3 Ways APAC Businesses Are Adapting to Market Conditions
Businesses operating in the APAC region have responded to these conditions by updating their talent attraction, sourcing and management practices, which invariably depend on being able to conduct a thorough analysis of market conditions and trends and candidate preferences and behaviors.
According to the report, three of the most common practices include the following:
1. Optimizing Compensation Packages
Top-tier APAC companies are understanding the necessity of well-tuned compensation packages that are in line with market rates and prevailing worker expectations are key to attracting and retaining top talent. At-market pay levels, sign-on bonuses, strong work life balance , and improved benefits offer a clear worker value proposition. Pay levels can also be adjusted up and down, as supply and demand for specific positions change over time. Companies are also differentiating themselves by offering perks like private healthcare, gym memberships, wellness programs, and strong training and development plans.
For businesses to truly optimize their packages in an intensely competitive labor market, they will need finely segmented, real-time market data and analytical tools to edge out the competition.
2. Providing Real Flexibility for Workers
Many top businesses in the region have accepted that long-term remote and hybrid work is the new normal, is something that workers value highly, and can help organizations expand their talent pools. More broadly, work flexibility has become an important driver of positive employee experience n the years since the start of the panademic. Businesses must take it seriously and get it right if they want to attract top talent to work for the company.
To optimize the components of worker experience, including flexible work arrangements and remote work, it’s necessary to have insights into what the competition is offering and what policies are valued most by different types of job seekers.
3. Elevating the Employer Brand
Leading APAC businesses recognize that nurturing an employer brand, which is a magnet for talent, is crucial to a successful global talent strategy. A positive employer brand means more than mastering and managing a range of sophisticated digital media approaches. It means walking the walk -- actually offering skills-development opportunities and providing a positive work experience that pre-sells candidates on working for the company before they are even contacted.
Adapting to market volatility, supply-demand imbalance, and intense competition in recent years, top-performing APAC businesses are increasingly viewing a great employer brand as an investment in resource stability and organizational agility.
Top companies across the region are pursuing these approaches to talent attraction, engagement and employee retention , but the APAC report also highlights the unique economic conditions, talent landscape details and human resources-related strategies that differentiate five key countries in the region: Australia, Singapore, India, Malaysia, and the Philippines.