US language trainer Brian Schroeder talks to retrenched workers applying for English proficiency training for business process outsourcing jobs at a government job fair in Manila. A research showed that Philippine employers were experiencing less difficulty in attracting talent compared with those in other Asian countries. AFP PHOTO / ROMEO GACAD
MANILA, Philippines-It’s getting tougher for Asia-Pacific employers to attract and retain quality talent to boost global competitiveness, but Philippine companies are better off in this area than their regional peers, based on a research of global professional services firm Towers Watson.
About 79 percent of Asia-Pacific employers have problems attracting critical-skill employees while 73 percent have difficulty attracting high-potential employees, according to the Towers Watson Global Talent Management and Rewards Survey. The comparative global figures were 72 percent and 60 percent, respectively.
The research was based on a survey of 1,605 companies globally, out of which 796 were from Asia-Pacific.
The research, however, showed that Philippine employers were experiencing less difficulty in attracting talent, with 72 percent finding it difficult to attract critical-skill employees while 48 percent had a challenge looking for top-performing and high-potential employees. Only 11 percent had difficulty hiring recent university graduates, the research showed.
Keeping employees within the organization is also a big challenge in the region, with close to three quarters of respondents experiencing difficulties retaining critical-skill and high-potential employees (at 70 percent and 67 percent, respectively).
The Philippines’ attrition rate was, however, lower compared to the other fast-growing countries in the region, including China, India, Indonesia, Malaysia, Thailand and Vietnam.
Turnover in the Philippines was reported to have remained the same or have increased over the last 12 months while hiring activity was greater than its peers in the region.
Other key findings in the Philippines are as follow:
• Aside from base pay and job security, employers perceived healthcare and wellness benefits among the top attraction drivers but in the eyes of employees, learning and development opportunities were more attractive.
• Employers under-rated the impact of trust/confidence in senior leadership, job security, and convenient work location as retention drivers.
• Health and wellness benefits were perceived by employers as good retention tools, though employees reported that they preferred retirement benefits over these. In the eyes of employees, learning and development opportunities were more attractive.
“The demand for key talent is as strong as ever, in spite of challenging economic conditions and heightened global competition. We find that many employers are not taking advantage of opportunities to attract, retain and engage key talent by offering a value proposition, work environment and the total rewards programs that are most important to them,” said Dhritiman Chakrabarti, Asia-Pacific leader of rewards at Towers Watson.
In a volatile global economy where organizations face intense pressure to pare down costs while driving performance, regional employers are expecting higher levels of performance from their employees. However, the survey revealed that rewards have not kept pace with higher performance expectations—with 96 percent of employers indicating that individual performance expectations have increased or stayed the same.
The study also found that employees continued to experience high levels of stress at work. Close to half (45 percent) of Asia-Pacific respondents indicate that employees often experience excessive pressure in their job. This is slightly lower than the global average of 48 percent.