Singapore – How do SMEs keep their best employees and not lose them to the lure of bigger MNC companies?

At a recent SME CEO and Senior Leaders Fair Employment Practices Seminar, leaders said commonly cited reasons by top talent for leaving included the lack of work challenges the inability to grow and advance further in the company.

However Josh Goh, manager, corporate services, the GMP Group says, “SMEs may not be able to compete in terms of remuneration but we can certainly compete in employer branding - such as word of mouth and letting your employee leave with a happy heart.”
Goh suggested that companies provide employees with a good friendly company culture, challenging job scope and good career opportunities.

Another key message from various SME leaders was hire the best qualified talent regardless of age, gender or race and you will save costs in the long run.

Companies are currently facing a problem of filling job vacancies with the lack of talent available. This raises the question if employers are too hung up on factors such as age group, gender and race, instead of experience and quality the best way to help the business in the long term.
                                                                                   
Goh said that positions would take a longer time to be filled if employers were to factor in the age, gender and race of candidates. “Whereas if you just hire the best qualified candidate, you save costs in the long run,” he added.

Halimah Yacob, MP and co-chairperson of TAFEP, added, “There will definitely be hiccups along the way when you embark on implementing fair employment practices, but don’t give up.”

The SME CEO and Senior Leaders Fair Employment Practices Seminar, jointly organised by Tripartite Alliance for Fair Employment Practices (TAFEP) and Association of Small and Medium Enterprises (ASME), was held yesterday morning.