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Unsatisfactory compensation is the reason behind 56% of local employees wanting to leave their job in the next two years.
While employees are beginning to feel confident about switching jobs as the economy picks up, many are feeling under-recognised for the hard work they invested during the downturn.
“Now that the outlook is more positive and many business are in a position to loosen their purse strings, employees are demanding their hard work is recognised – and if it isn’t they’ll vote with their feet,” Michael Smith, director of Randstad Singapore, said.
However, companies need not always provide monetary compensation to better retain staff. Leaders can look into providing staff with time off in lieu, and career development opportunities.
Work-life balance and an unpleasant working environment were other factors taken into account when considering a job switch.
“All companies need to look at their full employee value proposition and offer employees a complete package, including benefits and entitlements such as competitive compensation, career progression, work-life balance, and above all be a company that people are proud to work for,” Smith said.
Companies able to craft a strong employer brand also stand a better chance at attracting and retaining top talent.
“The job market is full of candidates wanting to know if the company they are interested in shares the same values as they do,” Neil Griffiths, VP for talent communications and employer brand at FutureStep, said.
“With this in mind, it’s critical that the employer brand is represented by the organisation in terms of its aspirations and goals, so that the right talent can be attracted and engaged.”