The majority of companies in Asia are struggling to attract and retain employees that are crucial to increasing their global competitiveness, according to a new survey by Towers Watson.
The 2012 Global Talent Management and Rewards survey found that 79% of employers in Asia-Pacific said they have problems attracting critical-skill employees, while more than seven in 10 employers (73%) have difficulty attracting high-potential employees.
Employers across APAC also face problems with retention with close to three quarters of respondents experiencing difficulties retaining critical-skill and high-potential employees (70% and 67% respectively).
“The demand for key talent is as strong as ever, in spite of challenging economic conditions and heightened global competition. We find that many employers are not taking advantage of opportunities to attract, retain and engage key talent by offering a value proposition, work environment and the total rewards programmes that are most important to them,” said Dhritiman Chakrabarti, Asia Pacific Leader of Rewards at Towers Watson.
The findings from the survey also showed a mismatch between what employers are offering when looking to attract talent and what employees are looking for.
Employees in Asia Pacific are more focused on competitive base pay, job security and convenient work location. Employers, on the other hand, emphasise more on factors such as career advancement, challenging work, and the organisation’s mission, vision and values.
The survey also revealed that rewards have not kept pace with high performance as 96% of employers indicated that individual performance expectations have increased or stayed the same but the average bonus level was at 79% in the fiscal year of 2011. It is projected to drop to 76% for the current fiscal year.
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