Non-monetary actions have been taken to address these issues
More than 80% of employers across the Asia Pacific region are experiencing difficulties in talent attraction and retention, according to a new report, but they don't think it will last until 2023.
A new report from Willis Towers Watson (WTW) revealed that 89% of employers across APAC are finding it difficult to attract new talent this year, with 39% of them believing this will continue until 2023.
Similarly, 88% of companies are finding it hard to retain employees this year, but this number is expected to drop to 54% by next year, according to the report.
Tan Yong Fei, Work & Rewards Leader, Singapore, WTW, said that it is important for employers to "get creative" to address these challenges in recruitment and retention.
"With significant risks in the global economy, continued high inflation and employers grappling with talent supply challenges, organisations need to get more creative to address attraction and retention challenges," said Fei in a statement.
According to the report, employers have taken non-monetary actions to attract more talent to their organisation, particularly on workplace flexibility and diversity, equity, and inclusion strategies.
The report said that 67% of employers have increased their workplace flexibility, while 20% are planning to do this in the next couple of years. On the other hand, 58% of the respondents said they have placed a "broader emphasis" on their DEI, with 24% said they are planning this over the next years.
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Meanwhile, 43% of companies continue to enhance recruitment offers with sign-on bonuses and equity/long-term incentive award, with another 22% planning to commit to the same action in the next years.
In Singapore, where employers admitted to experiencing problems in attracting (75%) and retaining (70%) staff, particularly digital talent, organisations have adopted non-monetary actions to boost their recruitment and retention efforts.
According to the report, 57% broadened their DEI emphasis to retain talent, 48% increased flexibility for remote work, nearly 40% changed their compensation programmes, while 34% moved to improve their employees' experience at work.
"The workforce is composed of a diverse employee population, each with their own unique dynamics. Employers are challenged to meet their preferences and needs while delivering on a superior employee experience for all," said Fei.