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Amidst Great Attrition, Money and Fancy Perks Are No Longer the Deciding Factors To Talent Retention
There’s plenty of research showing that money and fancy perks are not deciding factors anymore — employees want more freedom, recognition and a renewed sense of purpose at work.
According to McKinsey, more than 19 million workers in the US have quit their jobs since April 2020 – and the numbers continue to rise. Having endured nearly two years of the pandemic, employees everywhere are tired, so it’s not surprising to see the great attrition catching on in Asia, where opportunities in the tech sector are booming like never before.
The demand for technology-based solutions is at an all-time high as consumers and businesses alike are turning to tech for answers to their pandemic-riddled woes. For technology firms in the region, hiring is one of their biggest challenges right now. As we return to normal routines, companies aren’t just competing for consumers. Employees are also essential for a company to thrive. There’s plenty of research showing that money and fancy perks are not deciding factors anymore — employees want more freedom, recognition and a renewed sense of purpose at work.
Here are four essential methods to attract and retain qualified talents in the new era:
Entrusting your employees
One essential factor to attract and retain qualified employees is to allow them the space they need to grow, and entrusting them with the autonomy to carry out their tasks. Especially the young workforce from generation Z values very much independence and free exploration in their work environment.
Flexible or remote working is a plus
The pandemic has altered our working behaviors with working hours and destinations becoming flexible. As the pandemic continues to thwart physical gatherings around the world, companies need to establish well-rounded policies and employee communication mechanisms for Work From Home. One company-wide survey from iKala revealed that more than half of our staff believe that working from home is more productive than working at the office, and 52% prefer to continue remote work even after the pandemic.
Already, around two-thirds of our employees continue to work remotely every day, and we are committed to encouraging better work and life integration for our employees — enabling them to work from anywhere that yields the same results as the office would.
Investing in training & development
The technology is evolving at a staggering pace, and many roles now require people to be equipped with new skills and competencies in order to keep up with the changes and continue growing as an organisation. In addition to offering learning opportunities for employees, it’s equally important to build a workforce that can self-learn new ways of working to remain efficient and competitive. For example, since the pandemic, here at iKala, we have introduced a new series of learning resources to help our employees improve their managing skills and tech knowledge. We also introduced recommended reading lists for employees to learn by themselves and expand their areas of interest. How to help employees increase their adaptability and maintain a growth mindset is essential for any company.
Culture as infrastructure, standing by your core values
When everything around us was changing rapidly during the pandemic, communicating with your employee the robust company culture and values are very important. Quality talent is the foundation of any organisation and team cohesiveness is the best way to build a sustainable company. When designing internal communication programs, it’s important to explicitly deliver your core company values and make sure your employees understand and live those values. When a group of people can act by and agree to the same standard, overtime, a culture will be developed and that makes a company stronger.
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