Aon said that high attrition rates in 2022 across the region are putting pressure on firms to use compensation measures to tackle hiring and retention challenges.The Philippines logged an attrition rate of 18 percent, the second highest among the six countries, next to Singapore which had a 19.6 percent attrition rate.
The attrition rate was 15.9 percent in Indonesia, 14.9 percent in Malaysia, 15.4 percent in Thailand and 15.2 percent for Vietnam. Rahul Chawla, Aon partner and head of Human Capital Solutions for Southeast Asia, said organizations must stay agile as they rethink their pay principles, even as these remain critical for businesses to define and adapt compensation for different worker types and nature of work.
“Businesses need to shape their strategies toward long-term drivers of pay and performance by making changes in a phased manner to optimize pay effectiveness,” Chawla said. “In addition, companies must define their 2023 salary increase approach in the context of the competitiveness of their current salary levels and employee value proposition. Companies that adopt a skill-based compensation program will help ensure they can continue to build future skills for their organization’s resilient workforce,” he added.
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