By Yvonne Manzi
Social Media Officer, Profiles Asia Pacific
The most important point to start with here is that talent shortages do exist.
When unemployment rates are high, the mindset and expectations of companies are often that there will be plenty of talent waiting to be hired should the need ever occur. But this is not true for all jobs as the available skilled people are not necessarily the ones you will need. The problem also presents itself in situations of growth, as is in the Philippines. Turnover can be an even bigger threat in situations of growth because it is expected that there will be a job surplus as well as numerous new competitors. These two combined will potentially lead to your employees leaving you for better offers. For example, the Philippine hotel industry is growing exponentially, and this can potentially result in serious talent shortage for both old and new hotels as competitors search for the best employees in the sector.
So what are biggest causes for voluntary turnover?
Limited career advancement. People need to feel that there is a potential for personal growth within the company or eventually they will lose their motivation.
Lack of fit to job. This is caused by bad hiring practices. Ensure your hiring process is at its best so as to avoid hiring people who turn out to be unfit for the job.
Unsatisfied with pay and benefits. When people are worrying about their health or paying off their bills, they are unable to focus on their job. This will lead them to either perform poorly within the company, or to seek employment with a company that allows them to be more financially comfortable. Ensure that your employees are earning enough for the job they are doing.
Management/general work environment. People need to fit the company culture and management style. If they do not, they will be unable to pleasantly stay and work every day.
Lack of flexibility/scheduling. Nowadays people’s lives have become a lot more hectic and unpredictable, and families aren’t run the way they used to be. This means that most people will have a need for flexibility in their working hours. When you hire new employees or plan scheduling, keep this in mind and make sure you fit the people with the right needs to the right jobs.
Lack of job security. Employees who do not feel secure in their job will always look outside for employment opportunities that might be more stable.
One of the keys to reducing turnover is reducing your hiring mistakes. Profiles Asia Pacific offers the StepOne Survey which helps organizations reduce risk in a quick, cost-effective manner by evaluating various work-related values including, but not limited to, personal integrity, reliability, and work ethic.