Eastern Seaboard companies double down on employer branding to attract and retain talent

The global economic slowdown has made its mark on Thailand’s Eastern Seaboard, with production sectors that rely on overseas markets and exports feeling the pinch. Natiya Saul, Director for Robert Walters Thailand’s Eastern Seaboard team, observed that overall hiring slowed in the second and third quarters of the year.

“Compared to 2022, companies took a longer time to select who they wanted to hire. Candidates, too, had more reservations about switching jobs, so many turned down offers or accepted counteroffers from their existing companies,” she recounts.

The US-China trade war has seen manufacturers relocating their factories, with many battery manufacturers and electric vehicles plants in particular setting up shop on the Eastern Seaboard. This has contributed to headcounts and helped sustain hiring volumes to a limited degree.

Read on to find out more about Natiya’s expectations for the labour market in Thailand’s Eastern Seaboard in 2024.

Incorporating sustainability and CSR into hiring

Like many companies worldwide, manufacturers and industrial companies on the Eastern Seaboard are also onboard with the push for sustainability. Businesses who can show that they care about the community and environment’s well-being have a competitive advantage when it comes to talent attraction.

“Talents want to work in an organisation with values that match their own, and this forms part of their decision on whether they will resign from, stay, or move to an organisation,” shares Natiya.

She anticipates that companies will expand on ongoing efforts to integrate environmental, social and governance (ESG) and corporate social responsibility (CSR) concerns into hiring, noting, “They will continue to promote what the company is doing in these areas, through ways such as highlighting relevant initiatives in job descriptions and creating pages on their career sites that are dedicated to ESG and CSR. We’re even hearing more companies train their hiring managers about some of these strategic initiatives.”

Internally, companies also touch base frequently on the progress of their CSR and ESG initiatives during team meetings. Natiya has also noticed that leadership teams are encouraged to walk the talk, recognising employee contributions and providing the time and space to pursue such work, such as days off for volunteering.

Covering all bases in employer branding and employee engagement

In 2024, companies will continue to give out counteroffers in a bid to retain their talent, as well as create more opportunities for internal mobility and upskilling. Natiya also notes that there will be a focus on skill-first hiring.

Efforts invested in employer branding will continue, as it is seen as an important component of talent attraction and retention. As part of these activities, companies will look to promote more CSR and ESG initiatives to elevate employer branding and engage existing employees.

Advice on talent attraction and retention

Total compensation now makes up only one piece of the puzzle for candidates contemplating a job move. More and more, candidates now focus on career development opportunities and cultural fit. Flexible work arrangements, clear reporting lines, and autonomy are also important factors for candidates.

For companies looking to improve their recruitment strategy for 2024, Natiya advises shortening the hire process by reducing the rounds of interviews. She also recommends being clear and efficient when communicating expectations and the company’s value to candidates. Companies can also widen their pool of available talent by hiring based on potential, with the view of developing candidates into staying in their role for the long-term.

Lastly, she states,

“Start counteroffer discussions early, so you know how to navigate the increasingly common scenario of candidates receiving competitive counteroffers.”

As for talent retention, companies should also promote their employer branding and communicate the company’s vision. “Employees also stay on when they have the room to grow, so be sure to introduce career development programmes and internal training to help them gain new skills,” she concludes.

Salaries to increase

Job movers can expect salary increments of between 20 – 25% in 2024.

Find out more

Request access to our 2024 Salary Survey to benchmark salaries and to find out more about key hiring trends in Thailand and the Eastern Seaboard.