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Employees who switched jobs in the last quarter received better offers than their peers who job hopped previously.
Employees in Indonesia, Malaysia, the Philippines and Singapore who moved to a new company in Q4 2012 received an average pay increase of 18.2%, compared to 16% in Q3. This was also 2.5% higher than the global average, CEB’s Quarterly Global Labor Market Survey found.
While one in five Southeast Asian employees showed a strong attachment level to their job, discretionary effort for Q4 within the region stood at 13.4% – lower than the global average of 18.2%.
Brad Adams, senior director and head of HR research at CEB, said these figures echo the sentiments of executives in Asia who “cite talent-related risks as three of the four biggest barriers to growth, behind economic slowdown”.
Employees in the region also lag behind their global counterparts in terms of intent to stay in their current role – only 20% of those in the region were likely to stay, compared to the global average of 32.7%.
This puts Southeast Asia as the region with the second lowest employee intent to stay, ahead of only India (15.9%). Employees with the highest level of intent to stay last quarter were in Germany (47.7%), the Nordic Region (38.8%) and the US (36.7%).
The survey also identified the top EVP drivers of attrition among employees in the Southeast Asia workforce, namely compensation, people management, future career opportunity, respect, and manager quality.
Leaders in the region have to focus on promoting and delivering the “core EVP attributes”, as well as improving perceptions of employee total rewards, rather than just increasing compensation.
“Today, companies’ growth goals – and ultimately sustainable competitive advantage – rests not on labour cost advantage but on talent-driven advantage and innovation,” Adams said.
The report added organisations that optimise their total rewards design can stand to “reduce costs by at least 5% without negatively impacting employee value, or increase employee value by more than 30% without increasing spend”.