Adopting a holistic HR approach in the new world of work to retain talent

Businesses need to adopt a holistic human resource strategy to attract and retain human resources amid increasing competition for talent and changes in employees’ needs and expectations at the workplace. — Photo vietnamplus.vn

HCM CITY — Increasing competition for talent and changes in employees’ needs and expectations at the workplace require businesses to adopt a holistic human resource strategy to attract and retain human resources, according to experts.

Alexis Phạm, chief HR officer at Home Credit Vietnam, said “The competition for talent is different now and no longer just about employers competing with one another to find the best workers, but also about employers competing with workers themselves since the latter have many choices today.”

With the technology boom now, a person could opt not to work for any company but leverage social and online platforms to earn good money, and employers therefore have to find effective ways to compete, she said.

Companies need to redesign their work, workforce and workplace in their talent management strategy to ensure employees’ physical, mental and financial well-being, according to Pham.

With respect to work, companies must make employees feel that the work they are offered is not just a job to make a living but is also a contribution to Việt Nam or to the development of future generations.

Hiring is now much more complicated than before because the workforce includes many generations and COVID-19 has made many people reconsider the value of life.

A fundamental change in people’s values is underpinning a structural shift in the labour market, and there is now increased pressure on organisations to contribute to society in a way that reflects the values of their customers, employees and investors.

Tiêu Yến Trinh, CEO, Talentnet Corporation, agreed saying there is a growing trend of employees wanting their companies to develop in a sustainable manner and create more value for the community.

“They are proud to work for such companies,” she said.

Companies must understand that change to make appropriate adjustments, she said.

Alexis said the workplace must create opportunities for employees to improve their mental, physical and, especially, financial well-being.

According to Mercer’s 2022 Global Talent Trends Study, the pandemic has left an indelible mark on investor, employee and consumer attitudes, and this demands a reset of priorities and a new operating model that is adaptable, connects people to work more seamlessly and re-envisions the talent experience.

After job security, organisational brand and reputation is now the number two reason for people signing up with an employer, a jump from ninth place before the pandemic.

Employees want to work for companies that reflect their personal values, and they expect their employer to pursue a sustainability agenda that balances financial results with social issues, diversity/equity and environmental impacts.

The study found that “people no longer want to work for a company, they want to work with a company,” Mansi Sabharwal, principal, reward products leader, Singapore and emerging markets at Mercer, said.

Working in partnership means reassessing the employee-employer relationship, and organisations see the value in ‘partnering’ over ‘leading’ and are doing this by evolving their return-to-work strategies into sustainable future-of-work models, she added.

Also according to the report, nurturing physical, mental and financial well-being through benefits that matter and showing purpose in value proposition remain in focus. Executives agree that along with skills, well-being would deliver the biggest return on investment in the next two years.

Trinh said “Those born in the 1960s and 1970s no longer like to work full-time and prefer part-time or freelance work, and so companies need to have an open mindset and be more agile and flexible in their work force management to retain talent.”

Studies have also found that more than 50 per cent of employees prefer hybrid work, and so flexibility is a key lever for sourcing, attracting and retaining a diverse talent pool, according to Trinh. Companies need to learn about the best hybrid working policies in the market to transform their organisations.

Dominic Scriven, chairman of Dragon Capital Vietnam, said corporate culture was an important factor in attracting and retaining people, and businesses must create a suitable, balanced, interesting, and respectful workplace. — VNS