Thai companies need to put employees first
Employers in neighbouring countries Malaysia, Singapore and Hong Kong, recently took steps to increase remuneration packages for their staff in an attempt to attract new talent to their companies, while retaining their existing base of skilled workers.
Meanwhile, strong economic growth in Myanmar – another of our neighbours – could boost the country’s chances of becoming a middle income nation by 2030, if the country is able to rise above the many reform challenges that it faces, the Asian Development Bank (ADB) says.
The current climate of global expansion and the anticipated market changes expected with the launch of the Asean Economic Community’s (AEC) free market, will have a huge impact on Thailand’s labour market and economy.
Thailand will suddenly be faced with an influx of skilled workers – putting pressure on the government to deal with the new competition. Likewise, Thailand’s skilled workforce might be attracted to other regional markets offering better working conditions and remuneration. This could leave Thai employers with a serious shortage of skilled labour in specialised areas.
In preparation for the AEC, Thai businesses should also pay more attention to their pool of human resources – not in terms of cost – but in terms of developing and strengthening their skill and expertise resources. The “human” factor of a company will become all the more critical in achieving success.
Some Thai companies are already taking on a people-management approach – balancing a healthy working environment with quality lifestyle. This leads to greater commitment, more productivity and a feeling of loyalty to the company.
“Salaries do matter to all of us. Of course, it is one of people’s highest priorities when considering a job. Besides desirable incentives, a happy workplace does matter to Thai employees, especially younger people of the new generation,” said Arinya Talerngsri, group managing director at APMGroup.
“I see that spending money to win the hearts of employees or providing performance-related pay is not sufficient for the retention of talent. We have to lead them from the inside-out as well,” said Arinya.
In conclusion, the “war of talent” is a major obstacle faced by many consulting firms. The fight for the best talent will become even more aggressive, and it will become more difficult for organisations to retain their skilled staff.
In order to prepare for the potential opportunities and obstacles ahead, businesses and organisations should formulate strategic plans to capitalise on their strengths.
BOONCHAI PONGRUNGSAP is Senior Business Solutions Development Manager for APMGroup. He can be contacted at [email protected].
