Despite dealing with financial uncertainties, almost 60% of global executives anticipate their businesses to achieve secure or significant development. Asian leaders, nonetheless, specific considerations in regards to the rising price of capital and debt, labour market tightness, and competition for expertise when planning for the upcoming year.
In the Global Talent Trends (GTT) Study 2023 by Mercer, human assets leaders in Thailand shared comparable considerations. The research surveyed around 2,500 HR leaders worldwide, with almost one hundred firms in Thailand being represented. Among the problems highlighted were a lack of workforce functionality and future expertise (47%), too many priorities distracting staff (40%), and juggling transformation with a survival mindset (38%).
The survey goals to find how organisations are redefining work and the office amidst sociopolitical and economic shifts and to identify talent-related tendencies to help businesses thrive sooner or later.
Findings from the survey counsel it’s essential for employers in Thailand to give attention to enabling new ways of working and fostering a skills-based organisation to draw the right expertise. A collaborative method that provides versatile work preparations and competitive rewards is beneficial.
According to the survey, 69% of staff imagine the lack to work remotely or in a hybrid setting completely would deter them from becoming a member of or remaining with an organisation. In Thailand, 61% of surveyed employers provide flexible working options for all employees, which is greater than Asia’s common (50%) and the global average (56%). However, there is room for improvement to ensure that all firms recognise the significance of work flexibility for talent attraction and retention.
To mitigate the effects of inflation, more employers in Thailand (27%) adjusted pay or provided cost-of-living changes for workers paid beneath the market median, in comparability with the Asia average of 20%. In phrases of providing cost-of-living changes or wage will increase for badly affected segments, Thai employers surpass the Asia average (33% versus an Asia common of 22%). This strategy provides organisations a extra sustainable compensation administration method.
To attract and retain expertise, organisations should do more than merely supply truthful pay insurance policies. They should also prioritise worker well-being, encompassing physical, mental, social, and financial elements.
Over 90% of Thai employers are concentrating on improving worker engagement via benefits choices in 2023, in accordance with Mercer. For instance, 48% plan to expand advantages to help all workforce segments this year, higher than Asia’s common of 40%. However, securing job stability for gig employees stays less of a priority, with 46% of respondents in Thailand and Asia indicating no plans to address this problem.
In contrast, Thai employers fall behind the remainder of Asia in supporting employees’ mental well-being. Only 13% present disaster administration support following a traumatic event, in comparison with the Asia average of 21%. Similarly, simply 23% provide on-demand access to digital mental health suppliers, falling short of the Asia common of 26%.
Thai employers have additionally skilled difficulties establishing a skills-based organisation. While 60% have a comprehensive understanding of their organisation’s talent requirements (versus Asia’s average of 56%), HR leaders haven’t sufficiently developed and deployed their expertise.
Approximately Bonanza of corporations have an inner talent marketplace to foster expertise sharing, in comparison with Asia’s 40%, and merely 33% encourage staff to undertake coaching based mostly on job and skill aspirations, versus the Asia average of 60%.
The use of tools and know-how to measure and assess skills is missing in Thailand when compared with the relaxation of Asia. Only 22% of Thai employers use AI-driven talent intelligence platforms (compared to the Asia common of 41%), while 43% use psychometric tools to gauge potential (versus the Asia average of 53%).
Juckchai Boonyawat, president of Mercer Thailand, acknowledged, “It is heartening to see a growing pattern of employers in Thailand exploring and implementing new ways of working that handle employees’ evolving needs. Various forms of versatile work fashions have been adopted in many organisations.”