The Talent Checklist: How to Attract and Retain Employees in the War for Talent

 The Talent Checklist: How to Attract and Retain Employees in the War for Talent

How to Attract and Retain Employees in the War for Talent

With a widening skills gap, growing talent shortage, and closing borders, companies in Asia-Pacific are struggling over limited professionals amid a talent war.  

Retaining talent is equally critical. As power shifts from organizations to professionals, employee experiences must be elevated with competitive compensation, streamlined payroll management, increased engagement, and improved culture building. 

Can a well-prepared talent checklist help you attract and retain employees?  The PANGEO experts of the panel, “The Talent Checklist: How to Attract and Retain Employees in the War for Talent,” thinks so. 

The session was moderated by Lyn Kwek, Marketing Director, Globalization Partners, with speakers Reika Phung Dzupinka, VP, APJ Head of Sales Ecosystem and Operations, Ceridian; Liliana Kellett, Senior Sales Executive, Culture Amp; and Christina S. Ahn, Managing Director, Morgan Philips Korea. 

Why are workers leaving their organizations?

As the economy struggles to get back on track, regions across the world are seeing an increasing talent shortage. In fact, the United States saw over 4.3 million workers voluntarily quitting their jobs in August alone. 

Over in Asia-Pacific, Kellet argued that there are three main reasons why employees leave their organizations in what she considers “regrettable attrition.” This means that these are employees that companies would have instead retained but who chose to leave, unfortunately. 

Firstly, career growth and development opportunities are not sufficient. In fact, according to research by Culture Amp, 1 in 3 respondents indicated this as a top reason for why they left. 

Then there’s the issue of role expectation and role enablement, which involves how companies and managers alike support and empower their employees. Lastly, diversity, equity and inclusion (DEI) is no longer a “nice to have” but is now a critical aspect of the employee experience. 

Ask, Listen, Act 

What can APAC-based companies do to successfully retain talent then? To Kellet, the answer is a simple three-word mantra – ask, listen, act. 

“First and foremost, get the right data that you need. Without data, you’re running blind. Listen to your employees. Gather frequent insights across your employee journey,” said Kellet. 

As Kellet explained, companies can no longer assume that they know their workforce. Ask good questions, listen, and gain a better understanding of their needs. 

“If an employee leaves during the first six months at their role, they made that decision in the first six weeks. So having a consistent, ongoing experience is really crucial.” 

Employers can act best by leveraging machine learning and predictive analytics technology to better understand which employee is likely to leave an organization and create actionable solutions to prevent it. 

A better employee experience cannot be overlooked 

Another critical but often overlooked aspect of employee engagement and satisfaction is the employee experience itself. 

With the onset of Covid-19 and dispersed workforces, the biggest challenge has been retaining this sense of engagement and retention. 

“Even prior to the pandemic, we knew that the balance of power has really been shifting towards candidates and away from employees, with candidates increasingly demanding an employee-centric and authentic workplace,” said Dzupinka. 

Increasingly, many organizations have begun leveraging automation technology to plug the gap. 

“What we’ve seen is that many organizations leverage modern HCM technology to create this sort of environment that can meet the broader needs of the workforce no matter where they are, and they’re doing that by leveraging that intersection of technology and culture,” said Dzupinka. 

Online recruitment systems, onboarding platforms, time and attendance systems, learning management platforms, and self-service technologies are all critical pieces of technology that organizations should fully leverage.

More millennials are taking on senior management positions 

Against the backdrop of a massive demographic change with the rapidly ageing populations in Korea and Japan, millennials have begun to take on senior management roles in large and small organisations. 

How organizations conduct business will inevitably change. 

“Younger millennials and Generation Z have a very different concept of what work is from previous generations, and such intergenerational tension in the workplace is garnering a lot of attention across different markets in Asia, such as Korea,” said Ahn. 

Highly skilled talent will not wait around forever 

With the war for talent intensifying across Asia-Pacific, once organizations have located skilled talent, they must act fast lightning-fast, to be specific. 

“I think organizations need to realize that top talent will not wait around forever to receive that job offer. Companies need to eliminate organizational inefficiencies to allow the recruitment process to take place with lightning speed when a good candidate is identified,” said Ahn.

The biggest challenge now is understanding how to move beyond tangible aspects like compensation and employer branding, as employees are no longer solely interested in those aspects. 

“The new world order dictates that to attract talent, even if you’re Microsoft or Facebook, whoever you are, you need to think about what is on offer to the candidate beyond just compensation and think about that employer brand,” concluded Ahn. 

Learn more about Pangeo, The Largest Global Employment Conference in the World, here.

An event by Globalization Partners. Hire anyone, anytime, anywhere.

Succeed Faster.