On July 24th, the monthly TRG Talk – Talent Management took place as usual at PJ’s Coffee Sala. The topic for this month was: “Employee Retention: How to keep your rising stars?”.
This interesting seminar was led by Andree Mangels – General Director, Malaysia and Vietnam for Adecco.Mr. Mangels started the talk with an introductory, interactive game on Kahoot, with the subject of the game ‘How well do you know your workforce?’ He proposed multiple choice questions proposing questions such as; ‘What’s the most important aspect for millennials when choosing a job?’, with the answer being the possibility of professional development first. He also asked the question of what do working parents in Vietnam want? The top answers were healthcare and scholarships.
The Top Motivating Factors for Millennials in the Work Place
Recognition: To encourage Millennials to feel valued, and that they play a big role in the company, and subsequently will work harder, when they feel appreciated.
Regular Feedback: In work, Millennials feel as though they aren’t sure how they’re performing. Giving them regular feedback is an incentive for them to work and thrive for your company.
Professional Development: There needs to be trust between management and employees so there is a focus on the future potential. Resources to be able to develop that pathway are also essential through coaching and training. Finally, Millennials need an empowering environment from their seniors or peers, this can be through simple things such as a department lunch every month, to try and get to know their fellow colleagues on a more personal level.
Purposes and Remuneration: It’s important for Millennials to feel that they have a connection with the company. In doing so, more Millennials will want to work for your company, and additionally, they won’t want to leave. This includes: feeling a relationship with the company’s vision and value, clarity of the reason behind certain tasks, and a fair remuneration package.
Vietnams Labor Market in a Global Context
Mr. Mangels went on to discuss Vietnam’s position for talent, in comparison to it’s other rival countries. It is 85th/125 for retaining talents, and for retaining talent in comparison to South East Asia, Vietnam is last. He used these statistics to emphasise the need for companies to realise how important it is to retain talent, and how we can improve this.
Why Talents Quit?
There are many different reasons why employees may quit, with 51.3% of people leaving due to lack of professional development, and 10.8% leave due to having a poor relationship with their manager, it is evident that factors need to be changed to retain talent.
Push and Pull factors for leaving
Pull factors are where you are ‘pulled’ by an outside factor, such as being offered a new job, or you’re moving houses to a different part of the country. It’s factors that as a company, you have no control over. This is always going to occur in businesses, and that’s fine. Push factors on the other hand, are related to an employee’s current job. These factors you, as the company, can change, to ensure their experience working for you is a positive one. Subsequently, it’s essential to make sure that having a friendly working environment, and making sure that the management style is suitable for your company and employees, can be the difference between having an employee last three years or thirty years. Loyal employees don’t want to have to leave but end up leaving due to push factors from within the company. Therefore, to reduce the number of talents quitting, work on the push factors, which you can control.
How to Retain Your Talents?
Your employees need changes throughout different stages of their life and career, from being Millennials to parents. As Mr. Mangels discussed in the beginning of the seminar, Millennials want the possibility of professional development, compared to parents who want healthcare. Offering the right benefits, that are tailored to that individual can have a huge impact.
As a company, you need to empower workers to develop networks within the company. At Adecco in Vietnam and Malaysia, they encourage weekly exercise with all employees, from all different departments. This way employees can get to know each other, and make other friends, particularly having friends to socialise with outside of work. This has a positive impact on their work life, and will refrain them from ever wanting to leave.
Closing the communication gap, and really asking what employees want, means that you can deliver to them exactly what they want, rather than giving them employee benefits for example, if there’s something they’re really unhappy about, by speaking to them, you can potentially fix this problem.
In addition, by providing ongoing education and clear career paths, provides employees with something to focus on, a continuing drive to succeed, to feel motivated by their job, and therefore have no reason to leave. Finally, consult with HR experts, they can help!
About TRG International
TRG International is an IT, Talent and F&B company. We help people and businesses to shine. We help people be the best they can possibly be by selecting the right people for the right job and developing them to their full potential. We help companies by providing an IT solution that works quietly and brilliantly in the background, freeing them up to focus on their core and not having to worry about their IT systems. We do this for more than 1,000 clients in 80 countries.