According to Singapore Company Registration specialist Rikvin, there is no algorithm that works for all companies to cater to the diverse workforce.
Organisations face challenges in attracting and retaining employees, as revealed by research conducted by The Integrated Benefits Institute (IBI). The study indicates that 61% of employers encounter difficulties in retaining employees, while 73% struggle with attracting new talent. The institute also highlights that the cost of turnover is equivalent to 1-2 times an employee’s salary, posing a significant expense, particularly when turnover is high.
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:
Related Read: Learn about Bill Gates’s thoughts on the value of talent.
1. Recognition
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 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.
2. Flexibility
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 organisation has to incorporate flexibility to attract and retain Generation Y-ers who view job change as a natural process. In gist, an organisation has to champion flexibility to attract tech-savvy generation Y-ers when working with different types of working styles.
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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 workweeks, flexi-time and telecommuting will likely benefit from the 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 claim 70% 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.
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5. Training and Career Development
According to a 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 recognise the value of companies that 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.
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 Workplace Benefits Report cite that more than half (55%) of employers only communicate with employees about their financial benefits 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 to 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.
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