How To Keep Talents In Your Company?

Posted on: 2021-08-12

According to a research done by Microsoft Corp, over 49% of the Singapore workforce is considering leaving their employer this year.

The high labour turnover rate is extremely worrying - with the current restrictions placed on work passes, the company cannot expect foreign talents to fill up the job vacancy immediately.

To alleviate labour constraint problems, WorkClass has come up with 4 ways to effectively retain the talents in your company:

  1. Pay Raise At The Right Time
  2. Healthy Work-Life Balance
  3. Positive Workplace Culture
  4. Sufficient Opportunities




You should give a pay raise to:

  • Recognise Good Work Performance
  • Applaud Loyalty and Long Service

1.1) Recognise Good Work Performance



According to a survey study conducted by Robert Half, 1 in 4 Singaporeans leave their jobs due to the low salary. The key reason cited by most surveyees was their employers’ failure to “recognise their good work performance”.

Some employers see pay raises as an expensive cost for the company. However, statistics have shown that the replacement costs, training costs and productivity costs of employee turnover can go up to SGD 16,000. This number excludes other detriments like low work morale and high stress level in the workplace.


1.2) Applaud Loyalty and Long Service



According to a research study by Forbes, 2 in 3 long-serving employees is likely to quit if they feel unappreciated - most of the experienced employees were “disappointed” in the lack of monetary and non-monetary rewards from their organisation.

Imagine yourself saving hundreds or thousands just by offering a small pay raise (you can increase his/her salary by SGD 100 to SGD 200), it is definitely worth the money as it motivates all your employees and drastically improves their productivity.


Suggestions


You check out payscale (or WorkClass Salary Navigator) for the latest update on the wage rates in Singapore.

Consider increasing your current salary rate to be slightly above the market rate.

Offering non-monetary benefits including additional holidays or days where the employee can work from home can go a long way.

High-performers need to be challenged - give them additional responsibilities will help your business grow and be rewarding to your employee.



To have a healthy and motivated workforce, employers should promote:

  • Work Efficiency
  • Flexible Work Arrangement

2.1) Work Efficiency



Working overtime is a norm in many Asian workplaces. According to a study conducted by KISI, Singaporeans work an average of 45 hours a week - this makes Singapore the second hardest-working city among the 40 cities in the study.

However, our efficiency is one of the lowest.

What went wrong?

The Straits Times has reported that Singapore workers only spend 60% of their time on main duties. The remaining hours are spent on administrative matters (e.g. sorting machine parts, storekeeping, invoicing, data entry, etc) and idling.

Yes, you have heard it correctly! Many Singapore workers are idling after their working hours just to prevent themselves from “looking bad” in front of their employers.


Suggestions


Instead of promoting inefficient overtime (OT) culture in your company, you should focus more on enforcing a daily weekly/monthly production quota on your employees.

For instance, you can specify the number of production parts your employee has to produce each week. This allows employees to plan their work schedule - they can manage their working days while ensuring that the weekly/monthly production deadline is still met.


2.2) Flexible Work Arrangement



According to a study by Monster.com, 1 in 3 Singaporeans are unsatisfied with their work-life balance, citing their inflexible managers and working policies as the biggest obstacles.

A large portion of the working population are married men/women who have kids. On many occasions, these workers have to feign sickness to spend more time with their kids - this is especially true for the blue-collar workers who are bombarded with endless project deadlines and on-site inspections.


Suggestions


According to a study by Stanford, a flexible work schedule increases work productivity by 16%. This includes having a “cover” system in your workplace.

For example, workers can ask their colleagues to cover them for a day; they can cover their colleagues on other days as repayment. Work schedule will not be delayed and employees can have peace of mind during their absence.



To promote an optimistic work environment for your company, you should discourage:

  • Egoistic Management
  • Insincere Treatment Towards Employees

3.1) Egoistic Management



Abhijeet Mukherjee, the CEO of Monster.com, said in an interview that “although remuneration (salary) remains a key driver of happiness, poor work culture is the key reason for high turnover and disengagement” - poor work culture includes unreasonable management style.


Suggestions


If there is a low retention rate in your company, try asking your employees’ honest opinions during their exit interviews. According to a poll done by Gallup, employers who take their employee’s advice seriously are twice as likely to retain their subsequent employees.


3.2) Insincere Treatment Towards Employees



According to a poll done by Michael Page, 9 in 10 employees hope for a more transparent employer-employee relationship.

Business owners should be truthful to their employees; Research has shown a diplomatic and truthful approach works best in improving the company’s productivity.


Suggestions


Being tactful is key in managing the relationship between yourself and your employee - Participants of the poll cited that the “blunt” comments from their superiors can hurt their confidence and motivation at work.

For example, before offering your suggestions, you can first compliment your employee about the merits of his/her work. This makes your worker feel more appreciated and hence increases his/her receptiveness towards your comments.

You can read a self-help book called "Radical Candor" to learn more about employee management.



To keep your employees engaged, you should provide:

  • Learning Opportunities
  • Career Advancement Opportunities

4.1) Learning Opportunities



According to a survey by Linkedin, 2 in 5 Singapore employees left their job due to insufficient learning and development opportunities.

In addition, the survey found out that young workers (aged 25 years old - 35 years old) are extremely particular about the learning experience they can gain from the job.


Suggestions


A job that does not help workers in gaining meaningful experience is likely to have a high turnover rate.

For example, a warehouse job that does not help employees to gain extra skills (like sending them to forklift courses) is likely to have a low employee retention rate. Employees may feel that their packer or warehouse assistant jobs are not enough to provide for their families. Therefore, you should try to offer employees more learning opportunities to make them feel valued and enriched.


4.2) Career Advancement



According to a recent report by Randstad, 1 in 3 Singapore workers plan to leave their job due to limited career advancement opportunities.

This phenomenon is especially true for pink-collar industries - where workers “hop” from one company to another due to the low upward mobility of these jobs.


Suggestions


To prevent such a problem in your company, you should offer fair promotion opportunities to workers from all educational backgrounds.

The Singapore Police Force has piloted an employment program where staffs from vocational schools are given the same promotion opportunities as their university colleagues.

Employees will feel more valued by the organisation and thus, be more motivated to give their best.





Having problems in hiring and retaining blue-collar workers?

Try WorkClass.co, the leading blue-collar job portal In Singapore!

We pride ourselves in providing the BEST candidates at the LOWEST PRICES.

Written by

Jie Xin Goh

Digital Marketing Executive

For more information or enquiries, please contact Jie Xin Goh at jiexin@workclass.co