More than half of the population of Singaporean workers are unhappy with their jobs. A study conducted last year revealed that only 49% of Singaporeans were satisfied with their present positions, while the remaining planned to switch jobs within two years.
For foreign entrepreneurs looking to establish their businesses in Singapore, attracting and retaining the best talent is a key strategy in the overall success plan. However, with limited resources and knowledge of the market, how do you draw and keep the best employees in the face of hefty bonuses by rivals? The following tips will help you attract and retain the best employees.
1. Engage the Right Hiring Partners
Start by engaging the right hiring partners. If your outlet in Singapore is new and small, the chances are high that you will not attract the right kind of talent if you are working alone. However, if you engage a well-known company, for instance, an established accounting firm in Singapore, you stand a better chance of attracting the right talent and experience.
2. Establish and Communicate Clear Expectations
The survey mentioned above found that Singaporean employees were ready to leave and seek jobs elsewhere besides their current companies. The study also revealed that the salary was not the leading cause. Instead, it was a lack of confidence in the leadership of the firm.
A good leader should not only possess excellent technical skills; he or she should also be able to plan, monitor, persuade and communicate clearly and efficiently.
In order to inspire your employees, you must develop and communicate substantial plans. Persuade your team that by meeting the business goals, they, in turn, achieve their personal goals
3. Put in Place Career Development Plans
As mentioned above, according to the survey, salary is not the prime factor of employees being unsatisfied with their jobs; it is the lack of confidence in the leadership of the firm.
To resolve this issue, one of the best strategies is to put in place a clear career development path. By doing so, it shows that you genuinely care for your employees’ career growth as an employer, and it is not a blurred future for them.
However, do not allow the plans and agreements to halt on paper. Ensure that they are being worked on and meet up regularly with employees to discuss career development as well as their needs and requirements. This includes job shadowing, mentorship and continuous training.
4. Establish Plans for Work-Life Balance
The average workweek in Singapore is about 40 to 45 hours. However, Singaporeans are known to be workaholics and usually clock an average of 48 hours of work each workweek.
This does not resonate as a healthy work-life balance. As an employer, you have to watch out and prioritize the well-being of your employees. If you fail to do so, your employees may be overwhelmed with stress and frustration and seek jobs with a better work-life balance.
With the advanced technology available today, we are able to work remotely. You can consider entrenching remote working and flexible working hours within your firm. This way, employees do not have to worry about life circumstances such as parenthood interfering with their careers.
5. Keep Compensation Realistic and Affordable
Lastly, although the salary is not the top priority of most employees, you will not be able to attract and retain the best employees if you do not keep the pay fair accordingly to their roles and responsibilities.
Engage the services of reputable accounting companies in Singapore and determine the ideal remuneration packages. The above tips with the addition of attractive pay will attract the top team members and keep them devoted.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
