Employee engagement 'key to reducing staff attrition'
Thu, 05 Nov 2009
Firms must place a strong focus upon employee engagement as the economy emerges from recession, it has been claimed.
Global management consultancy the Hay Group has warned that firms face losing many of their top-performing employees if they do not adequately reward them for sacrifices they have made during the recession.
According to Dr Stephen Choo, a regional director within the firm, increasing work opportunities could lead to a talent exodus from many firms, leading to lost skills, productivity and increased recruitment and training costs.
Speaking to Channel News Asia, he said that talented workers are likely to remain with their current employer if they are provided with the incentives to do so.
He said it is necessary for firms to offer professional development opportunities such as additional training and the potential for promotion.
Dr Choo added that leadership is also an important issue, as firms which have good role models for younger employees to follow may be able to encourage staff retention.
Last month, HSBC Private Bank regional chief executive Monica Wong told eFinancialCareers that firms can reduce employee attrition by offering attractive pay, boosting employees' work/life balance and treating staff members fairly.
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