The war for talent is being fought largely in the compensation and benefits department, at least in the Southeast Asia region.
That is one of the key conclusions of Chief of Staff Asia's latest research paper. Entitled Rising Costs, Falling Loyalty, the report takes an in-depth look at all aspects of a modern-day salary package and finds the points of differentiation and innovation setting the best employers apart.
Our researchers focus on issues such as salary changes, which are already being forced upwards, rising healthcare costs, a perpetual headache, the rising interest in remote working opportunities, and the growing provision of non-cash benefits.
They have done the legwork to help decode the statistics by speaking to industry professionals and offering sound advice to provide an excellent template to underpin competitive compensation and benefits packages in such dynamic and challenging times.
In particular, this report will show how and why HR professionals should:
Rebound from the doldrums of the Covid-19 pandemic and start searching for the best talent through attractive compensation packages
Identify the sectors with the greatest needs and apply resources accordingly - headhunting will be a commonality
Take a long look at pay-for-performance as a means of incentivising employees
Strike a balance between cost-effectiveness for employers and individualised health benefits for employees, despite the rising healthcare costs.
Focus on the need for mental health to be taken seriously as a requirement in any healthcare package
Be open to wellness programs to maintain a healthy workforce that requires inpatient and outpatient hospital visits less frequently
Encourage malleability in flexible working arrangements
Search for innovative non-cash benefits options that reduce costs while enhancing the employee experience.
The report, released today, is available for free download for all Chief of Staff Asia subscribers. Sign up here to join the growing community of Southeast Asia HR professionals.