Wednesday November 9, 2011
Structured career reviews are the best way for a company to retain their employees.
In a recent survey of candidates across Asia, 57% of respondents indicated that structured career reviews for promotions and salary increases are the best way for a company to retain their employees.
The primary aim of the survey was to find out what matters most to employees. As many economies move towards a candidate-short market, retention and attraction strategies will be high on the employer’s agenda, and the survey results will be of interest to human resource departments and senior management.
The survey showed that when choosing a new job, career development was the main consideration for the majority (65%) of respondents. This was ahead of company environment (19%) and salary (15%).
Company environment
Two in five respondents believed that the company environment and public image were the main characteristics of a “winning” company, while one in three said it was career development. A further one in five named profitability as the prime characteristics of a “winning” company.
The fact that existing employees consider structured career reviews important and that the majority of job seekers rate career development as the main consideration for moving to a new company show it is important for employers to put in place a solid talent management programme.
By setting clear goals for career advancement, employers keep their valued employees motivated and on target. They become engaged and are far more likely to remain loyal.
Staff appraisals provide an opportunity to discuss the individual’s performance, development and the support required from the manager. Prior to the meeting, a manager might ask the employee to consider any courses they feel would benefit them in their work. Not only does this engage the employee, it says a lot about their goals and ambitions.
Training and development however doesn’t necessarily mean formal courses. One-on-one training and mentorships in the workplace can be just as effective. An employee could take on additional duties, such as chairing meetings.
Investing in skills development has obvious rewards: it allows employees to be the best they can be, adds value to the bottom line and boosts talent retention. - Source: Singapore Straits Times/Asia News Network
Retaining talent under characteristics of winning company:
The survey posed four questions to candidates in Singapore, China, Hong Kong and Japan.
What motivates you in your choice of a new job?
- Salary: 14.8%
- Company environment: 19.0%
- Career development: 64.7%
- Title: 1.5%
What are the characteristics of a “winning” company?
- Job security: 5.8%
- Career development: 32.8%
- Company environment and public image: 39.8%
- Profitability: 21.6%
What is the best way to find new job opportunities?
- Internet job sites: 23.3%
- Linked In: 4.3%
- Company website: 3.1%
- Colleague and friend referral: 29.1%
- Recruitment company: 40.3%
What is the best way for a company to retain their employees?
- Added benefits focused on career development: 36.0%
- International travel/opportunity: 4.7%
- Overseas training: 2.3%
- Structured career reviews for promotions and salary increases: 57.0%
Article by Chris Mead, general manager of Hays in Singapore.