What SMB owners can do to retain talent

The Great Resignation is poised to leave many SMBs understaffed and struggling to keep up their pace of growth. What started out as a rise in resignations in the wake of the pandemic is gaining momentum as employees re-evaluate jobs for work-life balance, career prospects and mental health.

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What can SMB owners do to retain talent amidst the Great Resignation?

What can SMB owners do to retain talent amidst the Great Resignation?

1.5%

average monthly resignation rate for Singapore PMETs in Q3 2021, the highest in seven years.1

4 in 10

SMBs in APAC and Japan say that more employees are resigning now compared to just 12 months ago.2

Some of the common reasons for resignations include:

The need for better flexibility and work-life balance

Lack of career progression and growth opportunities

Toxic work environments

01

Adopt flexible working arrangements

Give your employees the option of working with flexible arrangements. Move from monitoring their working hours to measuring the results they deliver for your business.

60%

of employees would stay in their current employers if they provide them with a work-life balance.3

02

Set up the right infrastructure for collaboration

Provide adequate hardware such as mobile devices and business broadband plans to help your team be at their productive best.

73%

of employees in Southeast Asia say they want better technology in the office.4

03

Celebrate the small victories

Make it a point to recognise employees’ growth and achievements. Even small wins like a new client deal, or clearing backlogs of customer support tickets, or meeting a weekly sales goal can give employees a sense of accomplishment.

51%

of employees cite lack of growth opportunities as the first reason for leaving.5

04

Check in 1-on-1 regularly

Don’t let your team get disengaged. Check in with them regularly, in-person if possible, to let them know they are valued.

52%

of those who resigned said they no longer felt engaged at work.6

05

Provide upskilling opportunities

If bonuses or promotions are not feasible options, explore training opportunities for employees to upskill and grow in their careers.

4 in 10

SMBs said they would provide upskilling opportunities to retain key talent in the next 12 month.

To retain their most valuable employees, SMB owners should get ahead of the trend and identify the reasons why they leave. Intervening with the right solutions that help them be productive while also encouraging good work-life balance can help businesses retain their talent and continue their growth.

 

1 https://www.straitstimes.com/singapore/jobs/what-you-need-to-know-about-jobs-resignations-and-salaries-in-singapore
2 https://news.sap.com/sea/2022/04/the-great-resignation-hits-91-of-asia-pacific-japan-smes-digital-transformation-plans/
3 https://sbr.com.sg/hr-education/exclusive/talent-war-can-companies-dodge-great-resignation
4 https://www.ey.com/en_id/news/2021/07/majority-of-surveyed-southeast-asia-sea-employees-prefer-not-to-return1
5 https://sbr.com.sg/hr-education/exclusive/talent-war-can-companies-dodge-great-resignation
6 https://www.prudential.com.sg/about/newsroom/press-release/2022/prudential-poll-the-great-resignation-sees-1-in-5-singapore-residents-delaying-retirement-by-6-years

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