Due to a cautious market, recruitment activity within Vietnam’s financial services industry has been sluggish. Professionals were observed seeking different roles in other functions in pursuit of better job stability.
In light of this, how can companies retain their top staff and ensure that they continue to contribute to the organisation?
One way to retain professionalism is to be open towards internal mobility and allowing different measures within the organisation. Having policies such as work rotation, on-site training and cross-training between departments will allow staff to gain more experience, as well as develop the capability for career progression. Internal mobility measures will also help the company by providing an alternative to retrenchment and rehiring in a downsizing period. The company can choose to reallocate or rotate its staff instead. Employees with experience in different departments or functions will be able to fill these gaps and reduce company attrition costs.
Being honest about career progression
Very often, key employees leave their companies in search of new positions because they are unaware of the career progression opportunities in their current organisation. Hence, managers should work closely with top staff and map out their career progressions to retain them. Management should also be honest about the outlook of company and what the employee’s role in this path would be. In addition, managers ought to clearly explain the steps employees require to advance their careers within the company. Finally, it is important to communicate the abovementioned process to relay any fears of career stagnation amongst key players in the organisation.
Money can be a strong motivator for staff to remain in a company. Since we are experiencing a cautious market, where firms across the financial services industry are cutting down on bonuses and monetary incentives, it is critical that staff retention strategies go beyond monetary incentives. In cautious markets, it is important to note that monetary incentives alone are not a strong enough retainer. Top performers also look for long-term job stability and career progressions.
We hope these tips would help you in retaining talent. For the latest salary information, check out the Robert Walters Salary Survey.