For the skilled professional in Hong Kong, the employment market remains largely candidate-driven. With an abundance of attractive offers, an increasing number of professionals are spending less time in their roles before hopping on to the next.
These turnover rates have a huge effect on companies. Recruiting and training talent is a costly and time-consuming undertaking. And it will become more difficult in the future.
To stand out in a globalised labour market, companies need to personalise their talent-retention approach. In these times, staying active on social media is key. People don’t look up to job titles anymore; they look up to a person. Candidates like to read about the human side of a company.
Recognise also that company culture is extremely important to draw talent. It is the perfect way to attract people who fit well in your company. Those who identify themselves with your values will apply.
The relationship between companies and employees has changed: it’s now less hierarchical. It has become a two-way street and human resources policies have to reflect these cultural changes.
Take annual performance reviews, for example. They belong to a different time, when employers would tell their employees once a year what they should improve. Think about evolving into a more collaborative system where managers and employees can sit down together and set goals for themselves. Professionals are more engaged when given the opportunity to talk about the future. Address the possible next steps in their career, which skills are important, and which ones need to be further developed.
When managing talent, remember that one of the most important actions is to treat your employees as your most valuable asset. If they are engaged, the business will benefit in every way. Think about how your employees can evoke interest in working for your organisation just by word of mouth. There is no better advertisement for your company than your own employees.
This article appeared in the Classified Post print edition as Culture club.
