BIG17: EMPLOYEE RETENTION BEST PRACTICES
On 26 July 2017, EABC President attended the event organized by AIP Global, #BIG17 The Good, The Bad And The Ugly of H.R., which was supported by EABC and Singapore Thai Chamber of Commerce. The panel was comprised of Pakapak Sangkhasuntorn (HR Manager – Workforce Readiness, Siam Cement Group), Viranon (Aik) Futrakul (Assistant Vice President, Charoen Pokphand Group), Renee Visca (HR Development Specialist, Mitr Phol Group) and Kanyarat Watanapongvanich (Assistant Vice President – Organization Development, DTAC).
Employees are the companies’ most important assets. Your company’s long-term advantage resides in the people working there. So how is your business going to thrive when the turnover rate in Thailand is over 20% (Aon Hewitt, 2016) and even higher for the Millenials entering the workforce?
On average, it costs 90-150% of an annual salary and 48 days to find a replacement. Aside from the costs associated with the hiring process, training and the loss of productivity, other employees will also be affected by the vacancy.
During BIG 17, we learnt how to retain our employees from experts in various industries with the lowest turnover rate. With years of wisdom and experience, our special guest panelists helped us gain insight on why your best employees want to leave, along with advice on retaining them before it’s too late.
