Talent
has become a hugely important factor for the sustainability of any
organization, especially in a workforce like Malaysia’s, which is filled with
Generation Y applicants. However, retention of talent has proven to be a
constant problem in today’s workforce availability, whereby workers are
shifting jobs quite easily owing to various reasons. This article aims to look
deeper into some of the most pressing reasons that are causing retention of
talent to prove to be a major problem in the present Malaysian job market.
·
Ignorance of talent mobility-
In order to help businesses, grow it is
important to retain talent. However, many companies in Malaysia are overlooking
this issue, especially small to medium companies, whereby good talent is lost
due to small size of the organization or the lack of emphasis on important
aspects like staff management. Issues in the HR department, especially those
pertaining to talent retention are seen as something that would potentially
increase costs and hence it is being ignored or never invested upon. The
mobility of workers between companies can prove to be an issue as organizations
will start losing their competitive advantage as talented employees constantly
leaves jobs to pursue better opportunities.
·
The culture of job-hopping-
The present generation and especially the
Malaysian market has experienced a high turnover rate of Gen Y employees and it
has been found that their loyalty to companies is very low. The trend of
job-hopping has become quite common, and the prospect of getting a better job,
a cushier apartment or better opportunities allures the modern employee much
farther than before. They can quit jobs quite easily if something better
appears in front of them, even if the difference between the present package
and the previous one is not quite significant.
·
Forces of Compensation-
According to a survey conducted by the
Manpower of Malaysia, it has been found that compensation remains a key force that
drives Gen Y, who dominates the Malaysian workforce availability ratio. In
order to retain these talented, global, skilled and young professionals you
need to entertain their expectations for compensation, or else they would
simply move on to something more rewarding.
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