How Vietnamese firms can keep international talent
How Vietnamese firms can keep international talent
Most Asian companies, including those doing business in Viet Nam, believe it is becoming increasingly difficult to recruit international talent though 40 per cent (75 per cent in Viet Nam) plan to increase their international headcount in the next 12 months, according to a new report.
“How to attract and retain the right talent to grow your business internationally,” by London-based professional recruitment firm Robert Walters said the greatest challenges are due to the high salaries expected by applicants despite lacking the skills required.
Adrien Bizouard, country manager, Robert Walters Viet Nam, said: “With this report, targeted at Asian companies looking to internationalise, we hope this serves as a strategic roadmap on how to equip Vietnamese businesses with the talent they need.”
In Viet Nam, when asked “What are the top three reasons for leaving their previous Asian companies,” 57 per cent of the respondents indicated low transparency in company decisions and changes compared to only 35 per cent in Asia.
This was followed by the lack of professional training and personal development programmes (55 per cent). The third reason (53 per cent) was they could not see a progression in their career paths.
Besides common motivating factors such as pay and benefits or company reputation, promotion opportunity was by far the most popular response (63 per cent) to the survey question on what motivates international talent to work in an Asian business.
The report suggested that Vietnamese companies should build their employer proposition to attract talent by providing a competitive salary range and highlighting their expansion strategies for the future besides identifying and promoting their advantages over Western companies.
Vietnamese companies should build and maintain a unique company culture through fostering close relationships within the firm at all levels, and create a culture of collaboration and teamwork which could turn into an advantageous factor, it said.
“They should provide structured training and career development programmes that would support employees in professionally shaping their careers with the option of implementing a job rotation programme to allow staff to gain an overview of the business and variety of skills.”
Asian companies are growing in international status and changing the global business landscape: 40 per cent of the companies in the latest global FORTUNE 500 list are Asian, more than from any other continent.
The need for international growth was recognised by a majority of the survey’s respondents, with 70 percent of Asian firms and 67 per cent of Vietnamese firms stating that they plan to grow their international footprint within the next three years.
The report was based on interviews with more than 5,000 HR professionals, hiring managers and candidates in China, Indonesia, Malaysia, Philippines, Singapore, Thailand, Taiwan, and Viet Nam.
