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.
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?
Workipedia by MyCareersFuture has 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.
On the hiring of talents, ByteDance’s liaison shared with Workipedia by MyCareersFuture:
“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.
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.
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. Sharing with Workipedia by MyCareersFuture, 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.
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.
Sharing with Workipedia by MyCareersFuture, 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.
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.
Bridget Wong, Accenture Singapore’s Head of Human Resources, shared with Workipedia by MyCareersFuture:
“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.
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.
Talleah Teo, HP’s Talent Acquisition Director, Asia Markets, shared with Workipedia by MyCareersFuture:
“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.”
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.