Robert Walters's latest report provides a reality check and unpacks the 'Great Resignation' wave in Thailand and Southeast Asia.
50% of professionals in Thailand who have thought of resigning in the past year didn't leave their jobs (highest in SEA)
- Survey of professionals and companies across six Southeast Asian countries
showed that:
o 4 out of 5 wanted to resign in 2021, but 42% of them were still in their current job
o 86% reassessed their relationship with work during 2021, with inspirational colleagues and work culture among the top priorities
o 40% of professionals saw no change in how their current companies are retaining them
- Thailand snapshot:
o 80% considered resigning in 2021, which is joint highest in the region with Singapore, behind Malaysia, however, 56% are uncomfortable to quit without a new job
o Perception Gap: While up to 56% of employers in Thailand said they have taken measures to retain staff, 36% of professionals were not aware of these efforts
o A mix of salary increments, promotions, and changed job responsibilities remain key to retaining top talent
Bangkok, Thailand - The wave of 'Great Resignation' may not be a total reality in Southeast Asia, based on the latest survey from world's leading specialist professional recruitment firm, Robert Walters. Professionals are valuing job security during uncertain times, with more than half (59%) indicating that they are uncomfortable quitting without a new job in hand, and 81% of those who have thought of resigning willing to change their minds if conditions are right.
Hiring new talent will remain challenging in Southeast Asia, including Thailand, which saw 76% of companies finding difficulty to do so in the past year. Moreover, there is a perception gap on retention efforts, as 40% of professionals in the region claimed they are not aware of "changes" by their employers to engage and bridge their concerns.
These are among the key findings of the Robert Walters Great Resignation Reality Check of over 2,600 professionals and more than 1,100 companies. The survey seeks to understand attitudes towards resignations, reasons behind staff turnover situations, and to unlock retention motivators. Conducted in June 2022, the research spans six Southeast Asian countries (Singapore, Malaysia, Philippines, Thailand, Indonesia, and Vietnam).
Southeast Asia Snapshot: Job-switching instead of resignations
While 79% of professionals surveyed expressed the intention to resign in 2021, over 4 out of 10 (42%) had yet to do so. Malaysia saw the most professionals (82%) who had thought of resigning in the past year, followed by Singapore (80%), and Thailand (80%).
Gerrit Bouckaert, Managing Director at Robert Walters SEA, believes employers will experience even greater hiring movements in the remainder of 2022 and 2023.
"Rather than a 'Great Resignation', businesses can expect an accelerated hiring market across Southeast Asia in the coming year. Professionals are not quitting on a whim, but rather looking to move between jobs. In the face of a possible recession, we expect professionals to act with caution, and only move jobs when they have an offer in hand."
Thailand: it's not too late for companies to retain their employees but perception gaps exist
While 80% of professionals in Thailand considered resigning over the past year, 50% of them have yet to resign (the highest in SEA). The top reasons why they have stayed included not having found the most suitable job yet (58%), lack of opportunity in chosen field (32%), and concerns over job security with a new company (24%). This suggests that while employees in Thailand have been ready to make a move, most are still in the midst of planning it for the near future - they are looking to find an ideal role and not just any job.
However, with more than four out of five surveyed in Thailand saying they would stay in a job if the conditions are right, employers can take heart. Salaries continue to play a pivotal role in reversing this decision, with professionals flagging that a holistic package of salary increments (38%), promotions (30%), and a change in job responsibilities (27%) will best retain them.
Colleagues and a culture that inspire employees to do their best are what professionals in Thailand value most in an employer (42%). This ranked just above compensation and benefits (41%), as well as flexible work arrangements (35%).
Staff turnover in Thailand has increased in the past year, according to 72% of companies. To retain staff, employers have taken significant measures, including matching or increasing salaries (56%), providing training and upskilling opportunities (50%), and offering greater flexibility and remote/hybrid work arrangements (45%). However, 36% of the professionals interviewed said they were not aware of changes made by their employers, signaling a potential gap in communicating these initiatives.
Other findings for Thailand include:
- The biggest challenges employers face when sourcing staff are overly high salary and benefit expectations (68%), high competition for candidates (41%), and lack of technical qualifications (40%).
- More than 4 out of 5 employees (83%) have reassessed their relationship with work over the past year. Key areas include spending time with family and friends (67%), their mental and physical well-being (58%), and the meaning/fulfillment of their jobs (51%).
Punyanuch Sirisawadwattana, Country Manager of Robert Walters Thailand, comments:
"Companies need to wake-up to the new reality of a post-pandemic workplace, creating an environment that is suitable for the talent they want to attract. It's a more competitive hiring market than it once was. I'd advise going beyond good remuneration and benefits, and find new engagement channels to show appreciation for employees. Beyond this, employer branding needs to continue even when candidates become staff."
https://www.robertwalters.co.th/great-resignation-reality-check.html
To find out more about Robert Walters in Thailand, please visit www.robertwalters.co.th