Month: November 2022

Malaysia Losing the Talent Battle to Singapore: How We Can Combat It

Post author By admin
Post date November 25, 2022
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New business thinking and changing labour market conditions require HR strategies that recruit and retain the right people as well as provide ethical and cultural leadership

In a digital era where talent is critical to innovation and growth, the competition for top minds has intensified.

Singapore has been increasingly gaining the attention of global investors for its ability to attract foreign capital, its role as a regional business hub, and its focus on technology and innovation.

With an aggressive multi-pronged strategy, Singapore underpins its attractiveness with first-class infrastructure, streamlined government processes to drive efficiency, progressive tax policies that support start-ups, and Technological and Innovation Competence Centres (TACC) to mentor and grow local tech talent.

As a result, many are beginning to see Singapore as the primary location choice for global businesses looking to set up shop in the region. Many multinational corporations have already shifted their Asia Pacific headquarters from other cities like Kuala Lumpur or Jakarta to Singapore in recent years.

Why is Singapore Winning the Talent Battle?

As a city-state, Singapore has leveraged its small size and strategic geographical advantage to create a thriving economic hub. Driven by a stable government, a business-friendly environment, and a strong innovation ecosystem, Singapore is one of the fastest-growing economies in the world. It is also one of the easiest places to do business and has consistently been ranked as one of the most attractive locations for foreign direct investment.

As a result, multinational corporations like Amazon, Google, and Microsoft have already set up shops in Singapore to take advantage of its strategic location and infrastructure. Many are also increasingly relying on Singapore’s ability to attract and retain top talent, which includes software engineers and data scientists.

Additionally, Singapore is well-known for providing an attractive environment for start-ups and multinational corporations through government support, tax incentives, and a ready supply of talent.

How is Singapore Attracting and Retaining Talent?

Tax Incentives:

Singapore has several tax incentives designed to attract top talent from around the globe and encourage them to stay in the country. These include tax breaks for research and development and a start-up entrepreneur tax exemption.

Technology Infrastructure:

Singapore has invested heavily in its technology infrastructure to ensure a seamless experience for digital natives. The country has also positioned itself as a test bed for new technologies, as evidenced by its partnership with Amazon to host the company’s next satellite.

Entrepreneurial Ecosystem:

Singapore has long been a hub for entrepreneurs and start-ups. It has been ranked in the top three start-up ecosystems in the world. The government has also played an important role in the development of this ecosystem by investing in programs and initiatives designed to help entrepreneurs succeed.

Malaysia Can Combat This by Developing a Cohesive Strategy

Malaysia has a lot going for it, including a skilled and young workforce, a strategic geographical location, and a relatively low cost of doing business. However, to attract more top talent, it will need to develop a coherent strategy that includes several important elements.

First, the government will need to prioritise technology and innovation within its economic transformation agenda. It will also need to communicate a vision that outlines how it intends to use these sectors to fuel growth.
It will also be important to address some of the challenges faced by entrepreneurs and start-ups in the country, such as access to capital and a shortage of entrepreneurial infrastructure.
Malaysia will also need to take steps to create an attractive environment for top talents, such as by providing a welcoming immigration and visa policy.
Last but not least, Malaysia needs to prepare its next generation of top human resource professionals with the ability to apply strategic human resource management effectively. By developing and implementing HR programs that directly contribute to long-term business objectives and address and solve business problems, this is a future-oriented process.

Thriving Together with SHRM

Among all the organisations dedicated to human resource management, SHRM – the Society for Human Resource Management, is the largest. Its over 300,000 members in 165 countries are qualified and trained in Human Resource Management and related fields to enhance human capabilities.

HR has a crucial role to play when it comes to attracting and retaining talent. It is possible for HR professionals to create better workplaces where employers and employees can flourish with the help of SHRM. A SHRM-certified HR professional will not only enhance their credibility and competitive advantage but will also ensure regulatory compliance for their organizations.

Conclusion

The competition for top minds has intensified, and the ability to attract and retain top talent will be a critical differentiator for cities and countries in the coming years.

Singapore has been increasingly gaining the attention of global investors for its ability to do just that. As a city-state, Singapore has leveraged its small size and strategic geographical advantage to create a thriving economic hub. Driven by a stable government, a business-friendly environment, and a strong innovation ecosystem, Singapore is one of the fastest-growing economies in the world. It is also one of the easiest places to do business and has consistently been ranked as one of the most attractive locations for foreign direct investment.

At the same time, Malaysia has a lot going for it. It has a skilled and young workforce, a strategic geographical location, and a relatively low cost of doing business. To attract more top talent, it will need to develop a coherent strategy that includes several important elements.

Those interested in learning more about SHRM can contact Brandon Jeremy at +60 10-297 7906 or brandon.j@aislingpd.com.

Human Resource

Working with the Young Generation: The Acting Your Wage Movement

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Post date November 18, 2022
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ACTING YOUR WAGE is the latest trend causing a stir among young workers. The principle behind this trend is to do only what you are paid to do at your workplace. According to reports, the trend began in 2020 with 27-year-old TikToker Stephanie Hannes speaking about her professional life and the challenges she faces. On Tik Tok, which is a popular social media network among young people, the #actyourwage hashtag has received more than 110 million views!

With computers, smartphones, and social media, this generation has grown up with technology. As the first digital natives, they have different expectations than their older colleagues. Since many millennials return home to their parents after college and switch jobs frequently, they are also known as the “boomerang generation.” For those who think millennials are unmotivated, spoiled whiners, think again. Although millennials want a different work experience than previous generations, your ideas and leadership can still inspire them. They are growing up in an uncertain world where climate change is a reality, not a myth. The question is, how can you connect with younger employees and help them feel part of the team?

Continually communicate:

In any workplace, communication is key, but it’s especially crucial for millennials, who often seek feedback and clear expectations. To help millennials feel more connected to your team, regular one-on-one meetings can be a great opportunity for you. It is also crucial for millennials to have mentors at work because they need a supportive environment.

Be clear about your company’s values:

Companies with a social mission appeal to millennials because they are idealistic about the world. A for-profit business, however, risks alienating employees who might otherwise feel inspired to work hard. A study found that millennials leave companies to embrace their values. Keeping your company’s core values visible is the best way to maintain clarity. As your company grows and new employees join, this can be especially helpful.

Ensure advancement opportunities:

It is common for millennials to receive rewards for doing well in school, but many workplaces do not offer promotions. The most talented and brightest young talent may leave your company if you don’t provide a regular advancement path. Although you don’t need to provide an exact plan for each employee, you should be able to say what it takes to advance.

Provide flexible working conditions:

Families are often significant to millennials, and they wish to spend more time with them. One way to keep talented young employees on your team is to offer flexible working conditions. For example, if you have a team of software developers working on a project that can be done part-time from anywhere in the world, it makes sense to let them work from home.

Providing training and development:

Training and development are another way to attract and retain millennial talent. Maintaining a regular training schedule will keep your employees motivated and engaged. A team-building exercise, workshop related to your job, or online course in your field can help you achieve that goal.

Acknowledge the accomplishments of your employees:

The millennial generation also wants to be appreciated for the amount of work they put in. Recognising employees’ accomplishments regularly is more effective than doing it once a year. A thank-you note is all that is needed to express appreciation for the work employees does; it does not need to be formal.

Final thoughts

As a society, we face real challenges. Issues such as climate change, economic uncertainty, and cyberattacks will affect millennials and generations after them, too. Thus, it is natural for millennials to want to work in an environment that inspires them. This is because they can make a positive impact on the world and solve real problems.

The “Acting Your Wage” trend encourages leaders, companies, and businesses to support employees of all ages, promote a healthy work-life balance, hire multigenerational employees, develop them, and retain them. The younger generation’s needs and expectations must be met if you want to attract and retain top talent.

Human Resource

The Benefits of HR Outsourcing

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Post date November 11, 2022
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A company’s employees are undoubtedly one of its most valuable assets. Hence it is critical that you take proper care of the individuals you rely on to perform your daily business duties.

However, when it comes to HR, there is no “one-size-fits-all” solution. There are different needs and goals for every business. Towards this, it is often necessary for businesses to hire a seasoned HR professional who can oversee various specialised tasks. Among them are the preparation of contracts, letters, tricky meetings with employees, payroll, and other employment-related administrative tasks.

You can definitely find qualified and suitable candidates through an HRM recruitment agency or a talent acquisition recruitment agency. Nevertheless, this can be difficult in a talent war.

It may be a wise idea to outsource HR functions for this purpose.

Here are three reasons why your organisation should consider outsourcing HR:

Mitigate Risks:

All businesses are subject to rules and regulations. There are, however, specific rules and regulations that apply only to certain industries, such as finance and healthcare, and serious consequences can result from disobedience. Businesses, especially those just getting started, require HR professionals who understand procedures and laws thoroughly.

Outsourcing your HR functions may reduce the risk of your company being exposed to legal repercussions related to HR processes and employment laws, thus complying with HR laws and regulatory compliance more effectively.

Time and cost savings:

Having your HR procedures managed properly will allow you to concentrate on your main operations and customer duties. Additionally, you will be able to focus on achieving your strategic business goals by streamlining vital functions and driving more efficient employee performance.

Driving a Happier Culture:

Employee retention rates and a healthy work environment can be achieved with the aid of an HR outsourcing provider which can ensure that HR-related problems can be mitigated from other aspects of the business. This allows you to focus on building a strong culture and bringing a positive impact to the employees.

When your employees feel taken care of, you can maintain your finest talent and even experience lower turnover. In fact, Research by Oxford University’s Saïd Business School shows that employees are found to be 13% more productive when they’re happy!

Despite having HR specialists in-house, some businesses may find it beneficial to outsource some HR-related tasks because of it being a rigorous, complex, and specialised field. For example, in times of expansion, you may need additional hands to assist with hiring; you may also want an objective viewpoint when investigating an employee.

Overall, there are no comparisons when it comes to the benefits that come with cost-savings, access to the latest perks and technology, and peace of mind that all HR operations are carried out in compliance with all applicable laws.

Aisling Consulting, a homegrown talent recruitment agency, provides HR outsourcing in Malaysia, focusing on consulting and supporting areas such as compliance with employment laws, employer branding, technology-based human resources programmes and administration, among others – thanks to our list of HR experts with a wide range of experience!

Professional Development

Implementation of Diversity, Equity and Inclusiveness (DEI): The Responsibility of the Whole Organisation

Post author By admin
Post date November 4, 2022
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More and more companies in Malaysia are prioritising diversity, equity and inclusiveness (DEI) in their talent recruitment and retention journey. The increasing number of Gen Z entering the workforce and making up a significant segment of today’s employees is also contributing to this change as this generation looks for employers with values that align with their own.

In a workplace setting, DEI refers to measures made in a work environment to change attitudes, actions, and practices in favour of equitable and inclusive leadership. This can bring about positive changes to people, teams, and the organisation itself.

A McKinsey report on DEI in 2020 detailed the systematic, business-led approach that can be done by organisations in implementing DEI and helping drive sustainable change.

This Includes:

Increasing diverse representation, particularly in leadership and critical roles
Strengthening leadership and accountability for delivering on inclusion and diversity goals
Enabling equality of opportunity through fairness and transparency
Promoting openness, as well as tackling bias and discrimination
Fostering the sense of belonging through support for multivariate industry

However, one mistake that is often made by organisations when trying to turn DEI initiatives into reality is leaving the implementation process solely to HR.

While it is true that HR plays a key role in ensuring diversity in the workforce, the act of injecting DEI into a company’s culture and policies should be a job for every department, from the top down.

Without everyone’s participation, organisations run the risk of limiting the success and longevity of their DEI programmes and initiatives. More importantly, DEI initiatives should not be limited to those within the organisation only but also those beyond it – potential candidates, vendors, and suppliers.

In a nutshell, in order for an organisation to enjoy the success and satisfaction of advancing true inclusion, DEI initiatives should be treated as a long-term commitment, instead of a mere checklist to tick off.