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A fluid job market throughout APAC has made it increasingly challenging for organisations to retain their top talent.
According to a new report by Heidrick & Struggles, 30% of senior executives are currently thinking of seeking other employment options, while another 28% of them stated that they might do so within the next two years.
Of the 30% who are currently considering switching jobs, 18% are already actively looking for new jobs.
Sadly, only 19% of respondents said that they plan to stay with their employer for a long time.
“Gone are the days when more money meant more staff motivation. Today’s candidates also value intangible job benefits that make their work rewarding,” Karen Fifer, global managing partner of the consumer markets practice at Heidrick & Struggles, said.
“Culture, purpose and the satisfaction that comes from working with inspirational leaders are all increasingly important to candidates when choosing their next employer. To win the talent war, companies need to rethink and enhance their employment strategies and ensure that what is appealing about their brand and employment practices is externally visible,” she added.
Indeed, the report echoed that employer branding is key to companies winning the talent war and boosting growth.
Almost all (95%) of respondents believed that a strong employer brand is crucial to the company’s success.
When asked what their companies need to address to become better places to work, work culture (74%), advancement opportunities (69%) and senior leadership (67%) ranked highest.
Surprisingly, compensation was ranked as the least important factor candidates consider when joining a company.
Instead, factors such as the health of the business, its reputation in the media, level of innovation, commitment to driving social sustainability, and even the CEO’s personal brand were ranked as more crucial in the report.