7 months ago -

Adapting to 'new normal' labor trends key to talent retention

Adapting to 'new normal' labor trends key to talent retention

​​During the unprecedented "new normal", adaptability and change management lend businesses a competitive edge in a fast changing environment, says Andree Mangels, general manager of ManpowerGroup Vietnam.

The Covid-19 pandemic has made clear impacts on working patterns and labor markets worldwide. What are the most notable changes, in your view, for better or worse?

Among all the profound changes brought by the global pandemic, we believe that hybrid working is one of the most notable trends. Besides the changes in working locations, which can be either at office or remotely, hybrid working also transforms the way people communicate and collaborate. Virtual communication - with the help of technology - create challenges in term of interaction and engagement within organizations.

According to a survey by ManpowerGroup in 2021, 48% of employees will likely work remotely at least part of the time after Covid-19 versus 30% before the pandemic. In fact, hybrid working mode offers certain undeniable benefits to both employers and workers. While it gives employees greater flexibility and work-life balance, it also allows employers to reach talent regardless of their locations as well as increase organizations’ resilience and adaptability.

Significant changes in workers’ wants are also noticed as another trend in the world of work post pandemic. What workers want is shifting from surviving to thriving at work, as noted in The Great Realization report by ManpowerGroup in April 2022. People now want employers to offer more – to prioritize wellbeing and purpose, while providing factors including flexibility, competitive pay, good working conditions and skills development. Many also expect a stronger stance on socio-economic issues too - shared values matter. To name some of the key findings by ManpowerGroup, two in three workers want to work for organizations with similar values to their own; 45% workers want to be able to choose start and end times (45%).

The number of people changing jobs has reportedly risen significantly during and after the pandemic. Does your company have similar observations regarding the case in Vietnam and other Southeast Asia countries?

From the recent recruitment, staffing and outsourcing requests sent to ManpowerGroup Vietnam as well as our business relations with our corporate clients, we do notice a rising trend of changing jobs in the Vietnam market, both within sectors or to other industries. This can be explained by the changes in worker’s needs and wants during and after Covid-19. The report reveals that 49% of workers would move to an organization for better well-being.

We have also witnessed the huge waves of workers leaving big cities for their hometowns during and after the pandemic. Due to mental and physical health concerns as well as financial burdens, many people have left their jobs in big cities and headed to their hometowns to work.

What is your advice to foreign-invested companies in Vietnam in retaining talents and employees in the context that laborers tend to quit their jobs more easily?

In the post pandemic period, besides paying attention to workers’ benefits/well-being and developing a strong corporate culture, foreign invested enterprises (FIEs) should make training, upskilling and reskilling programs part of their employee development and retention strategies. With 81% of global employees expecting training from their employers, according to The Great Realization report, this will not only improve employee retention but also raise boost job satisfaction and willingness to retain their positions.

What sectors in Vietnam are currently the best and the worst in terms of attracting laborers? Are there changes in the ranking given the pandemic?

As foreign investment continues flowing into Vietnam post pandemic thanks to factors like a local young and low-cost workforce, political stability and effective anti-pandemic measures, many foreign businesses have been relocating their factories/manufacturing facilities to Vietnam. This makes manufacturing and processing one of the industries with the highest labor demand.

In fact, manufacturing is an ideal sector for laborers in respect of the ease of entry (simple hiring requirements) and various remuneration packages. Most FDI businesses offer stable income as well as a wide range of benefits like social insurance, health insurance, lunch allowances, reward and recognition programs, etc. Yet, this sector is probably where laborers are lowest in loyalty and commitment. Long working hours, low income compared with other industries, and laborers’ sensitivity to benefits make job-hopping in this industry particularly high.

Source: https://theinvestor.vn/adapting-to-new-normal-labor-trends-key-to-talent-retention-d867.html