At a time when companies across Asia Pacific are thinking about how to reward their employees as a way to attract, motivate and retain the talent they need to support their businesses, linkage of pay with performance is regarded as one of the top three drivers of employee engagement in Asia, according to the recent Mercer Sirota research. Employees in Asia care most about a culture of meritocracy and opportunities to grow in their careers. Any conversation around rewards therefore must take into account the intrinsic needs of the talent pool in this part of the world, and what drives these individuals.
As companies prepare themselves for digital disruption, they recognize the need to hire experienced talent — especially in areas that are critical for future success. We find that roles in engineering, finance, sales and marketing functions are particularly difficult to fill in most countries in Asia. Unsurprisingly, the sales function has the hardest time retaining talent. Companies have a strong case to develop a sales incentive program that actually works in attracting and retaining key sales talent.
This is why an increasing number of HR departments are beefing up their analytics capability to facilitate evidence-based decision-making, especially when developing a compelling rewards strategy.
To create a rewards proposition that works for all of your employee segments, an analytical approach will be needed that takes all these trends into account and ties them to the desired competitive positioning for the business in this hot talent marketplace.