Thai companies have been grappling with significant challenges in retaining their top talent. Amidst the rapid advancements in new technologies and the transition towards Industry 4.0, employers are facing a mounting struggle to keep skilled professionals engaged and committed to their organisations. Talent shortages across various industries further compounds the issue, as skilled professionals are in high demand and new opportunities to grow and develop that offer better benefits could tempt them to move roles. In fact, one study predicts up to 90% of Thai workers could be looking to change roles in the next 6 months. As the business landscape evolves, knowing how to implement innovative retention strategies and make new technologies work for you in this space is essential for business leaders seeking to secure your workforce's loyalty and maintain a competitive edge.
Why talent retention is so important
Talent retention is not only a fundamental part of creating positive work culture that keeps employees satisfied but also a critical driver of organisational success and long-term growth. By prioritising the retention of top-performing employees, you take actions that create a stable and engaged workforce, who are more productive, innovative, and efficient. Strong talent retention also plays an important role in building a sustainable talent pipeline, positively influencing your wider recruitment efforts.
• Reduce recruitment costs
• Maintain knowledge base
• Increase productivity
• Improve team cohesion
• Create more engaged, happier workforce
• Improve your overall employer brand
7 talent retention strategies that get results
To improve retention rates and foster employee loyalty in your workplace, you can implement the following strategies into your wider people management processes:
1. Offer Competitive Compensation and Benefits
Ensure that your employees are paid competitively and receive attractive benefits packages. Salary isn't the only factor, but it's a significant one. Conduct regular market research to stay updated on industry salary standards and adjust your compensation packages accordingly. Providing perks like health insurance, retirement plans, paid time off, and professional development opportunities can set you apart but one way to enhance their impact is to ensure that you are providing benefits that your workforce really wants. Make sure you ask your current and potential employees what perks they consider to be most attractive.
2. Create a Positive Work Environment
Building a positive environment is a process. But when done well it keeps employees satisfied and loyal. You can take steps to build a supportive and positive culture by encouraging open communication, collaboration, recognising employee efforts, and promoting work-life balance. Clearly communicate the company's mission, vision, and values, and ensure that they are reflected in everyday practices and decision-making. When employee’s see leadership taking steps to build a better culture, they feel able to do so as well, and feel more valued as a result.
3. Career Growth and Development
Employees are more likely to stay with a company if they see a clear path for career growth and development. Provide training programs, mentorship opportunities, and support for professional certifications. Regularly discuss career goals with your employees and offer them a chance to take on new challenges and responsibilities within the organisation.
4. Promote Work-Life Balance
Burnout is a leading cause of employee turnover. A recent survey by Mahidol University found that 57% of workers in Thailand are at risk of burnout. Stressed workers are likely to look for roles that offer better balance or start ‘quiet quitting,’ which can negatively affect productivity. Encourage a healthy work-life balance by setting reasonable work hours, offering flexible schedules, and providing resources for stress management and wellness programs. Show genuine concern for employees' well-being and mental health.
5. Recognise and Reward Performance
Acknowledge and reward exceptional performance. Recognition can be in the form of verbal praise, awards, bonuses, or even promotions. When employees feel valued and appreciated for their hard work, they are more likely to stay committed to the organisation.
6. Regular Feedback and Employee Surveys
Create opportunities for open feedback and two-way communication between management and employees. Conduct regular employee surveys to understand their concerns, needs, and suggestions. Use the feedback to make improvements and show your employees that their opinions are valued.
7. Using new technologies
Technology can support talent retention in several ways. Data-driven insights produced through workforce and recruitment analytics can identify patterns and risks so you can address retention challenges proactively. E-learning platforms and digital tools can support learning and career development and employee engagement platforms can help make feedback and recognition straightforward. You can even use technology like wellness apps to promote employee well-being and work-life balance, reducing burnout. Technology-driven strategies create a more engaging work environment, leading to better talent retention outcomes.
How an RPO partner can help improve your talent retention
Recruitment is just one aspect of attracting and retaining skilled professionals and building a talent pool that will support your organisation’s long-term growth and success. An RPO partner like JacksonGrant can offer comprehensive solutions to help you address the challenges of talent retention.
Using our expertise in recruitment process outsourcing, we streamline the hiring process, identify new talent pools, and assist you in implementing tailored retention strategies and data-driven insights, designed for your business. By partnering with JacksonGrant, your company can strengthen its employer brand, enhance employee engagement, and position itself as an employer of choice, fostering a sustainable talent pipeline for future success.
As Thailand's leading engineering and technical 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.