Company loyalty involves more than pay, human resource reports finds

January 13, 201510:32 am759 views
Company loyalty involves more than pay, human resource reports finds
Company loyalty involves more than pay, human resource reports finds

Thirty-six percent of Malaysian employees are likely to leave their present jobs in the next two years as they become more demanding in terms of intangible rewards like empowerment and work-life balance to keep them loyal to their organisations, according to an article on human resources website,

The article, titled “Retention still a key challenge for Malaysian HR professionals” said the main reason was a “lack of engagement” by employers beyond the usual areas of salary and job security.

The finding was obtained by global human resources consulting firm, Towers Watson, in their 2014 Global Workforce Study and 2014 Talent Management and Rewards Study, which covered 32,000 employees worldwide.

It found that employers could improve employee engagement and retention in the areas of “empowerment”, “goals and objectives”, “workload and worklife”, as well as career management.
These “drivers of attraction and retention” were things that employees were increasingly looking for. Employees also expected employers to “know their needs and meet them”. However, more than half of workers surveyed felt that organisations were not living up to their promises.

Director of talent and rewards in Towers Watson Malaysia, Mary Chua, said companies had to distinguish themselves from competitors by developing these drivers to attract workers.

Chua also said that the survey was as a wake up call for employers to revamp their career advancement opportunities for their employees so that they would feel highly engaged within the company.

Since 2012, Malaysian employees have stated “pay/salary”, “job security”, “learning and development”, career advancement and “relationship with supervisor/manager” as the main drivers of job attraction and retention.

“The employment landscape in Malaysia is very competitive and therefore the ability to retain top talent will continue to be a challenging reality,” the article also quoted Dr Joyce K. Noser, Tower Watson’s practice leader, organisational surveys and insights in Malaysia.


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