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5 Feb 2012 04:10 PM
Participants from the 'An evening of learning' CoP
Why the importance of the topic?
Despite the growing global economic uncertainty in the wake of crises in Europe and the United States, talents who are able to adapt and respond swiftly to the new challenges brought about by the changing business environment are still relentlessly pursued and highly sought after by companies across the globe.
The fierce competition for talent may find businesses having great difficulty holding on to their best employees. In Singapore, the problem is increasingly compounded by Singapore’s low birth rate and ageing population. As the average age of our workforce increases, we are soon about to approach an era where the size of the workforce will diminish dramatically as the baby boomers retire from the workforce, increasing the competition for talent.
What is the outcome we are trying to achieve?
To stay ahead in the globally competitive business environment, organisations which are committed to develop employees as their strategic assets must embrace new mindsets and develop new strategies that will address the challenges in attracting and molding the perfect T-shaped talent.
Top 3 issues identified
Of the top three issues identified in attracting, retaining and engaging talents, the top issue with the highest vote was on compensation and benefits.
Best Practices and Learning
The best practices advocated by members includes :
· $200 cash incentive to be provided in firm’s budget on health. Should an employee did not consume a single day of medical leave for the past year, he or she will be rewarded with the cash incentive.
· A flexible scheme to allow employees to claim up to $600 per year for any activities that have health benefits if he or she did not consume a single day of medical leave.
· Birthday leave to be given to help motivate talent and staff.
· Welfare and benefits package including a $100 -$150 voucher for birthdays.
· A profit sharing of 1% for top talents identified.
· Long services awards (5, 10, 15 years etc.) in cash value to recognize long serving talents
· Motivate sales team with Department store vouchers on achievement of targets
last edited by Chandra Suryadevara on 2/7/2012 11:37:03 AM