Hays: Turnover Rates Highlight Need for Retention
Hays: Turnover Rates Highlight Need for Retention
Tokyo, Dec 20, 2012 - (ACN Newswire) - A recent survey by recruiting experts Hays has highlighted the need for Japanese organisations to focus on solid retention strategies amidst high turnover rates across Asia.
A website survey was conducted of 1,570 candidates across the five countries Hays operates in Asia - China, Hong Kong, Japan, Malaysia and Singapore in November, 2012. 295 candidates responded in Japan where it was revealed that 30 per cent change jobs as often as one to two years, while 45 per cent decided to work elsewhere after two to four years with an employer. Meanwhile, 25 per cent of workers stay with a company for five or more years.
While the turnover rate in Japan is relatively low compared to some other Asian countries such as Hong Kong (63 per cent changed job after one to two years), Singapore (46 per cent) and China (41 per cent), businesses need to address the issue of how to retain their staff, particularly their top talent, according to Christine Wright, Operations Director of Hays in Asia.
"Turnover rates can be a real problem for employers as it affects business productivity," says Christine.
There are several reasons for this trend, according to Christine. "Our latest Quarterly Report, covering October to December in 2012, found that while candidates are cautious, they are definitely curious to learn about opportunities which will advance their careers at a faster pace than internal promotion," says Christine.
"This could be one reason behind the numbers of candidates we are seeing leaving their jobs between one to four years into a role."
According to Christine, businesses can help reduce the rate of turnover by employing some simple retention strategies - and they don't all involve money.
Hays' top 5 retention tips:
1. Managing performance
This is the key to an employer's retention strategy. Performance reviews are a simple but essential process which should take place regularly and managers need to be committed to the practice. Formal performance feedback is also an excellent opportunity to ensure talent is engaged, but remember to make sure the system is user friendly for everyone involved. And be sure to communicate clearly with employees. Setting clear objectives and deadlines will mean your employees can be comfortable knowing what is expected and when they should deliver it.
2. Your leaders
Front line managers are the key to retention, so you should definitely evaluate the quality of yours. Remember, people join companies and leave people. Your managers are at the coal face. They should be good at motivating and inspiring their team members, managing performance - good and bad, and setting useful goals. They also need to provide useful performance feedback, including positive reinforcement or suggesting solutions when things have not gone well. So, employers may also need to look at what their organisation does to develop its managers as part of their retention strategy.
3. Good relationships
If an employee has good relationships at work they are more likely to stay with a company and feel engaged with their work. So employers need to focus on how they understand, communicate and build good relationships with their employees. It's a good idea to ask employees for their opinion on key engagement factors such as career progression and performance feedback through employee opinion surveys, online forums or regular reviews. And it is best not to assume anything about an employee's career path as there can be many factors at play - just maintain open and honest communication to find out what your employees' goals are.
4. Career pathways
Employees can become stale and bored without the proper career development - and this is often a reason why candidates look elsewhere for work. As different organisations have different parameters within which they must work, career development does not always mean promotion, although it certainly can. Can you instead offer additional responsibility, or the opportunity to supervise other employees? Could an employee coach and train others, manage projects or chair meetings?
5. Training & development
Courses aren't always what training and development is about, nor do they have to take place in a formal classroom. Mentorships are a useful retention tool and can also be used to pass on corporate insight to other employees. One-on-one training and taking on additional duties can also be just as effective. Investing in your employees' skills development allows them to be the best they can be, which has obvious rewards for both them and you.
Hays, the world's leading recruiting experts in qualified, professional and skilled people.
Hays is the leading global specialist recruiting group. It is the expert at recruiting qualified, professional and skilled people worldwide.
Hays Specialist Recruitment Japan KK ("Hays") is the largest foreign recruitment company in Japan and operates across the private sector, dealing in permanent positions, contract roles and temporary assignments. Hays has been in Japan for more than a decade, and boasts a track record of success and growth.
Hays is the only foreign recruitment company in Japan to operate specialist business units composed of professionals with experience and expertise in the sectors they cover. Hays Japan's thirteen specialisms span Accountancy & Finance, Banking, Finance Technology, Human Resources, Hays Resource Management, Information Technology, Insurance, Legal, Life Sciences, Office Professionals, Property, Sales & Marketing and Supply Chain.
Hays is also the only foreign recruitment company in Japan to operate three local offices, serving the Kanto region from Akasaka and Shinjuku, and Kansai from central Osaka.
Hays Japan is the local representative office for Hays plc, which is a global company with more than 7,800 staff operating from 245 offices across 33 countries.
Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Colombia, Chile, China, the Czech Republic, Denmark, France, Germany, Hong Kong, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Russia, Singapore, Spain, Sweden, Switzerland, UAE, the UK and the USA.
Keiko Asakura Hays Japan Marketing Manager +81 3 3560 2813 Keiko.Asakura@hays.co.jp
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