KUALA LUMPUR (Dec 14): A vast majority of Southeast Asian technology-linked companies are finding it a challenge to retain talent, according to a study conducted by Alpha JWC Ventures, management consulting firm Kearney and recruitment firm GRIT.
In the study released recently, the authors said that while Asean is the world’s fourth-largest economy, with high annual projected gross domestic product growth of 6% to 10%, compared with the global average of only 3% to 4%, nine out of 10 companies are facing challenges in recruiting, effectively managing, and developing their talent, and 91% of employees are open to leaving their jobs.
For employers, the top three challenges in retaining talent are compensation (62%), a mismatch between skills and experience (29%), and employer branding (18%).
Meanwhile, for employees, the top three reasons for leaving their jobs are compensation (32%), misalignment with the company’s vision and culture (25%), and a lack of growth opportunities (24%).
Among the avenues to manage these challenges include: i) leading by example from the top; ii) ensuring the implementation of an effective talent acquisition process; iii) enabling employees to perform roles by nurturing, training and investing in them; and iv) keeping high-potential talent and handling talent exits professionally.
Additionally, employers should provide attractive compensation packages that are complemented by other enablers, according to the study.