implementing policies like “buddy systems” goes a long way to strengthening the workplace social support system. 

Jobseekers, check out jobs in Dell Technologies here!

4. Recognition and Rewards 

Acknowledging and rewarding employee achievements is essential for building a motivated and engaged workforce. At Accenture, employees who have contributed significantly to the company’s growth are well compensated and recognised for their contributions. 

When good employees are overlooked, they will look elsewhere for recognition and reward.

Bridget Wong, Accenture Singapore’s Head of Human Resources, shared:

“Employees are recognised via a Recognition Programme, which celebrates their success via peer recognition as well as recognition points that can be redeemed for merchandise or charitable contributions.”

Recognising employees for their hard work, whether through verbal appreciation, monetary incentives, or other forms of recognition, helps foster a sense of accomplishment and job satisfaction. 

Read More: Job Perks: 4 Companies that Take Caring for Employees to a Whole New Level

Jobseekers, check out jobs in Accenture here!

5. Employee Well-being Initiatives 

Companies aiming to retain talent should provide resources and support for their employees’ physical and mental well-being. Implementing wellness programs, employee assistance programs, and flexible work arrangements, demonstrates a commitment to employees’ overall health and happiness. 

When employees are able to handle their personal commitments well, they will be more focused at work.

Talleah Teo, HP’s Talent Acquisition Director, Asia Markets, shared:

“It’s always been a priority at HP to provide employees with the tools and flexibility they need to maximise their work-life balance – or work-life integration. This is important because we know this leads to stronger engagement, a significant sense of fulfilment and, along with that, stronger business results.”

Jobseekers, check out jobs in HP here!

Taking care of your employees makes for good ROI

Remember, the key to successful employee retention lies in valuing and investing in your most valuable asset – your employees. When your employees are happy, driven, adaptable and skilled, the chances of improved business outcomes are greater. Ultimately, this will lead to better competitive advantage in the market of your respective industries.

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