What Would Make Employees Stay During a Talent Crunch?

It should come as no surprise that the working world is currently grappling with a severe problem with talent retention. But there might still be a bright spot.

"A Not-so-Great" Resignation

Most professionals in Southeast Asia (SEA) surveyed are not comfortable leaving their current jobs without another role lined up; 64% of professionals in Singapore are not comfortable leaving their current jobs without another position lined up. 

The talent in Singapore appears to be more focused on job switching than outright resignations, according to Robert Walters' most recent survey, "A Not-so-Great" Resignation. Although 80% of the professionals polled in Singapore had considered quitting their jobs or changing jobs the previous year, only 36% had done so.

Most respondents (50%) cited not having the best job as the primary reason for not following through on plans to resign. This finding supports earlier assertions. Concern over job security at the new company (28%) and uncertainty about the new workplace's culture, environment, and suitability (29%) came next.

With 87% of professionals reconsidering their relationship to work last year, many professionals have reevaluated their work-life priorities simultaneously.

The following were the main elements that employees reevaluated:

• Physical and mental health (73%)

• Spending time with family and friends (69%)

• Meaning, empowerment, or fulfilment of their jobs or careers (67%)

Professionals have also stated what they look for most in an employer today in tandem. Most respondents seek colleagues and a culture that inspire employees to do their best (48%) and excellent compensation and benefits (47%), while 42% want flexible work schedules.

The turnover struggle

These findings are being released as the majority of Singaporean businesses have struggled with rising employee turnover over the past year. In fact, 78% of the companies surveyed claim that the number of resignations and employee turnover has increased in the last year.

In addition, 86% of businesses believe it has become more challenging to bring in new talent over the same period. This is primarily a result of professionals asking for excessively high salaries and benefits, which ranked as the biggest obstacle to finding employees (86%).

High candidate competition (counter-offers and buy-backs) (45%), as well as candidates without prior industry experience (42%), are significant challenges in finding talent.

Businesses in Singapore have provided their workers with more training opportunities, higher pay, and work flexibility in response to these trends. However, only 30% of the employees who responded to the survey have seen their employers offer more flexible, remote, or hybrid work arrangements.

How employers try to retain their workers

The majority of respondents (45%) claimed that they are aware of "no changes" in the efforts made by their companies. In comparison, 27% of respondents claimed that their employers had increased or matched their salaries.

Employers who participated in the survey claimed to have done the following things to retain workers better:

• Offer more flexibility, remote work options, or hybrid work arrangements (64%)

• Increase or match salaries (54%).

• Offer chances for training and skill-upgrading (49%)

Considering everything, 67% of professionals plan to change jobs in the upcoming year. However, if the circumstances are ideal, 80% of talent would think about changing their minds and staying on. What, then, would prompt professionals to reconsider and decide against quitting?

According to the majority of respondents (45%), a salary increase would persuade them to reconsider and stay. A promotion (28%) and a change in the nature, scope, or responsibilities of the job (25%) came second and third.

Source: Marketing Interactive