SOUTHEAST ASIA: Money is no longer the only pivotal driver when it comes to employee retention.
According to a recent survey by Globalisation Partners, employees who are offered remote work as a permanent fixture are less likely to leave their company.
Employees are more likely to choose companies that resonate with their own values and culture, says Charles Ferguson, the company's general manager for Asia-Pacific. Leadership style, work-life balance and career progression rank highly in an employee's priorities, he notes.
According to Ferguson, many companies are raising salaries as a key talent retention strategy, but lengthy lockdowns have led to evolving work arrangements and a change in employees' values. Freedom and flexibility are now more highly valued, while pay raises and promotions are no longer the yardsticks for career success.
"Post-pandemic, the much-dreaded 'Great Resignation' and 'Quiet Quitting' have put the global and local talent crunch under further duress," Ferguson says.
"While Singapore has enjoyed great success in foreign talent attraction in the last three decades, thanks to various government programmes, Covid-19 has seen many foreign talents leaving the local workforce."
It is therefore imperative that businesses work alongside the government in adapting and realigning themselves to the new set of values to retain talent and remain competitive.