Is your current workforce able to meet and maintain the high standards of growth you set for your business? And can you source and attract the right candidates to overcome potential challenges and achieve new high in 2024? Rapid advancements in technology, coupled with the changing demands of an uncertain have made hiring and talent retention in the technical, engineering and manufacturing sectors increasingly challenging. As the government continues to court international business investment to meet its target of growing the Thailand’s economy by 5% year on year, the need for candidates with specialised skills is higher than ever and retaining valuable expertise is crucial as businesses aim to stay competitive and innovative. Only by regularly reviewing and adapting your recruitment and retention strategies can you keep with shifting demands and drive your company’s success forward.
How Today’s Job Market Affects Workforce Planning
Thailand is exceptionally well-placed to take advantage of global demand for new products and services. As a logistics hub it plays a central role in supply chains across the Asia-Pacific region and beyond and many big name electrical, automotive, and pharmaceutical manufacturers are investing heavily. But taking advantage of this new position is not without its challenges for both local and international businesses.
The global supply chain and manufacturing industries are increasingly interconnected and market trends, economic ups-and-downs and political dynamics all have the potential to disrupt trade and production.
The adoption of new technologies, such as machine learning, additive manufacturing and sustainable fuels has increased the demand for specialised skills which local populations may be ill-equipped to meet. The manufacturing and logistics industries are already experiencing a significant digital skills gap. An influx of international businesses from the US, UK and Europe has meant English language skills are also desirable.
Companies that fail to be proactive in their search for key skills can face a range of negative consequences such as poor growth, reputational damage, and increased recruitment costs.
New Recruitment and Retention Strategies for 2024
Which is why it’s important for businesses to adapt to new trends in hiring and switch up their recruitment and retention strategies as we head into the new year. Who knows what 2024 will bring for your business. Whether you are actively hiring now, or not, these strategies will help you build your reputation as an employer or choice, so when the time comes you can reach the right candidates and keep them happy and engaged:
1. Develop New Talent Pools
By diversifying your recruitment channels and building relationships with universities, schools, and professional institutions you can proactively develop talent pipelines that will make your hiring more efficient in the longer term. Establishing partnerships like this helps bridge the gap between you and skilled graduates and broaden your talent search. Organizing industry specific workshops, internships and seminars helps create a pool of candidates with valuable hands-on experience. Candidate’s will also begin to think of you as an employer of choice when it comes to making career moves.
2. Build Your Employer Brand & Employee Value Proposition
How candidates perceive you is an important factor in your recruitment and retention strategy. To begin building your employer brand you should start by creating an Employee Value Proposition (EVP) that speaks to the candidates you are trying to attract. Focus on what makes your company culture unique, what growth opportunities you offer and your commitment to innovation and employee well-being. To communicate your brand and EVP to candidates you can showcase them on your company website through engaging content such as employee testimonials, behind-the-scenes glimpses, and success stories. Actively participating in industry events, sponsoring educational programs and collaborating with the local communities also contribute to a positive employer brand.
3. Implementing Employee Development and Training Programs
To keep up with technological advancements, employees need to acquire new skills and adapt to evolving tools and methodologies. Employers can help this growth by providing effective training initiatives, such as workshops, online courses, and hands-on practical sessions tailored to industry needs. Investing in employee growth and knowledge enhancement not only keeps the workforce competent and prevents skills gaps but also makes talent attraction and retention easier. When employees see a commitment to their professional development, they are more likely to stay with the company, leading to improved retention rates. Moreover, a skilled and knowledgeable workforce attracts equally skilled talent, making your business more appealing to prospective employees.
4. Benchmarking Your Compensation and Benefits Packages
Revitalize your recruitment and retention strategy with salary benchmarking, a vital tool in today's competitive job market. When you understand industry standards and trends in compensation packages, you can align your offerings with market rates, ensuring they remain attractive to top talent. By benchmarking packages against wider compensation trends in the technical, engineering, and manufacturing sectors, as well as other businesses in Thailand you tailor attractive benefits that appeal to skilled professional and fosters loyalty amongst your current employees contributing significantly to your ability to attract, retain, and motivate a high-performing workforce.
5. Using Workforce Analytics
Advanced workforce analytics can identify patterns and trends within your hiring processes, gather intelligence and map the talent market helping you to make more informed decisions. By analysing factors such as employee turnover rates, performance metrics, and demographic data, you gain valuable insights into what drives employee satisfaction and retention. Analytics can also highlight successful hiring channels and predict candidate success based on historical data. This information can help you refine and adapt your recruitment processes, target suitable candidates effectively, and tailor retention initiatives for the best hiring outcomes.
All these strategies are part of JacksonGrant’s innovative Recruitment as a Service (RaaS) model that includes the best elements of Recruitment Process Outsourcing, Project Recruitment and Executive Search.
JacksonGrant works with you as a long-term strategic partner to make your hiring more efficient, cost-effective, and sustainable. Remember, we are as invested in the future of your business as you are and RaaS is designed to ensure you always have the skilled, motivated, and dedicated team you need to thrive in the years to come.
As Thailand's leading Industrial, Logistic and Supply Chain recruitment agency, we can support your expansion into Thailand and Southeast Asia and help you hire experienced, technically proficient, English-speaking candidates.
Learn more about JacksonGrant’s innovative service offering or get in touch to discuss your requirements