Talent Retention - Why employees resign and how to retain them?

Talent Retention – Why employees resign and how to retain them?

There are various reasons why employees choose to resign from their jobs in Singapore and it is very important for employers to find out the underlying issues in order to boost talent retention. Some of the reasons may include:

  • Better job opportunities 

If an employee finds a better job opportunity elsewhere with higher pay or better work-life balance, they may choose to resign from their current position.  This is especially common now post-pandemic, as more Singaporeans responded that work-life balance is more important than salary in today’s context when choosing a job.

  • Job dissatisfaction

If an employee is unhappy with their job, their work environment or company culture, they may choose to resign from their current job.  It is therefore essential that employers and employees come together to better understand each other’s needs and expectations.

  • Career growth

According to a study done by Qualtrics, it showed that having career growth is the second most important criteria that people are looking for when they are trying to switch jobs.  

  • Health and personal reasons

In some cases, employees may be considering taking time off or leave the job completely due to health and personal reasons.  Flexible work hours is therefore the top desire amongst single, married and working mothers.  

  • Conflict with colleagues or management 

Employees may choose to resign to avoid a toxic environment if they encounter conflicts with colleagues or the management.

  • Workload and stress

Singapore is the most “fatigued” country in the world. This means employees may be overworked and stressed out, therefore making the decision to resign and go for a job that provides a better work-life balance.

Talent Retention

Nonetheless, talent retention is crucial for businesses to remain competitive in Singapore’s job market. Here are some strategies to consider:

  • Offer competitive compensation and benefits

Ensure that your employees are remunerated fairly for their contribution. Non-monetary benefits that are equally attractive may include packages such as health insurance, retirement plans, and employee discount.

  • Provide career development opportunities

Offer career development opportunities such as training, mentorship, and clear paths for advancement to help employees grow professionally. Setting up budgets for employees to skill up externally or organising in-house training sessions go a great way to keep rationale up.

  • Create a positive work culture

Foster a positive work culture that promotes open communication, teamwork, and work-life balance. Having proper channels for employee feedback is a great way to encourage feedback and assure that their opinions are valued.

  • Recognize and reward performance

There are many ways to recognize and reward employees. Among the most common tactics include performance bonuses, promotions, and even award medals. Some companies extend loyalty awards to employees who have been pioneering the firms’ development. These can motivate employees to feel valued and strive to perform better.

    • Offer work flexibility

    Focus on productivity rather than time spent in the office. With the new norm, hybrid work arrangement such as telecommuting and flexible work hours are increasingly popular options for many firms. There are also companies who offer paid time off to help employees balance work and personal life.

      • Encourage employee engagement

      Encourage employee engagement by involving them in decision-making processes. Some examples include conducting regular employee surveys, and offering regular feedback and performance evaluations.

        • Provide a conducive work environment

        Ensure that the work environment is conducive and comfortable for employees to work in. Consider factors such as lighting, temperature, and ergonomic equipment to promote employee well-being and productivity.

        By implementing these strategies, companies can improve employee retention rates and foster a positive work culture that attracts and retains top talent for your company.