Despite going through economic uncertainties, almost 60% of global executives anticipate their companies to realize secure or vital development. Asian leaders, however, specific concerns about the rising price of capital and debt, labour market tightness, and competition for expertise when planning for the upcoming yr.
In the Global Talent Trends (GTT) Study 2023 by Mercer, human sources leaders in Thailand shared comparable concerns. The research surveyed round 2,500 HR leaders worldwide, with practically 100 companies in Thailand being represented. Among the problems highlighted had been a lack of workforce capability and future abilities (47%), too many priorities distracting staff (40%), and juggling transformation with a survival mindset (38%).
The survey goals to find how organisations are redefining work and the workplace amidst sociopolitical and economic shifts and to identify talent-related developments to assist companies thrive sooner or later.
Findings from the survey counsel it’s essential for employers in Thailand to concentrate on enabling new methods of working and fostering a skills-based organisation to attract the right talent. A collaborative approach that gives versatile work arrangements and competitive rewards is beneficial.
According to the survey, 69% of staff consider the shortcoming to work remotely or in a hybrid setting permanently would deter them from joining or remaining with an organisation. In Thailand, 61% of surveyed employers present flexible working choices for all staff, which is greater than Asia’s common (50%) and the worldwide common (56%). However, there’s room for enchancment to make certain that all corporations recognise the importance of labor flexibility for talent attraction and retention.
To mitigate the consequences of inflation, more employers in Thailand (27%) adjusted pay or provided cost-of-living adjustments for workers paid under the market median, in comparison with the Asia common of 20%. In terms of providing cost-of-living adjustments or wage will increase for badly affected segments, Thai employers surpass the Asia average (33% versus an Asia common of 22%). This approach provides organisations a extra sustainable compensation management method.
To attract and retain talent, organisations should do more than merely offer fair pay insurance policies. They should also prioritise worker well-being, encompassing bodily, mental, social, and financial aspects.
Over 90% of Thai employers are concentrating on bettering worker engagement via benefits offerings in 2023, based on Mercer. For example, 48% plan to broaden advantages to help all workforce segments this 12 months, greater than Asia’s average of 40%. However, securing job stability for gig employees stays much less of a priority, with 46% of respondents in Thailand and Asia indicating no plans to deal with this issue.
In contrast, Thai employers fall behind the remainder of Asia in supporting employees’ psychological well-being. Only 13% present disaster administration assist following a traumatic event, in comparison with the Asia average of 21%. Similarly, simply 23% provide on-demand entry to virtual psychological well being providers, falling wanting the Asia common of 26%.
Thai employers have additionally experienced difficulties establishing a skills-based organisation. While 60% have a comprehensive understanding of their organisation’s expertise requirements (versus Asia’s average of 56%), HR leaders haven’t sufficiently developed and deployed their expertise.
Approximately 30% of corporations have an internal talent market to foster expertise sharing, in comparability with Asia’s 40%, and merely 33% encourage workers to undertake training primarily based on job and skill aspirations, versus the Asia common of 60%.
The use of instruments and expertise to measure and assess skills is lacking in Thailand when compared with the the rest of Asia. Only 22% of Thai employers use AI-driven expertise intelligence platforms (compared to the Asia common of 41%), whereas 43% use psychometric tools to gauge potential (versus the Asia average of 53%).
Unusual , president of Mercer Thailand, acknowledged, “It is heartening to see a rising development of employers in Thailand exploring and implementing new ways of working that handle employees’ evolving wants. Various kinds of flexible work fashions have been adopted in many organisations.”