The War For Talent: Are You An Employer Of Choice?
Photo by Israel Andrade on Unsplash
Most employers in Singapore are struggling to fill job vacancies as the country experiences its most acute talent shortage in 15 years.
A healthy investor market, strong support for high-growth tech companies, tight borders and stricter guidelines on work passes have contributed to the current talent crunch. Statistics show 163 jobs for every 100 unemployed people.
Vanessa Mittman, Client Director at Accela Talent, says in order to attract and retain top talent, employers must understand what candidates want in the new post-pandemic workplace.
Mittman says the feedback is that employees want more autonomy over when, where and how they work. As companies open up and employees return to the office, workers are seeking more flexibility from their post-pandemic employer.
Companies need to adopt a forward-thinking strategy around workforce mobility. Employers who implement a hybrid work model and offer a wider variety of workplace settings are more appealing to the new wave of jobseekers.
The pivotal question is, are you an employer of choice?
The WFH Tug-Of-War
Accela Talent is seeing an ongoing debate as we figure out the next phase of the new normal: many employees want to remain as remote as possible, while many employers want to return to something as close to pre-pandemic normality as possible. As intermediaries, recruitment consultants are able to help each party understand the other’s perspective.
A recent Accela candidate who is currently Singapore-based and the Head of Sales in APAC, says: “I make a lot of calls. I work in an open space without privacy. I’m only interested in opportunities that have remote work from home environments now, and I will take less salary.”
Mittman says Accela is reminding Singapore-based talent to be mindful that holding out for remote work may jeopardise your competitive advantage, as employers can quickly turn to offshore talent to fill the role.
“Companies need to clearly articulate the details of how they plan to implement a permanent mix of remote and onsite work as employees are feeling anxious,” -Vanessa Mittman, Client Director, Accela Talent
The Global Director of People and Culture at an Australian headquartered Accela Talent client explains: “We have a culture which values close collaboration, perhaps more so in Singapore than some of our other global offices, so we do want people who want to connect with their regional colleagues face-to-face. We also have some extremely talented and knowledgeable people in Singapore and we know that knowledge transfer is much easier in an office setting. We don’t have a policy yet, but we are definitely not looking at people who are wanting to be 100% remote or we would hire outside Singapore, where it may be easier for us!”
Accela Talent is urging employers to offer a balance of in-office and work-from-home options. A recent McKinsey report stated businesses needed to look at why people were leaving, and it was largely down to feeling they had poor work-life balance and their physical and mental health was suffering.
“If you’re a CEO or a member of a top team, your best move now is to hit “pause” and take the time to think through your next moves. A heavy-handed back-to-the-office policy or other mandates delivered from on high - no matter how well intentioned - are likely to backfire,” the article says.
Many employers in Singapore are following the government guidance around work-from-home and return-to-office but are failing to communicate what the future of work looks like.
“Companies need to clearly articulate the details of how they plan to implement a permanent mix of remote and onsite work as employees are feeling anxious,” Mittman says.
Work-life balance, flexible family time and the need to have more presence around the home to get the little things done, are all paramount for employees but studies have shown that remote workers are more likely to be overlooked for promotion compared to their in-office counterparts. With mental health ranking as a top priority, a hybrid environment may be the ideal way forward.
In order to attract new talent, companies can start to include their new post-pandemic workplace policy in their job advertisements as it’s one of the first questions candidates ask when presented with a job opportunity.
What else are candidates looking for?
Brand names. Remember, you’re competing against household names like Facebook, TikTok, Amazon and high-growth tech companies Lazada and Grab, which are rated among the top companies junior to mid-level candidates really want to work for. So what else can you offer?
Companies that have excellent learning and development programs consistently rank higher than companies that do not invest in upskilling or reskilling employees. Candidates seek employer-based training as a means to improve skills, increase wage potential and to be considered by future employers as a “candidate of choice.”
The seeds of trust, bonding and loyalty are sown naturally and subconsciously when people come together in an office environment. Great pre-pandemic corporate culture that was built on face-to-face interactions is now at risk. So how do you foster that pre-pandemic corporate culture when half or all of the team is at home? Lunch with colleagues, team building activities, after work drinks and casual office banter has been replaced with quizzes, Drink, Talk, Learn and virtual wine o’clock. As remote work becomes a permanent part of corporate culture, organisations need to consider how else they can keep culture alive, online.
In a talent-short market, how can a company adapt to become an employer of choice? The reality is that candidates in the current market may have multiple offers. For junior to mid-level candidates, salary is often the deciding factor, and employers need to be prepared to move quickly with a competitive offer.
But according to Mittman, money is not the main driver of interest: “It’s more about career progression with a focus on work-life balance,” she says.
Opportunities For Candidates To Pivot
A candidate’s market does present a unique opportunity to land a job when you don’t meet the full list of criteria in the job description. Mittman says it’s a good time for people who feel stuck in a rut to pivot and change career paths – employers are more open to hiring candidates with complementary and transferable skills during a talent shortage.
Similarly, the bonus for employers who upskill and coach new hires is retention. Employees are more likely to feel loyalty towards an employer who believes in their potential.
Employers who find it hard to attract talent in this current market should be open to upskilling candidates who meet just some of the key requirements and be prepared to train or coach in other areas. Believing in someone’s potential can cement their loyalty to the organisation and build a robust retention strategy.
Preparing For “The Great Resignation”
Employers need to be prepared for resignations, as The Great Resignation will probably hit every market, Mittman says. Employers are listening, but they need to get serious about adapting to employees’ needs and actively seek their input.
Anonymous feedback provides employees the opportunity to express sensitive concerns without hurting management's feelings around complex topics. Hopefully, this leads to a culture of open communication where management takes these impressions on board and eventually colleagues feel that they can share freely.
Guarding employees against pandemic fatigue and burnout is no easy feat but worth the effort to retain star performers, especially now, when top talent is at a premium.
“With increasingly fierce competition from employers of choice, a defensive retention approach is key. Remember to value, re-energize and support the talent that you already have,” Mittman says.
Accela Talent specialises in matching candidates to high-growth tech companies, so if you’re looking for a new role or have a great role you’re trying to fill, get in touch for a friendly chat: [email protected].