Mercer’s Global Talent Trends 2022 study revealed that 76 percent of senior leaders and human resource (HR) professionals believe that the COVID-19 pandemic has forced businesses to redesign their HR models and have more creative solutions to attract and retain talented employees.
In Vietnam, a lot of people are changing jobs to find more active and liberal roles that let them express themselves at work and give them balance and freedom in their lives. However, transforming to keep pace with the times is not an easy task.
Pham Thi Thuy Van, Human Resources Director, DKSH Vietnam, shares her insights on what these challenges are and how to overcome them.
As revealed from DKSH’s exit interviews with employees conducted since 2021, traditional salaries and benefits no longer are efficient to keep employees attached to the organization. HR teams need to understand and find new ways to retain employees.
These new initiatives are not just temporary but must be developed as key programs in the overall HR strategy to enrich people’s lives by creating sustainable value for business partners and generating employment.
Taking Vietnam as an example, there is a standardized approach, advanced human resource policies, and relevant programs specifically designed for the Vietnamese market and specific industries. From the recent survey on the work environment at DKSH carried out in May 2022, 91 percent of employees agreed that: "The company is a good place for people with big ambitions who want to stay and develop in the long term."
This highlights the effectiveness of the company’s HR innovations and the open workplace culture practiced in the organization.
The pandemic has promoted a hybrid work environment that allows employees at DKSH Vietnam to work up to 40 percent of the time from home and the remainder at the office. This general shift toward more flexibility and remote work is in line with the working trend embraced by young employees, while it also helps to save on office rental and operating costs for the business.
A "win-win" direction shows that companies should understand and actively respond to employees' desires. In return, they obtain employees’ commitment and a sense of belonging to the company culture that puts employees at the center. At the office, we also designed shared work areas, where employees can sit and work anywhere.
It is crucial to encourage employees to drive their career development aspirations or projects they want to participate in. Through our Talent Management system, employees propose their personal development plans and select available activities to support their career goals.
During this journey, employees drive and manage the process on their own. Their supervisors help them along the way and the HR team is there to provide guidance.
High-performing employees are included in the talent pool open to all markets to recruit from when there are vacancies to be filled. This creates more opportunities for employees to step out of their comfort zone and challenge themselves in new jobs, positions, and markets without having to look outside of the organization. In Vietnam, DKSH has successfully retained over 50 percent of the company’s staff with more than five years of service.
In today’s working environment, it is important to emphasize employees’ work-life balance. Companies can provide a variety of training courses and counseling through partnerships on topics such as family happiness, enhanced health, and self-care routines.
Organizations and HR teams should also encourage employees to invest in their self-development and cooperate with external domestic and international universities to provide relevant programs and scholarship opportunities to employees.
Every company will have its customized platforms and strategies for HR development. However, having HR policies that are based on employee needs and fundamental values will help businesses retain dedicated employees.
Listening to employees carefully and having a clearly defined set of core values they can identify with are crucial factors in determining the success and sustainable development of both the employees as well as the organization’s progress.