To address this, employers are eyeing several actions to hold on to staff
Majority of organisations across Asia Pacific (APAC) plan to expand within the region over the next year, according to a new report, but these are tailed by concerns on employee retention driven by The Great Resignation.
Findings from a recent report of employment platform Globalization Partners revealed that 77% of chief financial officers (CFO) forecast expansion overseas as part of their long-term growth.
"Survey results show that, even though there are concerns, CFOs remain surprisingly bullish on growth. In APAC, more than three in four of CFOs feel their long-term plans will stem around expansion into new countries," said Simone Nardi, Globalization Partners' CFO, in a statement.
In fact, 64% of APAC CFOs revealed they plan to expand their organisations within APAC in the next 12 to 18 months.
Another 16% said they plan to expand in the United Kingdom, five per cent said they'll do it in the European Union, another five said in the Middle East and Africa, while three per cent said they plan to expand in North America.
Despite these plans, however, the report revealed that 30% of APAC CFOs said global affairs are the biggest challenges faced by their organisation when it comes to expansion plans over the next 12 to 18 months.
They are also plagued with concerns about retaining talent. With 82% of APAC CFOs admitting to this, they are the most worried group compared with EMEA CFOs (77%) and North American CFOs (75%).
Read more: How can HR recruit and retain top talent?
To address this, 31% of APAC CEOs said that they are considering adjusting employee compensation over the next 12 to 18 months as part of their retention strategy. More than half or 56% of APAC CFOs also said they are considering expanding benefits, including flexible working arrangements, to retain talent.
Furthermore, nearly half or 49% also revealed that a hybrid workplace is part of their companies' talent strategy.
In fact, as a reflection of their commitment to remote and/or hybrid work, 92% of APAC CFOs said that allowing employees to work in locations of their choice is the preferred talent strategy for key stakeholders, instead of having to backfill a certain position with local talent.
Nardi, however, warned that benefits can only go so far, as talent retention is "typically riven by culture in an organisation."
"To retain talent in today's world, it's important for every manager and CFO to ensure people understand they are part of something bigger that benefits from their input, contribution, work, and ideas," said Nardi.
The findings come from the most recent Globalization Partners-CFO Dive survey, which saw the participation of a total of 260 CFOs and other senior financial and corporate executives.
