A Change is Coming

It looks like employers in Singapore plan to increase their hiring in early 2015, while Malaysian employers already increased headcount in Q4.

For the last couple of years, firms in many industries across Southeast Asia slowed down their hiring, especially in the financial sector. Many employers, seeing this, have been more comfortable with slowing down salary increments or promotions, figuring that their people had fewer options on the outside. That may be about to change. Even in firms where employees still felt like they were getting a good deal, though, they may still be looking for something new, and may be likely to jump as new possibilities begin to open up.

This presents you with both a challenge and a couple of opportunities.

The challenge is to hold onto the employees you want to keep. This is always tough, as the best employees will always be in demand, but as more options open for them it is going to get even harder. If you had backed off of your retention strategies because you thought you had nothing to worry about while no one else was hiring, it is time to revisit those strategies and see what your best employees in critical positions are looking for so you can focus on that. Is it pay? Promotions? Work-life balance? Figure out what is important (and also, what is within your budget). Also make sure you are creating an environment where your star employees feel like they are doing something worthwhile. If you are one of those firms that has emphasized employee development (and I hope you are!), you should start putting those development efforts to work; your best employees want a challenge, so offer them a space where they can use their new skills in a way that advances the organization.

In any event, start identifying those performers you want to hold onto and begin getting an idea what it will take to keep them. It might not take much, and so you can reduce your costs if you find out what is really important to your most critical people.

The opportunities? Well, one is, as talent is looking to jump, you should position yourself to catch some. This is the time for your business to grow, as demand for a bigger workforce increases and you can offer some opportunities while other companies are slow to realize what is happening. Start thinking about opportunities for growth and recruiting strategies now, rather than waiting until the transfer of people is in full swing. Get out in front of the recruiting wave. Remember, as people start to move around, you are not just at risk for losing some; you also could gain some great ones if you have a plan.

And the other opportunity? Well, if you have any people whom you would like to see go, just be sure you do not stand in their way when they head for the door in their search for a new job.