Manage HR Magazine | Tuesday, October 25, 2022
The Great Resignation has been underway among the C-suite in the Asia Pacific for the past two years as a result of the global pandemic.
FREMONT, CA: According to the most recent research from The Page Executive Asia Pacific Talent Trends 2022 Report - The Great X, there has been a wave of resignations among senior leadership in the region because more than one-third of leaders have held their current positions for less than two years.
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The survey, which is based on data from over 3,500 respondents and includes a representative mix of CEOs, board members, founders, and senior leaders from MNCs, local corporations, and start-ups, from 15 major industries in 12 APAC markets—Australia, Hong Kong, India, Indonesia, Japan, Mainland China, Malaysia.
The survey reveals that non-financial factors are becoming more significant to applicants when choosing the organisation to join, even while wages, bonuses, and prizes remain the top attractive motivators for all candidates, including those in leadership posts.
“Currently, one of the most in-demand resources is human capital, and across many industries in APAC, demand far outpaces supply. While compensation remains significant to leadership prospects, it is not the primary factor in determining whether someone will join or remain with a company. These days, they inquire about a company's culture, mission, and values, as well as its leadership,” says Anthony Thompson, PageGroup Asia Pacific's regional managing director.
“Employers must rewrite the playbook to be more human-centric because all employees now more than ever want a choice in where and how they work. Recognizing that there is no one-size-fits-all plan is a challenge for leaders. It will need a careful balancing act between the objectives of the organisation and the needs of individuals and teams. The idea will be to give employees some level of choice and to interact with them frequently,” adds Thompson.
Hiring managers and HR staff are increasingly realising that while competitive salary and career advancement are essential factors in employee retention, it's also critical to consider the so-called "soft" motivators.
In today’s world, flexibility may be the key to retaining talent. All generations, genders, sexual orientations, and industries had the same preference for increased happiness, better health, and work-life balance (64 per cent of executives surveyed).
Employees in APAC do not want to return to the office-only paradigm of the pre-COVID era after having been forced into a hybrid or remote work style for more than two years. 71 per cent of executives seeking employment choose a blended work arrangement that combines working from home and the office.
According to the report, businesses wishing to deploy hybrid work models over the long run should also consider ways to increase employee engagement and give staff members the necessary resources for successful remote work.
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