“We saw the transformation leading to newly-created roles and more talent needed as compared to previous years,” says Rungnapa Charoenrungsiri, Senior Manager of Human Resources, Robert Walters Thailand.
The market saw a shift with candidates welding more power in a candidate-driven market, she shares, while companies compete to secure skilled talent amid strong competition and attractive counteroffers.
“Hybrid work options was one of the key factors in attracting and retaining talent in 2022. We saw less candidates rejecting job offers when companies provided hybrid work arrangements, and we hardly had candidates who requested to work in the office full-time,” observes Rungnapa.
Employees were also more likely to resign and move to companies offering more flexibility, as they valued opportunities and benefits that took their personal lives and families into consideration.
Read on as Rungnapa shares her expectations of the labour market and hiring trends for HR professionals in 2023.
Fast recruitment decisions and work flexibility needed to secure talent
In 2023, Rungnapa expects there will be fierce competition, as companies will have to put in more effort to attract and retain talent. “Companies will need to offer more attractive packages in terms of salaries, flexibility in commencement dates, remote work options, and job values that meet candidates’ expectations,” she shares. Companies also need to brush up on their employer branding in the job market.
HR will be increasingly seen as an essential function to business growth and no longer constrained to the back-end; this was evident as some companies matched their budgets of hiring HR talent to that of hiring for front-end roles.
Rungnapa believes this trend will continue in 2023. “Similar to front-end roles, companies prefer onboarding HR professionals within the same industry, however this trend is leading to a shortage of HR talent in certain industries due to the overall high demand,” she states. Companies will need to look at streamlining recruitment processes to secure talent, including having quicker decisions made by management teams, as many job candidates are spoiled for choice in a candidate-driven market.
Rungnapa also adds that there will be increasing prioritisation of personal commitments and flexibility, as many candidates with children would be looking to work for companies that offer work-life balance and hybrid work arrangements. “Besides hybrid work being one of the preferred choices, company culture and managers’ style of working will also be key factors job movers will consider in 2023,” she shares.
Data analytics, people management in high demand
In 2023, companies will be seeking to fill roles in plant HR business partnering, organisational development, and strategic talent acquisition. Data analytics and people management skills will be the top skills companies look out for when hiring HR professionals.
“As global companies are more connected than before, regional offices have started paying more attention to local markets through local data. Hence, they rely on local HR professionals to provide data, interpretation, and to represent organisations to communicate, implement, and manage local issues,” says Rungnapa.
Communication key to talent retention
In Robert Walters’ “Not So Great Resignation” study, 40 percent of respondents surveyed did not notice any changes implemented by their companies to retain talent. Rungnapa believes communication between line managers and employees could be key to talent retention, as it can help identify employees’ concerns before they decide to look for new job opportunities.
“Employees that seem happy may also be open for new opportunities. Being proactive to offer job rotations or setting clearer targets for promotion are some methods to keep employees engaged and focused on their career advancement goals,” she shares.
Rungnapa also adds that recognition is important to help employees feel valued in an organisation. However, she observes companies offering attractive retention bonuses only after some time or when employees tender their resignations, which may be too late as motivation to commit to a longer-term career plan within the organisation is already low.
Hybrid work, company culture and managers’ work style will be key for job movers in 2023.
Salaries to increase for mid-level talent
In 2023, Rungnapa expects salaries to increase significantly for professionals in their early 30s to 40s due to the demand and competition for mid-level talent in the market. Job movers in that age group may receive increments of 25-40% when changing jobs.
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