Whitepaper: The Great Resignation in Asia Pacific: Is data the answer for companies?
Published by Economist Impact and supported by Tableau
A trend that saw millions of people resign their jobs in the United States and then Europe in 2021, is now a matter of concern across the Asia-Pacific too. Talent shortages have been reported in Indonesia, Malaysia, the Philippines and Thailand among others, with companies struggling to retain and attract talent.
The report by Economist Impact and Tableau explores the reasons behind and the implications of the Great Resignation in Asia-Pacific. It also looked at how companies can take a data-driven approach in improving employee retention and managing the workforce of the future. Key highlights from this report:
- Employee expectations are changing, making it more difficult for companies to hire staff
- There is greater emphasis on employee retention which companies must focus on. To do so, companies should understand their employees better, engage more deeply with them and become cognisant of their expectations
- What is the role of data and analytics in helping companies to forge meaningful connections with employees and strengthen company culture?
- Understanding how the use of data and technology is essential to help with employee retention
Excerpts of report featuring Clemens Philippi, MSIG Asia CEO
On evolving employee expectations:
“Like in many other industries, we are seeing people working longer hours when the line between work and personal time becomes blurred, so understandably, our colleagues are now looking for a higher degree of flexibility in their work arrangement.”
On the digital working world:
For MSIG, pre-pandemic investments in remote working solutions “provided a ready foundation and quickly enabled us to pivot swiftly to agile working, anytime and anywhere,” says Mr Philippi. “I would say the new digital workplace was mostly a necessity, but some really enjoyed the convenience and accessibility that came with it.”
On employee retention and engagement:
“The pandemic has not changed but rather confirmed our approach to employee retention, one that values family culture and focuses on engagement and empathy.” As a result of its continuous conversation with employees, MSIG has also gained deeper insight into employees’ needs, leading to a company-wide rethink around the need for office space, for example. “In a sense, we are co-creating a future-proof office with our colleagues. This is helpful in getting buy-in as we share the ownership of our workspace with our employees.”