COVID-19 Series: Need for Retention Strategy ... it is turning into an "Employees Market".

28 Nov 2020, Singapore: Current Covid-19 period, a lot of companies that are growing and in need for Talents - the following sector like healthcare, clinical or medical devices and instrumentation, medical protective equipment, chartered private flights and maintenance of private luxury jet are rolling out attractive employment benefits and compensation scheme.

Singapore with it's boarder closure (and limited travel access via PCA - Periodical Commuting Arrangement), the country is experiencing shortage of labor / talent and it is becoming an "employees market". There are trends of industry / companies making attractive compensation and benefits scheme to attract locals (aka Singaporean and SPR) and work-pass holder who are currently residing in Singapore.

Employees who resigning are sharing that they received ...

• 40% to 50% jump in their basic salary;
• receiving a temporary Covid-19 accommodation allowance between S$300 to S$450 per month;
• sign-on bonus;
• offer to buy-off the resignation / termination notice.

To counter the effect of this, companies who are losing talents du to the above actions are trying to retain their employees by taking the following counter-actions: -

• off-cycle or ad-hoc promotion to employees who has expended or enlarged job responsibilities and responsibilities;
• short-term-incentive: offer a lumpsum amount of money if they start with the company between 12 months to 24 months;
• those under unionism environment, company are expediting the action to adjust the salary of employees who are not meeting their employment grade minimum salary with the hope to make it harder or costly for potential new employer to make offer. 

Above are just some of my observation - could this be a new normal practice ... War for Talent again? Let me know if you observe such trends in your industry or country?

**The End**