As economic stabilization takes hold and businesses anticipate growth, particularly in Singapore, organizations, especially small businesses, are looking to high performers to help lead them out of the storm. Per the Mercer’s Asia Pacific Total Health and Choice in Benefits 2011 Survey, 92% of Singapore employers are feeling the impact of the war for talent. This has put Singapore registered companies under increased pressure to secure the right people.
According to Singapore Company Registration specialist Rikvin, there is no algorithm that works for all companies to cater to the diverse workforce. However, there are a few things employers can do to minimize the exodus of talent, lure top external talent and retain key internal talent. Rikvin enumerates the top 7 ingredients to attract and retain the right talent:
Recognition is a key tool for motivating your employees to continue to do and give their best. Showing appreciation to good performers either through encouragement or material rewards will help to retain talent. Management should also frequently communicate with employees to ensure that they are always in tune with on-the-ground sentiments, which will help to improve employee productivity and morale over the long term.
According to a survey by Tripartite Alliance for Fair Employment Practices (“TAFEP”), “Harnessing the Potential of Singapore’s Multi-generational Workforce”, different generations of workers, from traditionalists and baby boomers to Generation Y-ers, have different strengths and styles of working. For example, an organization has to incorporate flexibility to attract and retain Generation Y-ers who view job changing as a natural process. In gist, an organization has to champion flexibility to attract tech-savvy generation Y-ers when working with different types of working styles.
3. Work-Life Balance
Another attraction for the employees is work-life balance. Companies that can rethink how work is performed and delivered through flexible work arrangements (FWAs) such as compressed work weeks, flexi time and telecommuting will likely benefit from mutual trust which in turn contributes to increased productivity, company loyalty and employee job satisfaction.
4. Salary and Compensation
According to a recent survey by Hudson, although employers in Singapore cite claim 80% of employers cannot meet the salary expectations of their employees.
Companies unwilling to match or at least approximate the salaries offered elsewhere are likely to lose their best talent to their better-paying competitors. Besides salary, potential or current employees also weigh holiday time, life insurance, retirement plans, and more.
5. Training and Career Development
According to recent survey by Forbes, money isn’t the only motivator when it comes to job hunting; other considerations, such as career progression and prospects play a major role too. Businesses can attract and retain the best talent if they help their employees develop their skills.
Furthermore, in today’s knowledge-based economy, employees recognize the value of companies who invest in personnel development. 89% of respondents to the annual Fortune Magazine/Hay Group World’s Most Admired Companies survey cited training for specific skill sets as one of the incentives to work for a company.
Sending employees to subsidized training courses not only qualify for Singapore corporate tax cuts under the Productivity and Innovation Credit Scheme; it will attract good workers and keep them around for years to come.
Staff development is said to maintain workplace morale as well as increase long-term productivity. Companies need to have a long-term perspective and continue to develop the skills of the workforce through training in entrepreneurial and leadership skills.
6. Share your financial benefits
Bank of America Merrill Lynch findings from its 2012 Workplace Benefits Report cites that more than half (55%) of employers only communicate with employees about their financial benefit plans once a year or less. This may be one of the reasons that 30% of employees don’t feel they’re taking full advantage of these benefits. This lack of communication may be a factor contributing to nearly half (48%) of employees being less than satisfied with the benefits offered them according to recent reports.
7. Work culture
Work culture is critical to talent retention. Top performers seek to work for companies with values that they share themselves. It also motivates the best talent when their views are heard and their achievements duly rewarded.