Key Learnings:
- The Great Resignation has significantly impacted Thailand, with 37% of respondents having been at their current job for not more than two years, and 81% planning to seek new career prospects in the next six months.
- Candidates increasingly prioritise Company Culture and a sense of purpose in their roles when considering job opportunities.
- Non-monetary motivators are becoming more important to job candidates than ever before, with salary being just one aspect of attracting and retaining talent.
- The top recruitment challenge for 2022 is finding applicants who match company culture, followed by challenges such as unavailable required skills, competition over applicants, and matching salary expectations.
Mentally & Physically Safe Work Environments
Thailand’s landscape for talent attraction is changing. The findings from the 2022 Michael Page Talent Trends Report shed light on critical insights that can inform strategies not only for HR departments but also for HSE professionals aiming to create a physically and mentally safer, and more productive workplace environment.
In today’s competitive job market, attracting and retaining top talent is more challenging than ever. The Great Resignation phenomenon has hit Thailand, with a significant portion of the workforce actively seeking new career opportunities.
While traditional factors like salary and bonuses remain important, candidates increasingly value non-monetary factors such as Company Culture and a greater sense of purpose in their roles. It is estimated, according to a study by the Society for Human Resource Management, that it can cost between six to nine months of an employee’s salary to hire their replacement.
Social Sustainability – The “S” in ESG
Employee Well-being – Business as usual Doesn’t Cut it Anymore
For HSE & HR professionals, this shift in candidate priorities offers an opportunity to align health and safety initiatives with broader organisational objectives related to talent attraction and retention. By fostering a positive and inclusive Company Culture that prioritises employee well-being and engagement, organizations can differentiate themselves as desirable employers in the eyes of prospective candidates.
Employee Well-being – Emphasis on Company Work Culture
One of the most pressing challenges identified in the report is the difficulty in finding applicants who match company culture (including the physical and psychological safety culture). This highlights the importance of integrating health and safety considerations into the fabric of organisational culture.
Health & Safety policies and procedures should not only prioritise compliance with regulations but also promote an inclusive culture of safety where employees feel valued, supported, and empowered to prioritise their well-being.
Leaders Must Take the Initiative
Furthermore, the report underscores the significance of leadership in shaping Company Culture and influencing employee satisfaction. For company HSE Managers, it’s essential to collaborate closely with senior leaders to champion occupational safety and health initiatives and promote a culture of accountability from the top down. Investing in leadership development programs that emphasise the importance of safety and well-being can have a ripple effect throughout the organisation, enhancing employee morale and loyalty. Courses like the IOSH Managing Safely course, which Ashlar will be offering in 2024.
Re-Evaluating Job Descriptions and KPI’s
In response to the findings, organisations must rethink their talent attraction strategies to align with the evolving preferences of job candidates. This includes re-evaluating job descriptions to highlight opportunities for growth, learning, and meaningful contributions to the organization’s mission. Additionally, communication with candidates should focus on mutual interests and values, emphasising the organisation’s commitment to employee well-being and safety.
Effective and Valued Training and Education Opportunities
Training and development initiatives should also extend to HR and recruitment teams, ensuring they possess the emotional intelligence and cultural awareness necessary to engage candidates effectively. By living and breathing organizational values throughout the recruitment process, companies can build a strong “Talent Brand” that attracts top talent and fosters long-term employee satisfaction and retention. It’s NOT just about business as usual human resources practices any more.
The Social Sustainability Trifecta
In conclusion, the insights from the 2022 Michael Page Talent Trends Report underscore the interconnectedness of talent attraction, Company Culture, and occupational health and safety. By aligning HSE policies and procedures with broader organisational goals and candidate preferences, HSE professionals can play a pivotal role in creating safer, healthier, and more fulfilling workplaces that attract and retain top talent in Thailand’s competitive job market.
If your company needs to understand how to integrate modern Social Sustainability practices into the corporate culture, feel free to reach out to me and learn more. Or talk direct using LINE:
How can Ashlar Provide Guidance for Your Company
We can help in the following ways:
- If you are an SME company in the supply chain of global companies, you are probably getting questions from clients about your environmental, social and corporate governance practices. As an ESG subject matter expert, I understand what they are looking for and can help take your company to the next level of corporate environmental, social and governance leadership.
- If you are an SME company, I can help develop your HR and HSE personnel understand the new requirements of those roles, especially as it pertains to keeping your employees happy and improving your retention rates. Remember that employee churn costs you money. It can cost between six to nine months of an employee’s salary to hire their replacement. If they are quitting after two years (as the report indicates), you can easily calculate the ROI on initiating good programs to hire and retain the best talent.
- If you are an SME and don’t yet have an effective Safety & Health Management System, I can develop a simple but practical solution that not only meets but exceeds Thai government regulations on occupational safety and health. Your employees and your customers will love you for this. As we used to say at Chevron, “Do it Safely, or Don’t do it al All”.
Parts 1 & 2 of the Series
Part 1/3 – Thailand Talent Trends Analysis
Part 2/3 – Company Cultures That Attracts the Best Talent in Thailand